Amid the Glut, Condo Owners Turning to Tourists for Rentals

With a glut in condos, owners are turning to tourists for transient occupancy and some pretty hefty rental returns. Miami Habitat is one source for tourist rentals. Options include Bentley on the Bay, the Flamingo, Icon, among others. Stays are usually for a minimum of a week. Another company offering the same service is Premier Vacation Rentals: offering condos in Fortune House, Pavilion, and numerous other properties on the Beach and in Miami. Many unit owners live in condominiums that do not have rental programs (hotel segments) and if a long term rental is hard to find, companies like Miami Habitat can attract high paying tourists to rent out your unit while in Miami.

There are advantages to not living in a condo/hotel and instead using a third-party to arrange for short term rentals at a cut of the rental revenue. This increasing interest on behalf of condo owners for transient rental occupancy is another indicator of the condo glut effect, but also of an easement in the long term rental market (as many unit owners are buying time by putting their units out to rent). Prior to engaging in such activities, an owner must check with the condo association first. The condominium documents may have restrictions on transient occupancy and regardless these occupants will usually require association screening.


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