Florida is a great place to own rental property. For those who are on either of the coasts, both short and long-term rentals can be quite lucrative with snowbirds and families seeking a warm climate and the sound of the ocean waves.
The central part of the state is also a filled with opportunity for investment property owners. Given the myriad of theme parks and other attractions, there are thousands of people – both visitors and employees who need a place to live.
Keep Your Rental Property Business Running Smoothly
In order to keep your rental property business running smoothly, though, it is important to comply with several rules. These include:
- Staying within Federal anti-discrimination laws.
- Making sure you have a written rental agreement or lease.
- Complying with Florida state law with regard to rent.
Staying within the anti-discrimination laws means that you have to be careful on how you advertise vacancies, as well as the questions you are allowed to ask tenants (and potential tenants).
According to HUD (the U.S. Department of Housing and Urban Development), it is illegal for you to refuse to rent to someone or negotiate for housing based on their race, color, religion, sex, disability, familial status, or national origin.
Keeping things in writing is always recommended, too. That way, everyone is aware of the “do’s and don’ts” throughout the term of the lease. Items to be included should consist of the amount and due date of the rent, how long the lease term will run, and specifications regarding pets.
Florida state law also regulates several rent-related issues. Here, for instance, landlords must generally provide at least 15 days’ notice before raising the rent, and tenants have three days to pay rent beyond the due date before an eviction notice can be filed.
We Can Help!
With so many items to keep in mind when you own Florida rental property, it can be helpful to turn over a lot (or all) of the legwork to a property manager. If you’d like more details on how an experienced Florida management team can help, contact us today.