VRMA Administrator
Condominiums purposely built for short-term rentals were established in Miami just a few years ago but have quickly become a huge part of the new condo construction boom. Capitalizing on the popularity of home-sharing services, short-term rental condos don’t have the typical rental restrictions of most condo buildings in South Florida. They provide the unit owner with the flexibility to rent the condo for as many days a year as they want, or stay there themselves if they feel like it. “It all started with affordability,” said Jon Paul Pérez, president of Miami-based condo developer Related Group. "They have less restrictions for rentals to help offset their carrying costs, or generate more return for investors.” That combination has proven attractive to many condo buyers, which has led to some of these short-term condo projects selling out months before they've even broken ground.
South Florida Business Journal (03/10/23) Brian Bandell
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