VRMA Administrator
The developer of the Miami, Florida-based YotelPad hotel-condominium short-term rental project says hosts can finally start renting out their spaces for daily stays as of this month, following the resolution of a regulatory holdup. A city zoning change made while YotelPad was under construction impeded owners from offering daily short-term rentals when the project opened in May. According to developer David Arditi, YotelPad has now obtained the city's approval for short-term rentals for periods of less than 30 days. The complex includes 222 hotel rooms managed by YotelPad and 231 residential units that owners can enroll in the short-term rental program. A 225-square-foot queen hotel room costs about $389 a night for a weekend trip in February, while a 417-square-foot studio condo runs about $441 a night. Florida International University real estate experts said ready-made rental properties like YotelPad may be more popular among investors eager to capitalize on Miami's tourist market than traditional condo buildings, which often have rental restrictions. "I think this has set a new standard for real estate investment in South Florida," said a YotelPad spokesperson.
Axios (11/30/22) Martin Vassolo
