RENTALS

Key West has passed an ordinance outlawing unlicensed short-term rentals in residential properties for less than 30 days.

The exception to this rule is if you have a ‘transient license’. You can rent a property on a daily basis if you like with a transient license. There aren’t any more licenses being issued. You have to purchase an existing one from someone willing to sell theirs and transfer it to your property. When available, the cost (as of May 2005) averages about $50,000, and they are very hard to come by.

There are further restrictions on buying Transient Licenses. You can only transfer a license to properties located in specific areas of Key West, and you can only transfer a license to a ‘like kind’ property.

For more information, contact the City of Key West.

The rest of Monroe County has passed an ordinance prohibiting vacation rentals of less than 28 days in many areas. There are a few exceptions to this rule scattered throughout the County that do allow daily or weekly rentals.

All rental properties must hold city and county occupational licenses and adhere to the State of Florida regulations.

If you are purchasing a property with the idea of renting it when you are not in residence, please keep this in mind as you formulate your investment plan. Ask Lori Bender about the restrictions in the specific area you wish to purchase property in.

As the information in these reports is subject to change, it is provided as a general guide and not to be relied upon in your decision to purchase or sell real estate in the Florida Keys.