City of Key West Ordinances Regarding Non-transient Properties
By System Tuesday, April 22, 2014
Today we are discussing how important it is to know the rental property law in Key West. This is an area that a lot of people visit for just a few days, but it’s also a place that people call home. Therefore, we have a strict difference between transient housing and non-transient housing. Non-transient properties must be rented for at least 30 days at a time. However, when you have a transient residence, you can rent it by the night.
The majority of the units here in Key West are non-transient. It’s a great time in Key West to invest in a long term rental, which means having a property that you rent to tenants for six months or more. This way, you are complying with all strict local laws, particularly those pertaining to transient and non-transient properties. When you are out of compliance, you can find yourself getting charged up to $5,000. You don’t want to break any of the local laws here. It’s always a good idea to meet with a property manager before you start renting. We like to educate property owners on which way to go with your property; whether you should set it up as a transient rental or a non-transient rental.
When you have a long term rental, you have less stress with figuring out your taxes. For any property you rent out for over six months, you need to collect 12.5 percent sales tax. A portion of that tax goes to the state and the other portion goes to county. People who are not familiar with these stringent tax laws can get themselves in trouble, and will end up paying large fines.
If you have any questions about these ordinances in Key West, please do not hesitate to contact us at Key West Residential Property Management, and we would be happy to help you out.