06 Sep Regulating Vacation Rentals In Your HOA
Florida experiences an influx of visitors throughout the year, particularly snowbirds wanting to escape the colder temperatures during the fall and winter months. In an effort to capitalize on these visitors, we’ve seen a number of short-term vacation rental companies such as Airbnb, Homeaway, and VRBO flood the market.
These vacation rental companies are gaining a lot of traction because they offer inexpensive accommodations to travelers and extra income for homeowners. However, from the residential property management standpoint, regulating vacation rentals has become a burden for many HOAs.
You may be wondering what you can do to address the burdens and liabilities that vacation rental companies can create in your HOA community. Specializing in Florida residential property management, our team at Vesta Property Services is very familiar with this pain point and would like to touch on this important issue.
Risks Associated with Vacation Rentals in Your HOA Community
From the HOA community’s perspective, vacation rental companies bring in visitors that have no ties to the community. These “strangers” may not understand the rules for property use of community amenities or obey neighborhood noise ordinances. The influx in visitors can lead to increased traffic on the roads and challenges with parking. All in all, these short-term vacation rentals have the potential to be damaging to the character of your HOA community.
How to Regulate Vacation Rentals in Your HOA Community
A common question that our Florida residential property management company hears is if an HOA can prohibit vacation rentals. Many HOA communities have bylaws that restrict short-term vacation rentals and leases. However, companies like Airbnb are able to get around these rules because they are not typically rentals or leases. Instead, these arrangements are “licenses” to use a property for a short period of time without the exclusive right to possession. In a way, these arrangements are similar to a hotel or motel booking.
While it can be difficult for an HOA to prohibit vacation rentals, the association can adopt a set of rules to help regulate short-term rentals in the community. For example, homeowners may be required to register each renter, pay a fee for renters to defray any potential damage to common areas of the community, and maintain property and liability insurance that names the HOA community as an additional insured in the event of any claims related to the rental.
We understand that regulating vacation rentals in HOA communities is a hot topic for Florida property owners. Our Florida residential property management company is here to provide your HOA with guidance and advice for how to handle the influx of short-term vacation rentals in your community. Please contact us at Vesta Property Services to learn how we can serve as a valuable partner for your HOA community.