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Buying real estate in Florida to get rental income is one of the most interesting global invetments. Basically, there are two rental modalities: 1 – Short-term rental (Ex. Airbnb) and 2 – Long-term rental (minimum of 1 year). In this article we will address the second modality: Long-term rental, bringing important tips that you need to know before putting your property for rent in Florida.
1. Tenant Selection
Careful selection of tenants is crucial to avoid future problems. Perform background and credit checks, and ask for previous references. Hiring a property management company can facilitate this process, ensuring that only qualified tenants are accepted.
IMPORTANT: Read the contract carefully and always have the support of an experienced rental broker in Florida. See in this article how to choose the ideal broker in Florida
2. Obligations
As an owner, you have the legal obligation to keep the rented property in habitable conditions. Ensure that the property meets basic health and safety standards, including working utilities, proper ventilation, and compliance with building codes. Promptly meet maintenance and repair requests, keeping a record of all activities performed.
Otherwise, the tenant has the right to withhold the payment of the last rent. For this to happen, the landlord must have failed to provide a habitable place and within the health codes established by the state of Florida.
3. Security Deposits
Landlords can request security deposits in advance. Thus, for the tenant to enter the property, he usually pays the first month’s rent plus the agreed deposit amount.
This deposit must return to the tenant at the end of the contract, provided that the property is returned in the same conditions that it was delivered at the beginning of the contract and all contractual clauses have been fulfilled.
4. Who Pays the Property Tax and the Condominium Fee?
In Florida the owner pays the property tax (Property Tax) and the condominium fee (HOA).
5. Eviction Action: Is it Easy to Remove the Tenant?
The State of Florida brings specific legislation for eviction actions. Some procedures must be followed so that the lease can be terminated, creating the obligation for the tenant to leave the property. Fortunately, in Florida, eviction actions are considerably pragmatic and coated with one of the best legal securities in the world, which makes the rental process a safe and attractive business for investors.
Learn how the eviction action works in Florida
Expected Return in Other Countries Vs. Expected Return in the USA
The return on long-term rental in Florida, as in any market, varies greatly depending on the characteristics of the property and location. In the article What is the income from long-term rent in Florida? We explain in detail
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida. Our work goes far beyond the simple intermediation of a property. We want to be your right arm in the USA and, for this, we have a wide network of partners. If you want to know more about investment opportunities in the real estate sector of Orlando and South Florida, contact me right now and talk to me on WhatsApp: +1 305 498 6327 (Silvana Recalde)
