How to Be a Landlord in Florida
With its sunshine, beaches and relatively low taxes, Florida has been a popular destination for people looking for new homes. Although there is plenty of housing for sale statewide, rentals remain in demand for vacationers, working-class residents and students at the state's numerous colleges. Getting into the landlord business takes time and money, but it could become a dependable source of income for those willing to stick with it. Tenants' rights in Florida are similar to those in most states. However, there are a few geographic and climate considerations prospective landlords should know.
Other People Are Reading
Instructions
-
-
1
Decide why someone should rent from you. Make a list of all the reasons the property you plan to put on the market is desirable. In Florida, many people come for the beaches and proximity to golf courses, but walkable and bike-friendly neighborhoods are desirable as well.
-
2
Calculate a price. Think about how much you have to pay in property taxes and mortgage on the property. Determine how much you need to make to pay those bills. However, keep your rental competitive by checking other listings in the area.
-
-
3
Craft a classified ad. Say how many bedrooms and bathrooms are available. Talk briefly about the neighborhood, highlighting nearby attractions. Craigslist is a good website to post an ad, but also check with the local newspaper. In Florida, there are large newspapers in the Miami, Orlando, Tampa and Jacksonville areas.
-
4
Collect security deposits. Typically, a payment that is the equivalent of a month's rent is taken to cover damage costs. This money must be set aside and available for return when the tenant moves out. Under Florida law, landlords have 15 days to return the money, or send a certified letter explaining why a portion of the deposit was used to cover damages.
-
5
Find a good exterminator. Because Florida is a humid climate mostly at sea level, your tenants will be subject to all sorts of pests such as rats, termites and cockroaches. Under Florida law, landlords are responsible to keep the premises as pest-free as possible, and to arrange for garbage pickup if the property isn't in an area with curbside service. Also, it's the landlord's responsibility to cut grass and keep the exterior of the house in line with local standards.
-
6
Install a smoke detector. Under Florida law, the landlord must provide one. However, the responsibility of checking the battery is the responsibility of the renter.
-
7
Find a good handyman or superintendent. Florida law requires landlords to fix things, such as air conditioners and clogged sinks reported by the tenants.
-
1
References
Resources
- Photo Credit Jupiterimages/Photos.com/Getty Images
