The Legislature has struggled for nearly a decade to give the state more power to regulate platforms like Airbnb
With just two days left to go before the 2024 Florida legislative session ends, the State House approved a short-term vacation rental measure to adopt new regulations on rental platforms like Airbnb and Vrbo. But the Senate has to approve the legislation as well.
In February this year, the Florida Senate passed Senate Bill 280, which establishes local registration programs for short-term rentals, limits the number of guests in rental properties and puts in place penalties for rentals that violate local ordinances.
Critics of the bill say the legislation is not restrictive enough to appease constituents dealing with unruly tourists, and that local governments are better equipped to deal with the issue, especially in places that have more restrictive rules than what the legislation lays out.
On the other hand, other critics maintain local governments will have no limit to what they can charge for the registration and inspection of short-term rentals. They will also be able to use minor infractions as a way to suspend short-term rentals, revoke their registration and prevent them from gaining that registration back without enduring a lengthy and costly judicial process.
A 44-page amendment with new provisions was added a day prior to the house vote to make it more palatable to members who have expressed concerns about the legislation.
Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates. Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market. It’s important to remember that rates can vary widely between mortgage lenders so shopping around is essential.
