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February 13, 2018
AirBnB recently announced its hosts are contributing to local and state government coffers with a new and lucrative cash stream. The company released a press release noting that AirBnB collected $45.7 million in tax revenues in 2017. Those taxes were remitted to the Florida Department of Revenue and to the 39 counties that have signed agreements with the company. Of that lump sum, Miami-Dade and Broward counties accounted for 40 percent of the total at $18.3 million. The 2017 tax revenue collection is more than double the numbers recorded in 2016.
In 2017, Airbnb hosts in Miami-Dade and Broward counties brought in $134.6 million and $45 million in income, respectively, the most of any other counties in the state. While the company has seen 73 percent growth in its Florida operations last year, not everyone is happy. The hotel industry believes AirBnB has strayed from its original concept of 'home sharing' and has been operating as de facto hotels without adhering to the regulations and obligations traditional hotels in the state are required to follow. Airbnb’s spokesperson Benjamin Breit argues that short-term rentals complement, rather than compete, with the hotel industry. He suggests that vacation rentals, specifically on AriBnB are opening up the state to a new demographic of tourists.
Owning a vacation luxury rental property can be a very profitable real estate investment. If you're thinking of purchasing a home to use as a vacation rental, contact award-winning broker, Niki Higgins to discuss your purchasing options. There can be a number of legal restrictions and ordinances in your building or county, and you'll want someone intimately familiar with the South Florida luxury real estate market to help you safely navigate these waters.
Source: The Real Deal
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