how to deal with 7 night minimum rule

[Kim339]

a new rule imposing a 7 night minimum will shut me down. how have you coped? any strategies out there? I'll have to sell because I otherwise can't afford it.

[Bhumika]

Hi @Kim339 , have you found anything regarding the same through internet search? What are the hosts saying? I am also inviting a few hosts from Sarasota if they have been experiencing a similar dilemma.

Hi @Aida414 @Jill1585 @Jim2598 @Joy1901 @Stephen987 @Balazs-And-Angela0 @Fernando1561 @Stephanie197 @David13766  , do you have any advice for host @Kim339 on how to deal with 7 night minimum rule?

Thanks in advance for your guidance! 

Regards,

[Aida414]

Hi, Just like the host mentioned above, 7 nights minimum stay  propelled us into severe difficulty finding guests for that length of time. Most tourists just want to stay for a long weekend. Our property ends up with long vacancy periods. It is not sustainable to run it because not only we can not rent it but also the high cost of insurance, ever increasing property taxes, strict requirements from the city to operate the business and overall high utility, electric and maintenance fee. We had to sell 3 properties because we have been losing money and will continue to sell one property every year. 

[Kim339]

Have you tried other ways to market your short term rentals? 

[Helen3]

Is this new STR legislation that's recently been introduced in your location @Aida414 

Are LTRs not an option in your location ?

[Aida414]

LTR is an option but again, the high insurance, high property taxes, high mortgage rate and high repair maintenance fee  will not make up for the monthly rent. Florida  just went through devastating hurricanes and flooding with in 3 years in a row. The repair and renovation cost is very expensive and it's hard to find reasonable and on time labor/contractors.