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I'm considering beginning to rent my home, located in Williamsburg, Brooklyn. I've about the legislation that was apparently passed last year banning short term rentals but I see many of them are still going strong so I guess the law was reversed? If anyone is will to offer some info about their experiences, and tax implicatations, etc. I'd love to talk.
Years ago, I paid in excess of $50,000 in fines not to mention costs of attorneys for short term rentals in the Hamptons, Suffolk county New York. The law is still in effect there.
Why are you still renting if there is a ban in your area?
We rent monthly which is legal. I didn't know better years ago. CERTAINLY NOT AN EXCUSE. and paid the penalty, huge fines. Sometimes, guests want to rent for less time, but pay for the full month AND sign a month lease. My homes are priced well below the market in our area.
We adhere to all town codes,AND my homes exceed all town safety codes.
Oh, I was just curious because I looked at your website and there is no mention of your properties only being rented on a month basis.
That is correct. Because some of my homes are rented for the full summer. Sometimes we get requests for a 6 month rental while another home owners home is being rebuilt. There are a lot of different possibilities. Sometimes a tenant wants to be at my homes for 3 weeks, but pays for a full month and signs a month lease. Sometimes two sisters and families get together, one stays 15 days the other stays 15 days, but the sign a lease for 1 month. Sometimes a professor and a couple of teachers from a nearby college rent one of my homes from Sept to May.
Lots and lots of possibilities. Where is your home located, resort area or state?