Single family neighborhoods are becoming places for investors to put their money. Investors can’t put their money in CD’s, bonds, or other conservative financial instruments as these basically pay or return nothing. The stock market has become much more volatile and has reached historic highs; mortgage rates continue to remain historically low. MEANWHILE, the home values in much of Boca Raton are up 20 – 28%. Investors in my Residentially Zoned (R1C) neighborhood have purchased homes to be offered as rentals…and may, when no one’s looking, be offered as short-term rentals and
possibly on Airbnb.
Where I live, neighborhood residents became concerned when two homes, across the street from one another, were purchased simultaneously by the same investors. A property search of the new owners on the Palm Beach and Broward County’s Property Appraiser’s web site indicate they own more than a dozen homes in single family neighborhoods. Call it what you will – but it’s a financial investment; one being made in a “Residential District,” perfectly legal if investors play by the City’s Zoning Code.
Compliance with the City:
“Based on the definition of a “motel” in the Zoning Code (in part, “…sleeping or living accommodations are offered a short-term or transient basis…”), rental of a dwelling unit for less than six months is a motel, which is not a permitted use in the single-family residential districts. It is a conditional use in the R-5-A district (which is a multifamily district), but City Council approval as a conditional use would be required.”
Therefore, Short-term rentals, including Airbnb are not permitted and should be reported. Protect your neighbors, your neighborhood, and your investment.