The City of Key West used to issue transient rental licenses for a nominal fee to those homeowners who wished to rent their homes by the night. The City stopped issuing those licenses quite a few years ago but grandfathered all licenses that were in existence. Rentals throughout the City are strictly monitored and enforced, with the perhaps unintended result that vacation rental rates have in recent years grown at double-digit rates. Not surprisingly, homes that are transiently licensed have become especially valuable for investment purposes. An indication of just how valuable is the cost of purchasing a transient license on the secondary market, which in spite of the complications of effecting the transfer of rights from one house to another, has risen to as much as $400,000.
Truman Annex homes may have what is known as a “Special Transient License”, which is subject to a weekly minimum and has a sunset clause attached. You can find out more by calling 305.304.1933 or e-mailing Chris Santry.