Hollywood Short-Term Rental Condos
Introduction to Hollywood, Florida
Nestled between the vibrant cities of Miami and Fort Lauderdale, Hollywood is a charming beachfront community known for its picturesque beaches, family-friendly atmosphere, and dynamic cultural scene. As a rising star in the vacation rental market, Hollywood offers a unique blend of suburban tranquility and urban convenience, making it a prime location for short-term rental condos.
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Overview of Hollywood, Florida
Hollywood, Florida, is characterized by its scenic palm-lined streets and stunning ocean vistas, presenting a tranquil retreat from the hectic pace of urban environments. The city boasts a wide beachfront and the iconic Hollywood Beach Boardwalk, both of which are major attractions offering ample relaxation and recreational activities. This setting not only enhances the appeal of the area as a vacation destination but also enriches the daily lives of residents with its natural beauty and leisure options. The boardwalk, in particular, is a hub of activity, featuring cafes, boutiques, and entertainment venues that draw both locals and tourists to enjoy its vibrant atmosphere.
Why Hollywood is Popular for Short-Term Rentals
Hollywood, Florida, enjoys a high demand for short-term rentals due to several attractive features. Its coastal lifestyle and close proximity to major South Florida tourist attractions make it an appealing destination for both vacationers and business travelers. The appeal is further enhanced by the flexibility and home-like environment that short-term rental condos provide, offering a more personal and comfortable experience compared to traditional hotel accommodations. This combination of location, convenience, and comfort makes Hollywood a preferred choice for short stays, driving a strong market for these types of rentals.
Benefits of Short-Term Rental Condos
Short-term rental condos in Hollywood offer a range of benefits that make them a compelling choice for property owners and investors. These benefits include:
Higher Rental Income Potential: Compared to long-term leases, short-term rentals often command a higher nightly rate. This can lead to increased overall revenue, especially during peak tourist seasons when demand is high.
Flexibility for Personal Use: Owners of short-term rental properties enjoy the flexibility to block out periods for personal use. This is particularly appealing for those who wish to enjoy their property during vacations or special events in Hollywood, thereby combining investment benefits with personal leisure.
Quick Market Response: The short-term rental market allows property owners to adjust prices and availability in response to market changes such as fluctuations in tourist demand, local events, or seasonal trends. This dynamic pricing strategy can maximize earnings that would be less feasible in a long-term rental scenario.
Diversification of Investment Portfolio: Investing in short-term rental properties can diversify an investor’s portfolio. By spreading investments across different markets and types of properties, investors can reduce risk.
Tax Advantages: There may be specific tax deductions available for short-term rental property owners, such as deductions for property maintenance, management expenses, marketing costs, and depreciation, which can provide significant financial benefits.
Enhanced Property Maintenance: Short-term rentals require regular cleaning and maintenance to stay competitive, leading to better overall upkeep and potentially higher property values over time.
Community Benefits: By attracting tourists, short-term rentals can contribute to the local economy, supporting small businesses and creating jobs in the hospitality and services sectors.
These factors combine to make short-term rental condos in Hollywood not only a lucrative venture but also a practical solution for many property owners looking to capitalize on the vibrant tourist market while enjoying the flexibility of managing their investment.
Legal Framework for Hollywood Short-Term Rental Condos
In Hollywood, Florida, the legal requirements for operating short-term rental properties vary significantly between condo-hotel rooms and condo units. Each category has specific obligations that owners and operators must fulfill to comply with local regulations:
Condo-Hotel Rooms
Certificate of Use: Required for the condo-hotel operator, but not for individual room owners. This certificate ensures that the condo-hotel as a whole complies with local zoning and usage standards.
Business Tax Receipt: Condo-hotel rooms require a Business Tax Receipt with use code 39. This is a tax imposed on businesses rather than properties, which reflects the commercial nature of condo-hotels.
Vacation Rental License: Condo-hotel rooms do not need a separate vacation rental license because they are typically considered part of the overall hotel operation.
Reservations and Property Management: All booking and property management activities must be handled exclusively by the hotel operator. Individual room owners are not allowed to manage or rent out their rooms independently; this is to maintain a uniform service and management standard under the hotel brand.
Condo Units
Certificate of Use: Generally, individual condo units do not require a Certificate of Use unless the building has specific local requirements. This reflects the more private, non-commercial use of such properties compared to condo-hotels.
Business Tax Receipt: Owners must obtain a Business Tax Receipt with use codes 04 or 05, depending on the specifics of their operation. This receipt recognizes the business aspect of renting out condo units.
Vacation Rental License: A Vacation Rental License is required if the unit is rented out three or more times per year for periods of less than 30 days each. This license is crucial for regulating short-term rentals and ensuring compliance with local housing and safety standards.
Reservations and Property Management: Unlike condo-hotel rooms, condo units offer more flexibility in management. Owners can manage the property themselves, hire a listing agent, or use a management company. If the condo unit is located within a hotel or condo building, the hotel operator can also manage rentals.
Understanding these distinctions is crucial for potential investors and operators in Hollywood’s short-term rental market. It ensures not only compliance with the law but also helps in making informed decisions about the management and operational strategies that will be most effective for their property type.
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Choosing the Right Hollywood Short-Term Rental Condo
When choosing a condo for short-term rental in Hollywood, several critical factors should be considered to ensure the property attracts a steady flow of guests and generates substantial rental income:
What to Look for in a Short-Term Rental Condo
Location: The condo’s location is paramount. Proximity to beaches, entertainment districts, and cultural attractions can enhance the appeal. Hollywood Beach, with its famous boardwalk, is a prime example of a desirable area.
Amenities: Modern amenities such as swimming pools, fitness centers, high-speed internet, and updated interiors are crucial. Amenities not only enhance guest satisfaction but also allow you to command a higher rental price.
Access to Public Transportation: Properties near public transportation options, such as bus routes and train stations, are more attractive to tourists and business travelers who may not want to rent a car.
Safety: Ensuring the property is in a safe neighborhood is essential, as it directly impacts its desirability and reviews. Security features like gated access, security cameras, and a 24-hour security staff can be significant selling points.
Community Policies: Understanding the community’s or building’s policies regarding short-term rentals is critical. Some condos have strict rules or even prohibitions on short-term leasing, which could impact your ability to rent out the property.
Market Demand: Analyzing local market trends and demand cycles can help in selecting a property that will have high occupancy rates. Look for areas where there is a year-round influx of tourists or a steady stream of business travelers.
How to Choose the Right Location
Proximity to Key Attractions: Condos near tourist attractions, dining, shopping, and entertainment venues are typically more desirable. The closer you are to major attractions, the higher the potential rental demand.
Quiet vs. Central Locations: While some guests prefer being in the heart of the action, others may value a quieter, more residential setting. Offering options in both types of locations can cater to a broader range of preferences.
Transportation Links: Locations near major roads, highways, and public transit options can make your property more attractive, especially for guests who are unfamiliar with the area.
Local Development: Areas undergoing development or revitalization may offer growth potential in property values and rental rates. Staying informed about local economic and development plans can provide insights into emerging hotspots.
Natural Attractions: Properties with scenic views or in close proximity to natural attractions, such as beaches or parks, often have an added allure that can make them stand out in the competitive short-term rental market.
By carefully evaluating these factors, potential investors can select a condo in Hollywood that not only meets the logistical requirements of short-term rental management but also provides an appealing and convenient base for guests, thereby maximizing both occupancy rates and return on investment.
Hollywood Regulatory Considerations
Navigating the regulatory landscape of short-term rentals in Hollywood, Florida, requires a deep understanding of local laws, compliance requirements, and community standards. Here’s an in-depth look at the key aspects.
Local Laws and Regulations
The City of Hollywood has specific ordinances that govern the operation of short-term rentals, defining them as dwellings intended to serve as residences that function as transient public lodging establishments, excluding timeshare projects. Here are the essential regulations concerning zoning and occupancy:
Maximum Occupancy Rules: Each rental must have a minimum of 150 square feet for the first occupant and at least 100 square feet for each additional occupant. Bedrooms must offer at least 70 square feet per occupant, and if shared, no less than 50 square feet per person, with a maximum of two people per bedroom. During non-overnight hours, the occupancy can increase to 1.5 times the overnight limit, excluding up to four children under four years old.
Compliance and Legal Issues
To legally operate a short-term rental in Hollywood, hosts need to comply with multiple requirements that ensure safety, legal adherence, and community harmony:
Business License Requirements: Hosts must secure several licenses and meet documentation standards:
Additional documentation includes a state license as a Transient Public Lodging Establishment, registration with the Florida Department of Revenue, and accounts with the Broward County Tax Collector for both Tourist Development Tax and Local Business Tax Receipts.
An interior sketch of the building, a layout of parking spaces, and a notarized letter appointing a Vacation Rental Representative are also required.
Building and Housing Standards: Properties must adhere to strict building codes and maintenance standards to ensure habitability and safety. Hosts should consult the specific sections of the Hollywood code that outline residential and non-residential standards and review the Residential Inspection Checklist for compliance.
Tourist and Local Taxes: Property owners are obligated to register for and collect the Tourist Development Tax from guests, which requires registration with both the Florida Department of Revenue and the Broward County Tax Collector.
Noise Ordinance: To maintain community tranquility, Hollywood enforces strict noise regulations, particularly from 10:00 p.m. to 7:00 a.m. Excessive noise that crosses property boundaries can lead to fines and other penalties, emphasizing the need for hosts to manage guest behavior effectively.
Understanding and complying with these detailed regulations are crucial for any potential or current host in the Hollywood short-term rental market. These laws not only aim to keep operations legal and safe but also work to balance the growth of the rental sector with the quality of life for all Hollywood residents.
Read more about Vacation Rental License Regulations – Hollywood, FL.
Hollywood Investment Opportunities
Why Invest in Hollywood’s Rental Market?
Hollywood is becoming increasingly popular as a vacation destination, which makes it an attractive market for short-term rental investments. Several factors contribute to its appeal:
Year-Round Tourism: Hollywood’s warm climate, beautiful beaches, and vibrant cultural scene attract tourists throughout the year, ensuring a steady demand for accommodation.
Growing Popularity: As the city gains recognition for its amenities and lifestyle, more travelers are choosing Hollywood over other Florida destinations, further boosting the rental market.
Flexibility in Accommodation: The trend toward flexible lodging options, such as short-term rentals that offer a more personalized experience than hotels, is particularly strong in Hollywood.
Potential Returns on Investment
Investing in short-term rentals in Hollywood can offer higher returns compared to traditional long-term rentals. Here’s a look at the financial data and factors that influence these returns:
Average and Maximum Daily Rates: The average daily rate (ADR) for a rental in Hollywood is approximately $291, with peak rates in March reaching up to $356. This suggests strong seasonal demand, particularly in the spring.
Occupancy Rates: The average occupancy rate stands at 58%, with a peak of 73% in March. High occupancy rates during peak months can significantly increase monthly revenue.
Revenue Metrics: The maximum monthly revenue recorded in March is around $6,700, with an average monthly revenue across all properties of about $4,237. Annually, the average revenue per property is approximately $50,800.
Revenue Per Available Room (RevPAR): The RevPAR, an important metric in the hospitality industry, averages $166. During weekends, this rate can increase to $302, indicating higher profitability on weekends.
Market Growth: The average home value in Hollywood is $460,254, which has increased by 7.0% over the past year. This appreciation in property values can add to the investment’s attractiveness by potentially increasing equity over time.
Market Saturation and Competition: With 5,312 active rentals, the market is competitive but also mature, suggesting a stable environment for new investors. The submarket score of 58 indicates a balanced market, not overly saturated, which can be beneficial for new entries.
Strategic Considerations
To maximize ROI, investors should consider several strategic factors:
Location: Properties closer to popular attractions or with ocean views tend to fetch higher rates and have better occupancy.
Quality of Guest Experience: High-quality furnishings, amenities, and guest services can significantly boost ratings and, consequently, pricing power.
Management Strategy: Effective property management, whether self-managed or through agencies, can ensure high guest satisfaction, repeat business, and optimal operational efficiency.
Hollywood’s short-term rental market presents a promising opportunity for investors looking to capitalize on its tourism sector and property value trends. By understanding the market dynamics and leveraging the city’s growing popularity, investors can achieve substantial economic returns.
Hollywood Short-Term Rental Condos
Condo Name | Location | Price | Rental Policy | |
1 | Hyde Beach House | 4010 S Ocean Dr, Hollywood | $596,000 to $1,285,000 | No restrictions |
2 | The Tides on Hollywood Beach | 3801 and 3901 S Ocean Dr, Hollywood | $420,000 to $980,000 | No rental restrictions |
3 | Hyde Resorts & Residences | 4111 S Ocean Drive, Hollywood Beach | $615,999 to $2,700,000 | No restrictions |
4 | Sian Ocean Residences | 4001 S Ocean Dr, Hollywood | $405,000 to $700,000 | Daily rentals are allowed |
5 | Costa Hollywood | 777 N Ocean Dr, Hollywood | $275,000 to $2,500,000 | No restrictions |
Overview of Hyde Beach House, Hollywood, Florida
Hyde Beach House, located at 4010 S Ocean Dr, Hollywood, Florida, is a prominent residential and condo-hotel development that combines luxury living with prime real estate investment opportunities. Designed by the renowned architectural firm Cohen, Freedman, Encinosa & Associates and developed by a partnership including The Related Group, 13th Floor Investments, and Key International, this property stands out in the Hollywood Beach neighborhood.
Key Details
- Year Built: 2019
- Number of Units: 342
- Number of Stories: 41
- Architect: Cohen, Freedman, Encinosa & Associates
- Developer: The Related Group, 13th Floor Investments, Key International
- Interior Designer: Debora Aguiar
- Neighborhood: Hollywood Beach
Financial Aspects
- List Price Range: $596,000 to $1,285,000
- Average Price per Sq. Ft.: $808
- Monthly Avg Association Fee: $1.67 per sq ft
- Sq. Ft. Area Range: 702 to 1,361 sq. ft
Location and Accessibility
- Walk Score: 48 (Car-Dependent)
- Transit Score: 36 (Some Transit)
- Bike Score: 71 (Very Bikeable)
Amenities at Hyde Beach House
Waterfront: The property boasts canal front, intracoastal, and ocean waterfront locations, offering stunning views and a luxurious atmosphere.
Pool and Spa: Residents can enjoy a pool, heated pool, sauna, spa, and hot tub, along with cabana services.
Fitness and Sports: Facilities include a basketball court, exercise room, and tennis courts.
General Amenities: The building provides a bar, picnic area, business center, club room, and elevators.
Parking: Available services include a garage and valet parking.
Unit Features
Conveniences: Each unit is equipped with central heat, electric heat, central cooling, electric cooling, a dishwasher, washer and dryer, and walk-in closets.
Style: The units are styled as both condo hotels and condos, providing versatility for owners and renters.
Living in Hyde Beach House
Living at Hyde Beach House offers a blend of comfort and convenience with luxurious amenities that cater to both active lifestyles and those seeking relaxation. Its location in Hollywood Beach places residents and guests just steps away from the beach, while its modern facilities ensure all needs are met from the comfort of home. Pets are also welcomed by both owners and renters, making it a friendly environment for animal lovers.
Hyde Beach House represents an excellent opportunity for those looking to invest in a property with high rental potential or seeking a luxurious residential option in one of Florida’s most attractive coastal areas.
Overview of The Tides on Hollywood Beach
The Tides on Hollywood Beach, located at 3801 and 3901 S Ocean Dr, Hollywood, FL 33019, is a sought-after condo complex that offers residents and investors a vibrant beachfront lifestyle. Built in 2006, this development features 724 units spread across two 16-story buildings, providing modern living spaces with spectacular ocean views.
Key Details
- Year Built: 2006
- Number of Units: 724
- Number of Stories: 16
- Neighborhood: Hollywood Beach
Financial Aspects
- List Price Range: $420,000 to $980,000
- Average Price per Sq Ft: $566
- Monthly Avg Association Fee: $0.95 per sq ft
Location and Accessibility
- Walk Score: 50 (Car-Dependent)
- Transit Score: 35 (Some Transit)
- Bike Score: 66 (Bikeable)
Amenities at The Tides on Hollywood Beach
Waterfront: The complex boasts deeded beach access and is directly on the oceanfront, offering residents unparalleled access to the beach.
Water Access: Direct ocean access enhances the appeal for those who love water activities.
Pool and Spa: Amenities include a pool and a heated pool, catering to all-year enjoyment regardless of the season.
Fitness and Sports: An exercise room is available for residents looking to stay fit.
General Amenities: The complex features a business center, club room, common laundry facilities, elevators, and trash chutes for convenience.
Parking: Ample parking with garage and valet services ensures easy access for residents and guests.
Unit Features
Conveniences: Units are equipped with central heat and cooling, electric heating and cooling systems, dishwashers, and walk-in closets.
Style: The building’s architecture is categorized under “Condo 5+ Stories, Condo,” highlighting its modern high-rise structure.
Living in The Tides on Hollywood Beach
The Tides on Hollywood Beach provides a dynamic living experience with its comprehensive suite of amenities and prime location on Hollywood Beach. Residents enjoy a mix of leisure and convenience, with easy access to the ocean and beach activities right at their doorstep. The building’s pet-friendly policy also makes it a welcoming community for pet owners.
This property appeals to a range of buyers and renters, from those seeking a permanent residence with a beachfront lifestyle to investors looking for a property with strong rental potential due to its popular location and extensive amenities. The competitive pricing and the range of unit sizes make The Tides an attractive option for a diverse audience.
Overview of Hyde Resorts & Residences
Hyde Resorts & Residences, located at 4111 S Ocean Drive, Hollywood Beach, FL 33019, is a luxurious mixed-use development that was inaugurated with notable flair, featuring a performance by the Gypsy Kings. Opened in 2017, this prestigious address includes both private condos and hotel rooms, providing an upscale living and vacation experience.
Key Details
- Year Built: 2017
- Number of Units: 407
- Number of Stories: 43
- Developer: The Related Group
- Neighborhood: Hollywood Beach
Financial Aspects
- List Price Range: $615,999 to $2,700,000
- Average Price per Sq Ft: $911
- Monthly Avg. Association Fee: $1.37 per sq. ft
Location and Accessibility
- Walk Score: 63 (Somewhat Walkable)
- Transit Score: 35 (Some Transit)
- Bike Score: 66 (Bikeable)
Amenities at Hyde Resorts & Residences
Waterfront: This property boasts deeded beach access and is located directly on the oceanfront, providing breathtaking views and immediate beach access.
Water Access: Offers direct ocean access, enhancing its appeal for water sports and beach activities.
Pool and Spa: Includes a pool, heated pool, sauna, spa, hot tub, and cabana, offering a full suite of luxury relaxation options.
Fitness and Sports: Features a well-equipped exercise room.
General Amenities: The development offers a bar, business center, club room, and elevators, along with a pool bar and café, adding to its residential and recreational appeal.
Parking: Ample parking with both garage and valet services available.
Unit Features
Conveniences: Units come fully equipped with central heating and cooling, electric heating, dishwashers, washers and dryers, and walk-in closets. These move-in-ready units also include flooring, furniture, wall coverings, and even silverware, making them ideal for immediate occupation.
Style: Styled as both a condo-hotel and condo unit, this property caters to a variety of needs, from temporary stays to permanent residences.
Living in Hyde Resorts & Residences
Hyde Resorts & Residences is designed to offer a seamless blend of luxury hotel services and private residential living. Its comprehensive amenities, including three restaurants and an Emena spa, provide residents and guests with an all-inclusive, resort-like experience. The pet-friendly policy further enhances its family-oriented appeal.
Investors and homebuyers looking for a property in Hollywood Beach will find Hyde Resorts & Residences an attractive option due to its high-end facilities, luxury accommodations, and prime oceanfront location. The high average price per square foot reflects its premium offerings and desirable location, making it a significant investment or living choice in South Florida’s competitive real estate market.
Overview of Sian Ocean Residences
Sian Ocean Residences is a prominent residential complex located at 4001 S Ocean Dr., Hollywood, FL 33019. Built in 2006, this 16-story building offers 223 units with modern amenities and prime oceanfront access, making it a desirable location for both permanent residents and seasonal visitors.
Key Details
- Year Built: 2006
- Number of Units: 223
- Number of Stories: 16
- Neighborhood: Hollywood Beach
Financial Aspects
- List Price Range: $405,000 to $700,000
- Average Price per Sq Ft: $483
- Monthly Avg Association Fee: $1.28 per sq ft
Location and Accessibility
- Walk Score: 60 (Somewhat Walkable)
- Transit Score: 35 (Some Transit)
- Bike Score: 70 (Very Bikeable)
Amenities at Sian Ocean Residences
Waterfront: Features deeded beach access and direct waterfront location, offering residents unparalleled views and immediate beach access.
Water Access: Direct ocean access is ideal for those who enjoy beach activities and water sports.
Pool and Spa: The property includes a pool and heated pool, enhancing the living experience and providing year-round enjoyment.
Fitness and Sports: Residents can enjoy a billiard room and a well-equipped exercise room.
General Amenities: The building offers a business center, club room, common laundry, community room, and elevators.
Parking: Available services include garage and valet parking.
Unit Features
Conveniences: Units are equipped with central heating and cooling, electric heating and cooling systems, dishwashers, and walk-in closets.
Style: Styled as “Condo 5+ Stories, Condo,” the building offers spacious and well-designed residential units.
Living in Sian Ocean Residences
Sian Ocean Residences provides a blend of comfort and luxury with its comprehensive amenities and stunning oceanfront location. The building’s pet-friendly policy, which includes provisions for large pets for owners, makes it a suitable choice for pet owners. Its “Somewhat Walkable” and “Very Bikeable” scores indicate a decent level of accessibility, with amenities and leisure options within a reasonable distance.
Residents enjoy a community-oriented environment with various social and recreational facilities, ensuring a vibrant and active lifestyle. The availability of units for both sale and rent makes Sian Ocean Residences a versatile option catering to a broad market segment, from investors seeking rental income properties to families looking for a permanent oceanfront home.
Overview of Costa Hollywood
Costa Hollywood is a chic condominium located at 777 N Ocean Dr, Hollywood, FL 33019. Established in 2017, this modern development stands out in the Hollywood Beach neighborhood with its contemporary design and luxury amenities. With 307 units spread across 7 stories, Costa Hollywood offers a range of living options, from cozy studios to spacious one-bedroom units.
Key Details
- Year Built: 2017
- Number of Units: 307
- Number of Stories: 7
- Neighborhood: Hollywood Beach
Financial Aspects
- List Price Range: $275,000 to $2,500,000
- Average Price per Sq. Ft.: $723
- Monthly Avg Association Fee: $1.82 per sq ft
Location and Accessibility
- Walk Score: 62 (Somewhat Walkable)
- Transit Score: 25 (Some Transit)
- Bike Score: 67 (Bikeable)
Amenities at Costa Hollywood
Waterfront: Situated directly on the oceanfront, offering stunning views and easy beach access.
Pool and Spa: Facilities include a pool, heated pool, and spa/hot tub, providing ultimate relaxation and leisure.
Fitness and Sports: A well-equipped exercise room caters to fitness enthusiasts.
General Amenities: The building features a bar and elevators for convenience.
Parking: Provides both garage and valet parking services.
Unit Features
Conveniences: Each unit comes equipped with central heating and cooling, electric heating, dishwashers, and in-unit washers and dryers, enhancing comfort and convenience.
Style: Styled as both a condo-hotel and traditional condos, Costa Hollywood offers versatility for both short-term stays and permanent residence.
Living in Costa Hollywood
Living in Costa Hollywood combines the luxury of a boutique hotel with the comforts of home. It’s an excellent choice for those who appreciate high-end amenities and a vibrant lifestyle. The pet-friendly policy ensures that it’s also a welcoming community for pet owners.
The building’s amenities, combined with its prime location on Hollywood Beach, make it a desirable choice for individuals looking for a primary residence, a vacation home, or an investment property. The variety in unit sizes and price points also allows for a broad range of buyers and renters, from those seeking affordable luxury to those desiring opulent beachfront living.
Conclusion
Hollywood, Florida, with its alluring blend of sun-drenched beaches and vibrant cultural offerings, has emerged as a premier destination for Hollywood Short-Term Rental Condos. These properties not only provide substantial financial benefits, such as higher rental income and valuable tax deductions, but they also offer flexibility for owners to enjoy their investments personally. The strong demand for short-term accommodations, fueled by Hollywood’s proximity to major tourist attractions and its own charming local amenities, ensures a steady stream of revenue for property owners. Furthermore, the city’s well-defined legal framework supports a healthy rental market, safeguarding both community interests and investor returns. Whether for seasoned investors seeking to diversify their portfolio or first-time buyers looking for a vacation home that can pay for itself, Hollywood Short-Term Rental Condos present an attractive, profitable opportunity in the heart of sunny Florida.