Brevard County · Buying
Buying a rental property in Brevard County
The real monthly cost of each home, and a local agent.
Free · Agents who know Brevard County · Every step in one app
Buying a rental home is a step toward something bigger: extra income, building wealth over time, or a plan for the future. It can also be stressful. The numbers have to work, a tenant will depend on you, and one surprise repair or a slow month can feel heavy when it is your money on the line.
Many first-time landlords worry they will miss something. That is a healthy worry. The way to calm it is not to guess, but to know the real monthly cost of each home, the local rules, and the duties Florida puts on landlords before you sign anything.
This page walks through the costs, the rules and the paperwork, in plain words, so you can make the decision with clear eyes.
What’s different for you
- Know the real monthly cost. Loan, taxes, insurance and HOA for each home.
- Check local rules. Some communities limit rentals.
- Inspect before you commit. Repairs change the numbers.
When you start in CloseHive from this page, your plan already includes these steps, along with the usual ones for buying in Brevard County. You always see what to do next, and your agent handles the how.
What to know
Know the real monthly cost
Look past the price. Add up the loan payment, property taxes, insurance, any HOA or condo fees, repairs, time when the home sits empty, and management if you hire help. Compare that to the rent you can realistically charge. A home that looks cheap can cost more each month than one that looks expensive.
Rental homes do not get the homestead exemption
In Florida, the homestead exemption is only for a home you own and live in as your permanent residence on January 1. A rental does not qualify. That means its tax bill is usually higher than the same home owned by someone who lives in it, so use the full tax number in your math.
Investment loans have their own rules
Lenders treat a home you will not live in as an investment property. The down payment, rate, reserves and credit rules are usually different from a main home. Ask a lender for a written estimate for an investment property, not a home you will live in.
Short-term rentals are taxed and licensed
In Florida, rent for a stay of six months or less is taxed. The state sales tax is 6%, plus any county surtax. Brevard County also has a 5% tourist development tax, which is paid to the county. If you rent a whole home more than three times a year for less than 30 days or one calendar month, Florida’s DBPR says you need a vacation rental license.
Local and association rules
Cities, the county and HOAs or condo associations can have their own rules about renting, such as minimum lease lengths or limits on how many units can be rented. Read the HOA or condo papers before you sign, and ask the city or county about their rules.
Florida security deposit rules
Florida law says how a landlord holds a deposit: in a separate Florida bank account (with or without interest) or with a surety bond. You must give the tenant written notice within 30 days of getting it. After the lease ends, you return it within 15 days, or send a written claim by certified mail within 30 days.
Selling a rental later
The IRS home-sale exclusion is for your main home. A home used only as a rental does not get it, so taxes on a future sale can be very different. Ask a CPA how this applies to your plans.
Your options
What to gather
- A monthly cost sheet for each home: loan, taxes, insurance, HOA, repairs, empty months
- A rent estimate based on similar rentals nearby
- An investment property Loan Estimate from a lender
- The HOA or condo rules on renting, read before you sign
- A home inspection, with repair costs added to your numbers
- Insurance quotes for a rental home, including flood if needed
- A plan for a separate Florida bank account for security deposits
- If renting short-term: check DBPR licensing and register for rental taxes
- A CPA to talk through taxes before you buy
Mistakes to avoid
- Using the current owner’s tax bill. If the seller has homestead, their bill is lower than yours will be. Ask for an estimate without homestead.
- Assuming you can rent it however you want. HOA, condo and local rules can limit renting. Read them before you sign the contract.
- Forgetting empty months and repairs. Plan for some months without rent and for repairs. It keeps one bad month from becoming a crisis.
- Mixing deposits with your own money. Florida law says how to hold a tenant’s deposit. Set up the right account before you collect one.
- Skipping the inspection. Repairs change the numbers. Inspect before you commit.
Brevard County in numbers
- The typical home in Brevard County is worth about $339,600, and 77% of homes are lived in by their owners.
- Typical rent here is about $1,556 a month, including utilities.
Free help
Questions people ask
Can I buy a rental with a regular mortgage?
Investment loans have different rules; a lender explains them.
Can I buy a rental with a regular mortgage?
Lenders call a home you will not live in an investment property. Investment loans have different rules, which can change the down payment, rate and savings you need. A lender can explain them.
Do rental homes get the homestead exemption in Florida?
No. Homestead is only for a home you own and live in as your permanent residence on January 1.
Do I have to collect tax on a vacation rental in Brevard County?
Rent for stays of six months or less is taxed in Florida: 6% state sales tax plus any county surtax, and Brevard’s 5% tourist development tax, paid to the county.
Do I need a license to rent my home on short stays?
Florida’s DBPR says you need a vacation rental license if you rent a whole home more than three times a year for less than 30 days or one calendar month, or advertise it that way.
Can an HOA stop me from renting?
Many HOAs and condo associations have rental rules. Read the rules and ask the association before you buy.
How long do I have to return a tenant’s deposit?
Under Florida law, 15 days after the lease ends if you are not making a claim. If you are, you send written notice by certified mail within 30 days.
What should I include in my monthly cost?
The loan payment, taxes without homestead, insurance, HOA or condo fees, repairs, empty months and management if you use it.