We often meet people eager to buy a condo specifically for short-term rentals. So, here's the deal: The not-so-great news is almost all condos in Minneapolis don't allow it. But don't lose heart—there's one option out there that does. So, it's not all doom and gloom!

Why Invest in Short-Term Rentals

We chat with people all the time who are interested in owning a Minneapolis condo as a second home or what some like to call an "urban cabin." Not everyone's excited about juggling two mortgages—especially now that we've hit the highest mortgage rates since the early 2000s. That's where short-term rentals come in. You get to have your condo and make money from it too. You use it when you want, and the rest of the time, it's making cash for you. 

Navigating the Condo Association Maze: What You Need to Know

Finding a condo that allows short-term rentals in Minneapolis isn't a walk in the park. It's not the city rules that are the show-stoppers here; it's usually the condo associations putting the brakes on your dreams. Remember the 2018 Super Bowl in Minneapolis? The associations bent their rules back then, but that was a golden, once-in-a-lifetime chance.

So why are these associations so against short-term rentals? Well, two big reasons. First, they're worried about the "in-and-out" nature of short-term guests causing noise or general wear and tear on the building. Second, financing for the building can get tricky if it opens up to short-term rentals.

The Rule Book: Minneapolis Laws on Short-Term Rentals

On the brighter side, Minneapolis is short-term rental-friendly on the city level. The basic lowdown is this: As of March 2022, you'll need a specific short-term rental license, including a management plan, liability insurance, and a floor plan posted on your property. The one-time registration fee is just 50 bucks. And remember, only one short-term rental property is allowed per owner, excluding their main home. 

Read more about Minneapolis Short Term Rental Rules: Click here 

The Golden Opportunity: Sable North Loop

Say hello to Sable North Loop—the lone star in Minneapolis regarding condos that allow short-term rentals. Nestled in the trendy North Loop area, built in 2019, the building boasts 57 units, most cozy one-bedrooms. Sable teams up with Minnesota, a management company that takes care of all the nitty-gritty for you. They manage the marketing, find the tenants, and even clean up after them. You run the show as CEO, while Minnestay handles the rest. They take a 24% cut of the gross rents for their services.

So, what can you get at Sable? Think studios or alcoves with at least 450 square feet on the lower end. If you're eyeing a one-bedroom, expect around 650 square feet and prices starting in the high $275,000s. And for those who want to go all out, the top-tier units are where it's at. There are two-level one-bedroom penthouses and expansive two-bed, two-and-a-half-bath penthouses. These include roomy living spaces, high-end kitchens, private outdoor balconies, and jaw-dropping skyline views.

For those looking for a condo that they can rent out on a short-term basis in Minneapolis, Sable is your only option. If you are interested in learning more about Sable and their availability, you can learn more here: Sable North Loop

So if you're all-in on the short-term rental game, hit us up. We'd love to walk you through the ins and outs of Sable or any other potential opportunities in Minneapolis.

Posted by Isaac Kuehn on
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