Regulations Are Good For Short Term Rentals
I know everyone thinks regulations are the death of short term rentals, but honestly I think the exact opposite. I think regulations are actually a good thing for short-term rental owners. Here’s why:
Regulations can increase the overall value of the property. By limiting the amount of permits available, a more exclusive market is created, leading to increased property value and the ability to charge higher nightly rates.
Next, regulations can help increase occupancy rates. Guests are more likely to stay in licensed, safe, and compliant properties, which can lead to more bookings and higher profits. You heard of “supply and demand,” right? With less supply the demand goes up.
Regulations can also help address the issue of affordable housing by preventing properties from being used solely as short-term rentals, and instead encourage long-term rentals. This helps the community.
Vacation rentals typically pay more in taxes than long-term rentals as well, which can also benefit the local economy.
Finally, regulations can promote better safety and standards for guests and the community, leading to increased trust and positive reviews.
So, to sum it all up, regulations can increase property value, nightly rates, and occupancy rates while promoting affordable housing, increased tax revenue, safety, and a better experience for guests and the community.