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C O N T E N T S
Short-term rental conundrum
What's at stake?
Win, lose, compromise
Books, eBooks & other resources
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According to The 2006 NAR Profile of Second-Home Owners, approximately 40% of home sales in 2005, equivalent to more thatn 3.3 million new- and existing-home sales, were second homes. 65% of vacation-home owners say their investment is better than stocks. Renting out a vacation home can offset the costs of this investment until retirement. But, what happens when a community acts to restrict short-term rentals? Read on... and you'll find out!
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WHAT'S THE PASSWORD?
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Short-term rental conundrum
Other counties' vacation rental laws could prove Big Island boom, (West Hawaii Today, Nov. 15, 2007).
Hospitality service firm challenges single-family home rental ban, (South Florida Business Journal, Oct, 5, 2007).
Town officials consider regulations for rentals, (Tampa Bay Newspapers, Sept, 25, 2007).
Coping with vacation rental bans, (Realty Times, Apr. 11, 2007).
Vacation migration boom sparking conflict , (REALTOR® Magazine Online, Sept. 16, 2002).  |
The Short-Term Rental Debate
Why restrict?
Increased noise & traffic.
Reduced housing stock available to those who live & work in a community.
Unfair competition with licensed establishments.
Impact of restrictions
Diminishes value of investment property.
Reduces the pool of buyers able to purchase in high-demand vacation areas.
Infringes upon property rights.
Benefits of short-term rentals
Promotes tourism.
Generates revenue for community.
Defrays costs of a vacation/second home.
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What's at stake?
Lawsuit challenges barring short-term beach house rentals, (Miami Today, Oct. 4, 2007).
Vacation-home renters irk full-time neighbors, (REALTOR® Magazine Daily Real Estate News, Sept. 13, 2007).
Vacation rentals being hit for unpaid taxes, (Honolulu Star-Bulletin, Apr. 22, 2007).
Winning the right to rent condos, (REALTOR® Magazine Online, May 27, 2004).
National Association of REALTORS® Resort Specialists' Issues and Concerns Survey, (National Association of REALTORS®, Apr. 2004).
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Win, lose, compromise
Venice City Council says no to short-term property rentals, (Sarasota Herald-Tribune, Dec. 13, 2007).
Mayor postpones short-term rental hearing, (Santa Fe New Mexican, Dec. 7, 2007).
Elk Rapids OKs short-term rentals, (Traverse City Record-Eagle, Nov. 27, 2007).
New lawsuit widens Massanutten Village rental feud, (Rocktown Weekly, Nov. 23, 2007).
Summer home rentals--could they be illegal?, (Provincetown Banner, Oct. 18, 2007).
Downtown Encinitas project won't include short-term rentals, (North County Times, Mar. 28, 2007). |
Possible Solutions
Create tourist zone where rentals are allowed.
Revision of rental policy only affects those who buy after change is in effect.
"Transient rental occupancy" license required, limit one per person.
Require a permit, post owner contact info for complaints, and impose stiff fines for landlords with nuisance tenants.
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Books, eBooks & Other Resources
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Books, Videos, Research Reports & More
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The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Investing in a vacation home for pleasure and profit, (Mason, OH: Thomson-South-Western, 2006).
The 2006 NATIONAL ASSOCIATION OF REALTORS® Profile of Second-Home Owners, (Washington, DC: NATIONAL ASSOCIATION OF REALTORS®, 2006).
How a second home can be your best investment, (New York, NY: McGraw-Hill,2004). HD 1341 K28
Complete guide to second homes for vacation, retirement, and investment, (New York, NY: John Wiley & Sons,2000). HD 1341 EL2c
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The material on this page is presented by
NAR's Information Central.
Updated Dec. 2007
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