Field Guide to Short-Term Rental Restrictions
(Updated December 2007)
According to The 2006 NAR Profile of Second-Home Owners, approximately 40% of home sales in 2005, equivalent to more than 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! (M. Martinez, Library Manager)
Contents:
Short-Term Rental Conundrum | What's at Stake? | Win, Lose, Compromise | Books, eBooks & Other Resources
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.
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).
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).
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).
eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
Complete Guide to Investing in Rental Properties (Adobe eReader)
How to Succeed and Make Money with Your First Rental House (Adobe eReader)
Leases & Rental Agreements (Adobe eReader)
The Unofficial Guide to Managing Rental Property (Adobe eReader)
Buying a Second Home: Income, Getaway, or Retirement (Adobe eReader)
How a Second Home Can be Your Best Investment (Adobe eReader)
Second Homes for Dummies® (Adobe eReader)
Books, Videos, Research Reports & More
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
Field Guides & More
These Field Guides and other resources in the Virtual Library may also be of interest:
Field Guide to Vacation, Resort and Second Homes
Field Guide to The Condominium Market
Field Guide to Zoning Laws & Ordinances
>> Have an idea for a new Field Guide? Click here to send us your suggestions!
The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
