We understand that short-term rentals can be a sensitive issue for some parties involved. We have put together the following section to address some of the common misconceptions about vacation rentals and other types of short-term rentals, or “STR’s”.
WHAT IS A VACATION RENTAL?
A vacation rental is a fully furnished home, apartment, condo, or guest house that is rented to tenants on a short-term basis. Short-term rental of residences is not new. What has changed in recent years is the awareness of this type of rental, through exposure from websites such as HomeAway, VRBO, Trip Advisor, Airbnb and Craigslist. Although the online accessibility of STR’s has brought this rental type to the forefront of controversy, most current data concludes in support of STR’s, and not otherwise.
WHO RENTS VACATION RENTALS?
The core demographic of travelers who stay in short-term rentals are families who prefer these alternative accommodations because of the value and space found, versus that of a hotel. These families are patrons of the local businesses in the neighborhood and should pay occupancy taxes, which benefits all neighborhoods in the city.
In our experience, short-term renters are often more reliable than long-term renters. They are usually well-traveled, mature individuals who understand the respect for private property and the other residents that occupy the community.
HOW DO VACATION RENTALS AFFECT PROPERTY VALUES?
There are indications that vacation rentals and other types of STR’s actually raise property values. In order to keep properties desirable, owners must maintain the home and employ services that contribute to the local economy. An attractive, well-kept property is more marketable.