
The ban on banning Short Term Rentals
Arizona Governor Doug Ducey just signed into law SB 1350 which prohibits cities and municipalities from banning short term rentals. Short term rentals have become increasingly popular in recent years with more and more people enjoying the benefits of renting a private home through websites such as Airbnb, VRBO and HomeAway. The Governor stated that his vision for Arizona included a “shared economy” in which residents can share in the tourism profit opportunity and fuel local communities directly. This is one more step forward in the billion dollar short term rental industry that has blossomed all over the globe. The evolution of peer-to-peer platforms and revenue opportunities creates new challenges for property managers and home owners. Rather that ignoring these changes, it’s important to create new policies and procedures to…