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 allow both the home owners, neighbors and renters a positive experience. Working with residents to create short term rental friendly developments, condo complexes and apartment buildings, it’s time to have an open dialogue to address possible challenges up front and create mutual solutions.
It’s important to dispel the myth that short term rentals are a negative influence on communities, neighborhoods and families. Responsible procedures can be established which allow free flow of information between home owners of short term rentals and their community. The same responsible renters that the property owners want to attract are the same people that their neighbors are hoping will visit the rental property. By being proactive instead of reactive, potential problems can be avoided.
Short term rentals offer a win-win scenario for the local economy. With more income coming into communities which might not normally be considered prime vacation spots, the local businesses will see increased profits. Home sharing plans allow a homeowner to offset their mortgage in part or as a whole. Purchasing a home for the goal of home sharing can allow the home owner to greatly decrease their mortgage obligation while seeing an increase in property value. Healthy neighborhoods provide for greater home values and increased property taxes, which benefits the entire community.
Short term rentals are here and I don’t see that changing. The Internet has brought opportunities for peer-to-peer direct economy. We see this with small online businesses, Uber and the short term rentals. Rather than ignoring the trend, property managers, community members and home owners should come together to discuss how to make this a positive influence in their neighborhoods.
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