Even as a guest, you can 'feel' the restrictions a city places on it's hosts. The new regulations also require short term rental landlords to live at their property for at least 10 months out of the year but passed on the opportunity to create a new license for short-term rentals versus traditional rental properties, according to the Summit Daily. Some residents like Caitlyn Marriott, who lives in nearby Venice believe that isn't enough and are advocating for further regulations. Currently, there are 1,600 short-term rentals in Memphis bringing in an average daily rate of $158, according to analytics site AirDNA. Justin Miller is the president of Miller Rentals and Investments based in Greensboro. According to data from AirDNA, there are more than 5,400 short-term rentals in Dallas. The proposal is currently undergoing public consultation, confirmed a city official. These 26 locations across North America are looking to rein in Airbnbs and short-term rentals. When a new short-term-rental license is issued, neighbors must be notified. In late March 2023, Maine state lawmakers referred a bill to the Joint Select Committee on Housing with sweeping recommendations to tackle the state's housing crisis, including a database of short-term rentals and a redirection of revenue from short-term rental taxes, according to the Portland Press Herald. "We believe that the city disregarded their own city charter and state law in passing the ordinance by ignoring the basic rules by which a city government is required to provide written notice and written text of a law before they pass it so that the public can review, comment and provide feedback to their elected leaders," Dusty Church, a member of Tybee Alliance, told local news station WTOC in December. The city instructed the site toremove 2,577 listingsthat it found to be operating without a city-approved license, or face substantial fines. Airbnb posted its first profitable year ever in 2022, with gross returns of $1.9 billion, and the analytics firm AirDNA reported the company had an industry-high 1.4 million listings last year. In 2023, state representative Sean Quinlan introduced a bill into the Hawaii House of Representatives that would change zoning laws and allow any county to phase out legal short-term rentals, according to ABC affiliate KITV. U.S. Department of Housing and Urban Development (HUD), How the Real Estate Settlement Procedures Act (RESPA) Works, Bundle of Rights Definition in Real Estate and What's Included, What Is Regulation Z (Truth in Lending)? Montral, however, has had a tough time enforcing these regulations. However, in 2018, Amsterdam limited short-term rentals to 30 days a year, halving its previous limit. In the summer of 2020, Aspen hospitality businesses saw their average daily rates increase by 29% year-over-year while their revenue per available room increased by nearly 99%, according to data from the Aspen Chamber of Commerce. Even though rooms in privately-owned properties have not been affected, those traveling with friends or family might have to plan months in advance as entire homes become scarce. Despite recent challenges, including the Covid pandemic and changes to property laws, AirBnB continues to grow among vacationers, adding fuel to the discussion, especially in cities where the platform has already been curtailed, such as Honolulu. Short-term-rental owners will also have to obtain a license for an initial cost of $750 and a yearly renewal fee of $300. Tybee Alliance, a local coalition of business leaders, is suing Tybee Island to overturn the ordinance. 11 Best Cities for Airbnb Rental Arbitrage in the USA [2023] Short-term rental and second-property owners pushed back against the ordinance, saying it could effectively tax them out of the town. The proposal went into effect January 2023 and hosts who fail to comply could face between $1,000 and $5,000 in penalties. Another hugely popular destination for both Americans and foreigners, New York City has recently enacted laws that affects a majority of AirBnB owners and their ability to host. However, a large chunk of the rentals may be illegal as city officials told local news station KREM in November that only 453 vacation rental properties have been authorized. Short-term rental licenses are not allowed for second homes.
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