Short term rentals - should they be allowed or not?
What are your thoughts on short term rentals (STRs) in residential neighborhoods? We're all familiar with the concept of AirB&B, house sharing and house swapping, but how does it impact each of us? Are you someone who embraces the concept, and actually partakes as a landlord? Have you ever stayed in an STR for a few nights or weeks? Did you have a good or bad experience?
Many cities have now put restrictions in place regarding these short term rental homes, including my island of Maui. It's really complicated here. In a resort area, the hotels will have a lot to say about the competition, and will do their best to curtail the activity. What's happening in your area?
Some people say a homeowner should have the right to rent to anyone they want to, for any length of time they want. If there are no restrictions on the deed or in the neighborhood, then isn't it only fair? If you own a vacation home, why not rent it out to others when you're not using it?
Some travelers like to stay in family homes instead of hotels and motels, and have a more authentic vacation. Not everyone can afford an expensive resort for a week or two when there are other cheaper options.
On the other hand, when homes get turned into "party houses" for rent, it disrupts the neighborhood and creates animosity. Corporations are getting in on the game and displacing families from affording and owning homes in some locations. Are the homeowners paying enough taxes if they're running a business? Does the zoning allow it? What can be done to make it fair for everyone?
There's a lot to consider as a user of this service, and as a member of the community as well.
Some Pros about STRs:
- alternative to expensive hotels
- more diverse locations
- feels more like "home"
- helps the homeowner to pay the mortgage
Some Cons about STR's:
- too many strangers coming and going
- no respect for the neighbors
- takes away affordable housing for the community
- drives up the price of housing
It's a concept that's not going away. If you're town/county/state hasn't weighed in yet, it's just a matter of time.
Thanks for reading my Maui blog...
Buying or selling real estate on Maui? That's what I do. Let me help YOU.
Georgie Hunter R(S) e-Pro, Hawai'i Life Real Estate Brokers
26 Baldwin Ave, Paia HI 96779
E-mail or call/text: 808 283-0635S
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