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Short Term Rentals

Posted on 3/19/18 at 1:32 pm
Posted by BurlesonCountyAg
Member since Jan 2014
2988 posts
Posted on 3/19/18 at 1:32 pm
What impact do short term rentals like Airbnb have on local residents and homeowners? I've read that it can increase property values due to the potential income, while also increasing long term rental value. But what does it do to neighborhoods and homeowners?
Posted by seawolf06
NH
Member since Oct 2007
8159 posts
Posted on 3/20/18 at 12:04 pm to
This is a completely subjective question which depends mostly on the neighborhood. There are many areas where you wouldn't even guess that there were rentals there because the owners do a great job screening tenants and responding to complaints.
Posted by baldona
Florida
Member since Feb 2016
20483 posts
Posted on 3/20/18 at 12:31 pm to
quote:

What impact do short term rentals like Airbnb have on local residents and homeowners? I've read that it can increase property values due to the potential income, while also increasing long term rental value. But what does it do to neighborhoods and homeowners?



Where is this coming from? It sounds like you are doing a survey for a class project or something? Are you on an HOA, or honestly just curious?

First off, it all depends on where your property is located.

Yes, generally speaking you can make more money off of short term rentals than long term rentals. Especially places like big cities. You have flats or small apts that may rent for $1,500-2000 a month that may be short term rented $100/ night of more.

Resale value has a relation to rents, so if a property now rents for more it may sell for more.

Don't forget that higher resale, property value, and short term rentals have sales tax so your local government should love the increased tax revenue.
Posted by BurlesonCountyAg
Member since Jan 2014
2988 posts
Posted on 3/20/18 at 1:23 pm to
My local government is considering this issue right now. I don't know the pros and cons of it. Obviously higher resale value is great, but will this generally decrease the quality of the neighborhood and community?
Posted by GFunk
Denham Springs
Member since Feb 2011
14966 posts
Posted on 3/20/18 at 1:38 pm to
quote:

BurlesonCountyAg
quote:

My local government is considering this issue right now. I don't know the pros and cons of it. Obviously higher resale value is great, but will this generally decrease the quality of the neighborhood and community?




What does your local government use the money derived from hotel/motel bed taxes for? How much money do your local hotels and motels generate in property taxes, sales taxes, payroll taxes, etc? How many jobs do they produce?

These are good questions to ask and have the answers to...because short-term rentals tend to have a negative effect on the answers to those questions.
This post was edited on 3/20/18 at 1:38 pm
Posted by deeprig9
Unincorporated Ozora, Georgia
Member since Sep 2012
64059 posts
Posted on 3/20/18 at 1:41 pm to
The local government should mind their own business regarding what I do with my property that I pay property tax on.

This stuff has been around for years, VRBO before it was called "Airbnb", and before that, going through a listing company for people that own lake houses etc.

I don't know why the government is suddenly concerned about Airbnb.

Posted by hungryone
river parishes
Member since Sep 2010
11987 posts
Posted on 3/20/18 at 1:52 pm to
quote:

but will this generally decrease the quality of the neighborhood and community?

Short term rentals don't necessarily erode the quality of a neighborhood and community IF the short term renters are well-behaved & respect community standards. Sadly, way too many STRs/AirBnB customers coming to New Orleans are selfish idiots (or drunk partiers), rather than respectful, quiet, cooperative people. Also, the STR stuff can be dreadful in neighborhoods/communities without the infrastructure to support higher density and/or tourist-type traffic. STRs also drive up rents in city centers, pushing lower-wage workers into the periphery....an especially vexing problem in a city like NOLA with substandard public transit. (Ever tried taking a public bus from Metairie to Canal St?) Cities like Paris and London deal with STRs by limiting the number of rental nights allowed per year.

I've done ABB in big cities and small towns in multiple countries; thus far, I haven't caused any problems, nor have I encountered any. That said, in every ABB rental, I was met by the property owner/manager personally, provided with detailed information on how to behave in the rental (with respect to noise, trash, recyclables, guests, etc)....I think that ABB done by absentee landlords or third-party private companies lacks the personal connection that helps to enforce community standards of behavior and consideration.

As long as the short term rentals are paying appropriate taxes, the rented units meet safety standards (smoke detectors, windows that open, fire extinguishers), and the tenants are well behaved, I've got no problem with it.
Posted by baldona
Florida
Member since Feb 2016
20483 posts
Posted on 3/20/18 at 3:02 pm to
quote:

Obviously higher resale value is great, but will this generally decrease the quality of the neighborhood and community?


It all depends on where this is located, but more importantly who will the renters be? Why are they looking to stay there? What portion of the properties will be short term renters?

For example, I live by a multiple military bases. There are a lot of guys that need a place to stay for 2 weeks to 2 months at a time due to the type of training that is done. Most are young men so sure they will be looking for some weekend fun, but for the most part they are here to work.

Now if you are looking to rent to tourists within walking distance to bars where they will likely be drunk, that's a different story.

There's also plenty of short term rentals for things like Cabins on a lake on 2 acres of land. The neighbors will never know what's going on.
This post was edited on 3/20/18 at 3:03 pm
Posted by GFunk
Denham Springs
Member since Feb 2011
14966 posts
Posted on 3/20/18 at 4:39 pm to
quote:

deeprig9
quote:

The local government should mind their own business regarding what I do with my property that I pay property tax on.

This stuff has been around for years, VRBO before it was called "Airbnb", and before that, going through a listing company for people that own lake houses etc.

I don't know why the government is suddenly concerned about Airbnb.




Local governments created a tax base from which to fund their functions. In almost every case, you elected the people that make up said government and perhaps even voted on taxes, renewals or increases that governments derive funds from short term rentals in order to provide services.

They see their income being impacted. You didn't tell them to stop funding the services they have agreed to. So where do they make up the difference?

This is really simple math. That you're this PO'd by it is confusing.
This post was edited on 3/20/18 at 4:40 pm
Posted by BRich
Old Metairie
Member since Aug 2017
2224 posts
Posted on 3/20/18 at 5:22 pm to
quote:

The local government should mind their own business regarding what I do with my property that I pay property tax on.


They don't have to mind their own business on what you do on your property. It's called ZONING, and it protects you and everyone around you. You can't open a slaughterhouse on your property, or a restaurant that has people parking on-street every night, or a car-repair operation with cars in the front and back yard. And you shouldn't be allowed to operate what is essentially a nightly rental hotel in a residential neighborhood. How would you like it if your neighbors did it, and there were taxis honking every night to pick up guests, drunken bachelor parties, etc.?
Posted by deeprig9
Unincorporated Ozora, Georgia
Member since Sep 2012
64059 posts
Posted on 3/21/18 at 10:06 pm to
Slaughterhouse in the backyard is ridiculous, you’re better than that.

Local Government doesn’t care if I lease my house to one tenant for a year for $1500/m ... business as usual... but when technology makes it practical to be able to lease my property one weekend at a time for $600, suddenly it’s a major concern that needs their undivided attention.

Codes and code enforcement already exist. If an irresponsible owner isn’t taking care of his shite, codes exist. Enforce them.

This whole subject is predicated on government trying to get their grubby little fingers on someone else’s money.


If hotels in an area are going to suffer, thus impacting local tax revenue, then those hotels need to do a better job with their service for things airbnb don’t provide like bar and restaurant service. Really I don’t care how the local hotels deal with it.

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