Welcome to our new Monday morning feature, the Monday News Round-up. We’ll start off each week by taking a quick look at a few stories pertinent to the industry. Each story is followed by a brief thought on the news item.
Lexington to change short-term rental regulations.
Lexington, KY is moving forward with tightening regulations on short term rentals, as a second reading of the proposed ordinance passed. Items include reducing hosted occupancy to a maximum of 10. They also limit the number of units in various ways. This includes limits on how close they can be.
This is a good reminder that even an area with a thriving tourist industry may make moves to limit short term rentals. Stay informed about your local government’s actions. More importantly, be the kind of neighbor that you would want. Make sure you have enough parking, keep your property clean, and take care of problems promptly. Stricter STR regulations are the trend. Stay aware.
AirDNA is predicting stability in the STR arena over the next year. Their analysts are calling for a calm year, including stable or slightly raising occupancy rates, and a slowing of new properties coming online. They are also saying that the largest growing segment of properties is “budget properties with six or more bedrooms.”
A quiet year after the last several sounds great. However, it’s important to remember that there really is no “nationwide market.” Instead, there are a lot of local markets. Your mileage may vary.
Italy Enforces Personal Check-ins For Short-term Rentals To Tackle Security Challenges
The Italian government has banned self-service check-in systems and is requiring owners to meet guests in person for rentals. The law is specifically aimed at lock boxes and automated keypads. This is in response to growing unrest in certain cities where residents have protested what they see as negative effects of short term rentals.
Those who would try to limit short term rentals continue to find new ways to slow down growth. As we said earlier, stay aware of what’s going on around you. I find this latest tactic to be particularly unfortunate, but it’s bound to make it’s way across the ocean.
That does it for this week. If there’s anything you would like to see covered here, drop it in the comments or email it to roger@myccvrs.com.
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