Crystal Coast Vacation Rental Show

Good morning and welcome to our Monday News Round-up where we take a look at a few news items. Typically they’re involving short term rentals or the Crystal Coast. It might also be anything that I find interesting.

Short-Term Rental Owners Steel Themselves for Long Recovery. This is a nuanced look at the continuing troubles for our brothers and sisters in western North Carolina. Even with some pretty heavy restrictions  Buncombe County receives over $200 million annually in STR Revenue. That number is expected to drop over 50% when the next numbers come out. Meanwhile there’s a shortage of homes and lost income to everyone from mom and pop owners to landscapers and cleaners.

One part of the story that stood out to me was the difference in outcome for rentals. Low end places that offer nothing more than what a hotel room can offer are suffering. Homes with greater amenities are farther along in recovery. While this is far from the most important thing among all this suffering, it is something for owners in other situations to ponder. What will prompt someone to book your house over another?

Airbnb pushes back on new bill that would tax short-term rentals to fund housing in Washington. Washington State is considering a bill that would levy an additional tax on short term rentals to address housing shortfalls in the state. Housing for your workforce is critical no matter where you are. If a town doesn’t have affordable housing for critical positions like nurses, firefighters and teachers they are going to have a struggle. This is very apparent in places outside of Washington like Aspen and Jackson Hole. My concern is that taxing STRs, often owned by individuals supplementing their family income, is a poor way to address this real problem. According to numbers provided by the bill’s sponsor, STRs are equivalent to less than 4% of the state’s projected housing deficit over the next 20 years.

Senate Bill 5576 is sponsored by Sen. Liz Lovelett, of Washington’s 40th District. Short Term Rentals have become a common boogeyman for some politicians. The sad fact is that zoning laws, density restrictions, and restrictions on Accessory Dwelling Units have all done more to damage affordable housing than short term rentals could ever do. With the added bonus that these are created and controlled by governments.

And as a final item. We will be at the Carteret Chamber of Commerce Business After Hours Expo April 29 at the Crystal Coast Civic Center. It’s a great way to network and to get your business in front of other businesses. We will be promoting our exhibition spaces and are planning some great giveaways and promotions. See you there!

As always, if you are interested in the Vacation Rental industry or are already involved, we encourage you to join us at the Crystal Coast Vacation Rental Show October 18 and 19 at the Crystal Coast Civic Center. Subscribe and follow our social media links above and below to stay on top of what’s coming next.