BrianL99 |
08-04-2023 08:06 AM |
Quote:
Originally Posted by Normal
(Post 2241495)
Communities can enforce state law. Orlando was all-in for recreational dollars at some point and STRs assisted with their tax dollars. Now Orlando has other interests and STRs are not wanted.
So why not make landlords babysit their renters? They can rent all they want, but responsibility isn’t disengaged. If a renter wants to live large, they need to go elsewhere and rent a hotel room. The state law is fully followed in Orlando. Landlords can STR till their hearts are content, but they live with what they chose.
It’s utterly brilliant.
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The town I live in, in NH, has been grappling with the issue, along with every other resort time community. An original draft of our proposed STR bylaw, took a similar approach. A residence could only be used as an STR, if it was the owner's primary residence. In other words, "investors" couldn't buy houses to use at STR's, but if you were a snowbird and headed to FL for the winter, you could do Short Term Rentals while you were away.
The thinking in proposing this law, was to protect local residents and protect the neighborhoods, assuming folks who rented out their Primary Residents, would be more careful that investors, in who they rented to and how they maintained their home.
Much to my disappointment, the bylaw didn't get passed that way. The local Business Community mustered far more political clout than our little STR Committee.
The bylaw they enacted, adopted a raft of regulations for STR's and required a local permit. For the last 3 years (the Covid Era) STR's have been driving real estate prices through the roof. Being in the hotel business, I can firmly attest to the fact, that the saturation point will arrive at some point and the bottom will start to fall out of the STR market, which I suspect will lower property values.
In my neighborhood of 550 homes, we now have +/- 50 STR's operating. In the meantime, the value of my home has doubled in the last 3 years, but at some point, the demand for STR's has to reach the saturation point ... I think?
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