Since short-term vacation rentals are mainly located in residential areas, by renting a short-term vacation accommodation, tourists are using up space that otherwise might be used for living.
Currently there are over 100 unique short-term vacation rentals in more than 1500 cities and counties in the United States. The scale on which short-term vacation rentals are operating is ever growing and not only designated to large urban areas anymore. Additionally it can help local residents make ends meet or enable young families to go on a holiday while retirees stay in their home. The total economic impact in San Diego has been estimated at $285 million. Research in San Diego showed that $86.4 million was spent on such activities by visitors staying in short-term vacation rentals. At the same time short-term vacation rental guests can benefit the community as a whole in terms of economic benefit because guests will spend their money in other visitor related amenities such as restaurants, bars and museums. For example, they can provide a city with an additional income through tax revenues.
Short-term vacation rentals can bring a positive economic impact to a city or county in several ways. Here’s six of the key ways short-term vacation rentals are impacting communities. Short-term vacation rentals are flying under the radar less and less, but there are a variety of factors to consider when developing an ordinance or updating existing regulations.
Short-term vacation rentals have created a good deal of controversy since the start of their existence about ten years ago and have been growing at an incredible speed ever since.
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