Short Term Rentals – Changes on the Horizon.
There is no shortage of emotion and intrigue when it comes to the regulations on short term rentals (STR’s) in Summit County. Although final verbiage is still pending, Buyers and Sellers in Breckenridge and surrounding mountain towns are on the edge of their seats. Homebuyers historically purchase investment properties in Summit County. Short Term Rentals are then set up to offset the cost of ownership. Summit County is surrounded by World Class ski resorts and endless summer activities. As a result, tourism has always been Summit County’s bread and butter. STR’s for homeowners has been a great way to offset costs.
Why are Short Term Rentals under the microscope?
Over the years there is a noticable increase of properties being purchased for the sole purpose short term renting. Due to the rise in STR’s, housing for Long Term Renters (LTR’s) – AKA local workforce, is scarce. Businesses are struggling to find workers because there simply is nowhere for LTR’s to live. Local housing has become a matter of urgency. In order to provide services for tourists, business need locals. Locals need affordable housing. You can see where this is going. Businesses may have to close or scale back. Those workers who are able to stay in the community may be over worked and as a result, mental health may be at risk and the result is pure exhaustion.
Which Mountain communities are affected?
Every town is different. Some homes are located in unincorporated Summit County which holds its own set of rules.
Breckenridge is the first to place restrictions. Review the Breckenridge ordinace to get the latest updates. Unincorporated Summit County is next in line to unveil the new rules and regulations. Read the latest on their updates by visiting the Summit County website. It is not clear if other communities are going to follow suit. As a homeowner or potential buyer it is important stay ‘in the know’ by visiting town websites where you can learn the latest updates as they unfold. Click the town and search for Active Listings in Breckenridge, Frisco, Silverthorne, Dillon, Keystone and Copper Mountain.