Senior Associate Economic & Planning Systems Denver, Colorado
Short term rentals (STRs) have long been a part of the lodging inventory, but recently their number has increased dramatically, particularly in resort and tourism-oriented communities. How do we balance their functionality in the lodging industry with the impacts on local housing need and inventory? New approaches to address the effects of STRs, including fees or taxes to address local housing needs, can help communities balance competing forces.
Using Colorado as an example, look at the impacts of STR units and the ways that communities can address those impacts. Data on key trends in STR growth outline the contextual framework of policies, tools, and strategies communities can implement. Tools and strategies include regulations, caps on the number of units that can be used as STRs, fees, and taxes. Discover the market context for which each tool is best suited, their relative pros and cons, and how tools can be combined to comprehensively address STR impacts. Case studies exemplify how communities are utilizing these strategies.