SHORT-TERM RENTALS & WHAT YOU SHOULD KNOW

Thinking of renting out your home for short-term rentals (like AirBnB)? Thinking of purchasing a home for short-term rentals? Here are a few things you should keep in mind when considering a short-term rental arrangement...

  • Short-term rentals are defined as any rental offered for less than 30 consecutive days. This scenario is common with services such as VRBO or AirBnB.

  • Contact your municipality to make sure that short-term rentals are allowed - and if there are any regulations. It's common that cities have ordinances now that limit or restrict nightly or short-term rentals. Some cities will require you to have a business license or a permit in order to do short-term rentals. 

  • Check out your CC&Rs (covenants, conditions and restrictions) if applicable. Review your HOA rules & policies. Make sure there are no regulations against short-term rentals in the bylaws.

  • When purchasing a property solely for the use as a short-term rental, consider the impact on your neighbors. While it's not necessary to get their approval, it is courteous to at least consider any ramifications. 

  • Explore the use of a property management company. Who will be taking out the trash? Who will be fixing any issues arising with the property? Who will be making sure you're compliant with rental contracts, fair housing laws, security deposits, parking, etc.? Who will be on call 24/7 to address any concerns renters may have? 

These are just a few of the items you'll want to check off your list when considering renting out your property as a short-term rental. Nightly rentals are increasing in popularity. Inform yourself before you take that big step! 

(source: Utah Realtor) 

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Mike Waldvogel