The Future of Short Term Rentals
In 2008 the landscape of the rental market changed drastically with the emergence of Airbnb, a hospitality website that enables individuals to rent out their homes short term, such as a night, week or month. Now people across the globe have jumped on this money bandwagon and started listing their lodging for short rental periods. Sites like Airbnb have certainly changed the rental arena and have brought into question how home-owners and investors can rent out their space.
So what is the future of short term rental in our area? Right now MD & D.C. lack clear and concise regulations that outline parameters for short-term rentals. Both Montgomery Country and D.C. seek to propose amendments and/or bills that will consolidate these regulations and help to legalize this activity.
In Montgomery County, The Planning Board is scheduled to vote on a zoning proposal to regulate short term rentals this Thursday, May 11. The proposal is seeking to enable primary residents to be able to rent their homes for less than 30 consecutive days.
Washington, D.C.is also considering a bill that would consolidate regulations for residents to provide short-term rental services. Many homeowners are unaware of the steps they need to take in order to legally list their home on short-term rental sites, such as obtaining permits, licenses, and zoning approvals.
It will be interesting to see what the landscape of short term rental market will look like in our area in the coming months and years.