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Discussion on Short-Term Rentals (STRs)
PURPOSE AND BACKGROUND: The purpose of this agenda item is to provide the Town Council with an opportunity to discuss short-term rentals, to consider local impacts, to review standards from other jurisdictions, and recommended best practices to guide the framing of a future text amendment.
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Department
DEPARTMENT: Planning Department
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Fiscal and Staff Impact
FISCAL AND STAFF IMPACT: Short Term Rentals contribute revenue to the Tourism Development Authority annually through the 3% local occupancy tax (which funds town-wide festivals, wayfinding, public parking, and other town benefits). Enforcement of any new policy that comes from a new subsequent text amendment may require more staff time to ensure compliance with new regulations. Discussion of a new approach to STR regulation has no fiscal impact.
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Community Impact
COMMUNITY IMPACT: STR conversions from existing homes remove housing stock from the vacancy cycle, impacting affordable housing and potentially reducing affordable housing. STRs may have nuisance impacts on local neighborhoods, including waste, traffic and parking, noise, and safety. STRs are a revenue generator and/or housing cost offset for existing property owners, allowing residents to stay or return, and manage less traditional work assignments or term employment. Discussion of a new approach to STR regulation has no community impact.
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Climate Impact
CLIMATE IMPACT: STR hosts tend to invest in ongoing property maintenance to compete in the transient stay market - incorporating updates to energy efficiency, modern appliances, and other electricity and energy saving efforts more frequently than long-term rental properties. STRs generate more single-occupancy vehicle trips and greenhouse gas emissions, as well as the potential for increased impervious surface based on market expectation for off-street parking. Discussion of a new approach to STR regulation has no environmental impact.
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