Whether you live in a popular travel destination or just need help paying your bills, renting your home on Airbnb can seem like a great option. But before you jump in, it's important to understand the laws that apply to short-term rentals in your area.
More Communities Are Regulating Short-Term Rentals
The increase in short-term rentals on websites like Airbnb and VRBO has caused controversy in many communities. In places like New York City where apartments are expensive and hard to find, short-term rentals can reduce the supply of affordable housing and drive up rents.
In beach towns and other vacation spots, short-term rentals can cause tensions with neighbors who are permanent residents, especially when rentals are overcrowded with rowdy or inconsiderate vacationers.
As a result, many localities have now passed laws restricting the right to rent homes on a short-term basis. Airbnb provides information on the laws and regulations in 50+ cities, which usually take one or more forms:
The localities that approve these laws also are responsible for enforcing them. The level of enforcement and the penalties you pay for breaking the rules can vary greatly from place to place.
How to Find Out Whether You Can Rent Out Your Property
If you are thinking of listing all or a portion of your house, condo, or apartment on Airbnb, VRBO, or another rental site, do your research ahead of time. This is especially important if you are considering purchasing a home and are expecting rental income to help you pay your monthly bills. Here are three things to look into:
Renting on Airbnb and VRBO can be a great source of extra income, but be sure you know what laws and restrictions apply to you. And, to minimize the chance of complaints and enforcement actions, be respectful of your neighbors who must live alongside your short-term guests.
We have multiple carriers that can provide Homeowners or Landlord policies covering Airbnb or VRBO, contact us with any questions.
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