Impact of Short-Term Rentals on neighborhoods

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There has been a grand debate regarding the topic of how do STR’s really affect neighborhoods of the cities.

Some of them are:

  • Positive economic impact

  • Neighborhood changes

  • Increased tourism activity

  • Housing affordability

Of course, opinions vary and so do the announcers of those opinions. Homeowners who participate in STR market typically like the idea of being able to incur extra income. Many of them even go so far as to want to turn their personal properties into full-time STR operations. In today’s world, many people choose to diversify their sources of income and slowly walk away from one employer type of positions.

Of course such changes to the neighborhoods may stir up some concerns in the neighbors who are the bystanders of the boom of STR. And rightfully so, the old neighborhoods that were maybe less frequently visited, maybe more quite, and proposed nothing short of familiarity and comfort, now all of a sudden become places of apparent changes.

Nonetheless, most of these opinions are still opinions. Concerns and needs of people with different priorities, views on life, personalities who simply get to share their neighborhoods.

Now, when it comes down to housing affordability, there were different studies conducted on this subject with, of course, different opinions being presented backed up by different numbers. For example, one of the studies is a quarterly survey, sponsored by Zillow and administered by Pulsenomics LLC, of more than 100 real estate professionals, academics and economists nationwide.

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In comparison between impact of short-term room rentals and short-term whole house rentals, the verdict of the survey concludes “Short-Term Home Rentals Have Little to No Impact on Housing Affordability”.

Sure, an opinion organized after a survey of Real Estate professionals and others who have a relationship with this industry of their own, can be preemptively challenged, considering that their interests may be aligned with market's growth and not conditions of neighborhoods. Nevertheless, whether these numbers reflect opinions of Real Estate professionals who back up the market, or Real Estate professionals who sincerely offer their opinions based on data and predictions, we would like to leave this up to you to decide.

To see full article, please follow the link below:

https://www.zillow.com/research/short-term-home-rentals-zhpe-13927/#_ftnref1