May 22, 2024 Short Term Rentals
Fees for Short Term Rentals – Explore the benefits and costs for Local Communities!
Economic & Planning Systems has helped communities throughout the Rocky Mountain West as they manage the impacts of Short Term Rentals (STRs) on the local housing inventory. STR guests can help support local businesses with the dollars they spend in local businesses. In some cases, these expenditures outpace the ability of local businesses to staff and support the demand for services due to a lack of housing for the local workforce. For these communities, adopting fees on STRs generates revenues for local housing programs that, in turn, increase the supply of housing and broaden the pool of employees. EPS will explain an approach for sizing fees, provide the legal basis for fee programs, and describe the STR experience of several peer communities in Colorado.