STRs have very little impact on affordable housing stock in Denver.
Today, there are roughly 2,000 short term rentals listed online. However, a more accurate number of rentals is closer to 1,500 due to the same properties being cross-listed on multiple platforms, inactive listings still showing on the sites as well as some rentals being listed for 30 day minimum stays. This equates to an estimated 0.45% of residential homes in Denver. Short-term rentals represent a literal drop in the bucket. These homes are not the culprit of Denver’s affordable housing woes.
The primary-residency rule doesn’t equate to INCREASED responsibility.
There is no data to support this claim. Moreover, the current draft ordinance will regularly ensure owners to be out of town, out of the state, and even out of the country while renting their homes. The vast majority of STR homeowners reside in Colorado and can easily address any guest or neighbor concerns should issues arise.
Short-term/vacation rentals fuel our local economies!
According to a recent study conducted by the University of Denver, STR renters’ ancillary spending while visiting, not including STR rent or transportation to Denver, is approximately $21.28 million per year. This does not include tax revenue that would be raised from the additional lodging taxes.
Short-term/vacation rentals increase the quality of our neighborhoods!
In order to attract guests to an STR, the home must be pristinely cared for, frequently cleaned and well-maintained. These homes have beautiful landscaping, fresh interior and exterior paint as well as other beautifications. This is a benefit to any neighbor who has had a poorly maintained house next door.
Short-term/vacation rentals have a long and harmonious history in Denver!
Short term rentals have existed in Denver for over 20 years with virtually no neighbor complaints. In fact, until the recent press coverage, the city had received 11 complaints in total. This has not been a problem in the past, it is just in the spotlight now.
DENVER will lose money without non-primary residence short-term rentals.
According to the recent University of Denver study, 12% of the respondents said they would not visit Denver if non-primary residence vacation rentals are shut down. In addition, 30% of the respondents said they would shorten their stay. The combined represents 42%! The primary residency restriction equates to lost revenue for the city.