The simmering battle over short-term rentals
The short-term rental industry is booming, with no end in sight. Annual revenue from short-term vacation rentals in the United States is projected to reach nearly $18 billion in 2018; that is forecast to rise to $23 billion by 2022.
The growth of this industry happened quickly; Airbnb, the major player in the short-term rental space, was founded only 10 years ago. This rapid growth has caught many communities unawares. As governments struggle with how to regulate short-term rentals, short-term rental operators, rental platforms, neighborhood activists, tourism promoters, the hospitality industry, and others chime in with their perspectives.
The issue is a complex one, with many different arguments for and against stronger regulation of short-term rentals. Here are some of the commonly raised points as the debate on short-term rental markets plays out in communities across the country.