In response to a homeowner’s question about whether short-term rentals such as Airbnb listings increase or decrease nearby property values, Ilyce Glink and Samuel J. Tamkin address the ways in which local communities and governments have reacted to the growing trend.
Given the new nature of these rentals and occupancy issues, they conclude, it may vary greatly from one neighborhood to another whether short-term rentals help or hurt a neighborhood or a particular development.
According to some real estate agents, a home with “rentable” features can sell for a high price in an area where short-term rentals are more accepted. This is especially true in vacation areas, where renters often stay for short-term vacations.
Other communities are making the rentals more difficult – or at least trying to make a profit. Portland requires Airbnb renters to have a permit, and levies tax and lodging fees. Condominiums often do not allow short-term rentals, which may disqualify the entire building from Fannie Mae or Freddie Mac loans.