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5 things to know about the new short term rental policy

IMG_8382it’s been a long, heated battle for months but this week, metro council voted 25-5 to phase out short-term rentals that are not occupied by homeowners in residential-zoned neighborhoods.  here are five things you need to know about the decision:

1-this was the third and final vote.

2-owner-occupied short-term rental properties will not be affected as long as the property is not owned under an LLC or in a trust. meaning, if you live at the property as your primary residence and it’s in a person’s name, you can continue to use it as a short term rental with the proper permit.

3-this will also not affect multi-family homes or high rises that are zoned for commercial/mixed uses. most condo high rises around the city have added rules in the last 3 years prohibiting short-term renters and fines have become steeper from the homeowner’s associations if you are caught. do your homework if this is an option you are considering for an investment property you own.

4-the investor-owned short-term rental agreements will be phased out over the next almost 3 years. owners can continue to renew their permits and operate their rentals until june 28, 2020.

5-randomly, it may not be over with this week’s vote. there is a current bill in the state legislature that would actually ban the type of ban metro council approved last night. it has already been approved by the house and just needs to be approved by the senate. no word yet on what happens to that.

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