Newsletter Feb 18 2024

Legal Landscape – Local and State activities

The Virginia Senate has successfully passed SB 544, a bill now making its way to the House, where it's currently referred to the Committee on Counties, Cities, and Towns. This development has garnered considerable attention from industry stakeholders, with many eyes keenly watching the next steps. Axios has provided an insightful analysis on the bill's implications and the broader context, underscoring the high stakes involved in its legislative journey.

Simultaneously, the House has shown strong support for short-term rentals with the passage of House Bill 1461, which sailed through with a commanding 75 Y to 20 N vote. This overwhelming endorsement by the House members underscores a growing recognition of the importance and positive impact of short-term rentals on Virginia's economy and housing market.

These legislative advancements reflect a growing consensus on the need to support and regulate short-term rentals in a manner that benefits both the industry and the communities they serve. With both bills now crossing over to the other chamber for further consideration, the anticipation and hope for constructive change are palpable among STR owners and managers.

As these bills progress, we will continue to provide updates and analyses to keep you informed and prepared for the changes that lie ahead. The support for these measures indicates a promising shift towards more favorable conditions for operating short-term rentals in Virginia, marking an important moment for our industry.

Stay tuned for further developments as we follow the journey of SB 544 and House Bill 1461 through the legislative process, advocating for policies that enhance the short-term rental landscape in Virginia.

Owner Spotlight – We Want to Hear Your Success Stories!

Many countries like China do not permit people to own property, instead they have to appeal to the government for permission to live somewhere with nothing to pass on to their children. In our beachfront neighborhood there are about 25 STR’s. The summer brings excited children and adults of ages to enjoy the beach for a week. We have seen a group of Amish people in long garb giggling at the ocean that they had never seen before! Every year a group of disabled people comes in wheelchairs down to the sand. They are then carried to dip their toes in the ocean. Children from northern Virginia told me this was “their” beach because they live in Virginia. By sundown the weary travelers pass by my house in wagons and strollers filled with shells and sand toys. Sure, its more crowded on the beach with renters. But we live here year round and these happy campers renew our love of all of it—sun, sand, family and yes—even the beautiful freedom of living in America where we can share our homes and bring joy to others. Keep sharing your homes with this big “family” of vacationers.

Clair Y.

Political Pulse

As of now, there have been no candidates who have publicly declared their intention to run. However, the importance of these elections cannot be understated, especially for STR owners and managers. The individuals elected to these positions will have a substantial influence on the development and enforcement of policies that directly impact the STR community.

The seats up for election and their significance are as follows:

• Mayor: The mayoral position holds considerable influence over the city's direction and priorities, including the regulatory environment for STRs.

• District 1, District 3, District 5, District 7: Each of these districts has its own set of challenges and opportunities for STRs, and the elected council members will play crucial roles in addressing these issues.

The upcoming elections provide a prime opportunity for STR stakeholders to engage with potential candidates, understand their positions on STR regulations, and influence the future of our industry. It is essential for us to rally together, stay informed, and participate actively in the electoral process. By choosing representatives who understand and support the value of STRs, we can work towards establishing fair regulations that benefit both our community and the local economy.

We encourage every STR owner and manager to get involved in the upcoming elections—attend town hall meetings, engage with potential candidates, and make your voice heard. The decisions made by the newly elected City Council will have lasting impacts on our operations, and it is crucial that we advocate for a regulatory environment that fosters growth and sustainability in the STR market.

Stay tuned for updates on the candidates as they announce their campaigns. Together, we can make a difference in shaping the future of short-term rentals in Virginia Beach.

Q&A Corner

I believe in the power of shared knowledge to empower our community. So, ask away, and let's dive into the world of STRs together.

Question: How can I differentiate my STR property in a competitive market?

Answer: Differentiating your STR property requires a combination of strategic marketing, unique amenities, and personalized guest experiences. Start by ensuring your listing accurately reflects your property's unique features and benefits. High-quality photos and a compelling description can significantly impact your listing's appeal. Consider adding amenities or services that cater to your target audience, such as high-speed internet for business travelers or beach gear for coastal properties. Lastly, personalized touches, such as a welcome basket or a guide to local hidden gems, can create memorable experiences that lead to positive reviews and repeat bookings. Remember, the key to standing out is to offer value that resonates with your guests' needs and preferences.

Feel free to send in your questions to [email protected]. I’m here to help you navigate the complexities of the STR market and succeed in your ventures. Stay tuned for more insights and answers in our next issue!

Industry News

Additionally, Hospitable has launched a new Connect tool designed to ensure direct access to Online Travel Agencies (OTAs), highlighting the industry's push towards technological innovation for better connectivity and efficiency.

On a broader scale, the global short-term rental market is projected to reach a value of $228.9 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 10.8%. This growth is driven by rising real estate prices, making short-term rentals a more attractive investment option. Technological advancements, including the use of artificial intelligence and virtual reality, are revolutionizing the market, enhancing customer experience and convenience. Furthermore, emerging markets like India, China, and Brazil are becoming lucrative opportunities due to increasing disposable income, urbanization, and tourism​.

Tips and Advice

Setting Clear Goals and Understanding Regulations: Establishing clear objectives for your STR business is crucial. Whether you're aiming for income generation, providing unique guest experiences, or another goal, having a vision helps you create a focused plan. Equally important is understanding and complying with local regulations to avoid legal issues.

Utilizing Property Management Software: Leveraging property management software can streamline operations like booking, billing, cleanings, and guest communications. Tools like this offer functionalities that help you manage your properties more efficiently, saving time and enhancing guest satisfaction.

More Tips: Rent Responsibly has a lot of articles that really help hosts & property managers. I am including a link to a couple recent ones for this weeks Tips & Advice.

7 Sustainable STR Design Strategies

Inclusive design: Attract more guests with these 4 strategies

Upcoming Events

• Speak up at the Planning Commission

  • VB – Mar 13^th

  • Norfolk – Feb 22^th

• Concerts

  • Dropkick Murphys @ Chartway Arena – Mar 7^th

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Contact Me: [email protected]

This newsletter was paid for by SkyRun Virginia Beach.