Newsletter Feb 25 2024

Legal Landscape – Local and State activities

SB 544 - Empowering Homeowners: This bill champions the rights of homeowners who wish to rent out their homes on a short-term basis. Under SB 544, if you own and primarily reside in your home, local authorities cannot prohibit you from offering your home as a short-term rental. Importantly, the bill seeks to eliminate the need for special permissions or additional regulatory hurdles for homeowners looking to share their space. This legislation is a win for those who engage in home-sharing, ensuring local regulations do not unduly limit your ability to generate income from your property.

HB 1461 - Supporting Renters' Rights: HB 1461 addresses the rights of tenants wishing to sublet their rented homes as short-term rentals. It stipulates that as long as you have the property owner's consent, local governments cannot prevent you from listing your rental for short-term stays. To comply, operators—whether they're tenants or subtenants—must annually register the short-term rental with the city, including an attestation of the property owner's permission. This bill ensures that renters have the opportunity to participate in the short-term rental market, provided they have clear approval from the homeowner.

Both bills underscore a growing recognition of the importance of short-term rentals in providing flexible housing options and the need for legislation that supports both property owners' and renters' participation in this market. As these bills progress, we'll keep you updated on their status and implications for our community.

Remember, staying informed and engaged with local regulations is crucial for successfully navigating the ever-changing landscape of short-term rentals.

Owner Spotlight – We Want to Hear Your Success Stories!

We're on the lookout for inspiring stories from you, our valued community of STR owners. What has been the highlight of your journey in the STR market? Maybe it's the glowing reviews from guests who've celebrated life's milestones at your property, the local connections you've strengthened through your business, or the personal growth you've experienced along the way. Whatever makes your heart swell with pride, we want to hear about it!

Your stories are a beacon of positivity and inspiration, reminding us all of the vibrant community we're a part of and the impact we can have on people's lives. Sharing your experiences can motivate fellow owners and spark new ideas, creating a ripple effect of positivity and innovation in the STR community.

So, take a moment to reflect on your STR journey and let us know: What has made you happy about owning a short-term rental? Your story could be the next source of inspiration for someone else in our community, lighting the way towards new possibilities and shared success.

Send your stories, photos, and moments of happiness to us, and let's celebrate the joy of owning a STR together!

Political Pulse

active involvement in political advocacy related to its interests. For more detailed insights, you can read the audit summary provided by the San Francisco Ethics Commission.

As for the way the rest of the races are looking…

• John Moss is running for Mayor after having lost his at large seat to the new 10-1 district.

• Sabrina Wooten is running for the Mayorship as well.

• District 3 has Michael Berlucci and Christina Miriam Felder running for the seat.

• District 5 only has Rosemary Wilson who has shown to not support STR's running without an opponent.

• District 7 has 2 new candidates.

• Mabinty Saffie Scott is the first. I have not been able to find out anything about her.

• "Cash" Jackson-Green is the other and his positions are not very well defined.

• District 1 does not have a declared candidate at this time.

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. This week’s question is:

Question: How do I ensure my short-term rental stands out in a crowded market?

Answer: To make your short-term rental stand out, focus on unique decor and amenities that cater to your target audience. High-quality, detailed listings with professional photos can attract more guests. Offering personalized touches, like a local guidebook or welcome basket, enhances guest experience. Additionally, actively seeking and responding to guest reviews can improve your property’s visibility and appeal. Stay informed about local attractions and events to provide recommendations, making your rental not just a place to stay, but a part of their travel experience.

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

and technological innovations like artificial intelligence and mobile applications. These technologies are enhancing customer experiences and streamlining the booking process, marking a revolution in the industry. Additionally, emerging markets such as India, China, and Brazil are becoming hotspots for STR demand due to increasing disposable income and urbanization, offering lucrative opportunities for market players.

In terms of industry news, AirDNA reports a temporary dip in demand for US STRs due to an arctic blast, highlighting the sensitivity of the market to external factors. On a more structural note, Sonder has announced a significant workforce reduction, laying off 17% of its team, reflecting the ongoing adjustments within the industry to align with market conditions and operational efficiencies. Meanwhile, the VRMA European Conference is set to make its return in Paris this March, promising a platform for learning and networking among industry professionals. Another noteworthy development is Holidu's acquisition of Ferienwohnungen.de, aimed at expanding its portal offering and enhancing its position in the STR market.

For those involved in the STR industry or considering entry, these developments underscore the importance of staying informed about market trends, technological advancements, and regulatory changes. The growth prospects and evolving landscape present both challenges and opportunities for STR operators, making it essential to adapt strategies accordingly.

Read more here.

Tips and Advice

Effective STR Management Begins with Setting Clear Goals: Define what success looks like for your STR business, whether it's maximizing income, providing unique guest experiences, or something else. Clear goals guide your actions and help measure progress

Understanding and Complying with Local Regulations: It's vital to be aware of and adhere to local laws concerning permits, taxes, and safety for STRs. Regulations can vary significantly by location, and staying compliant helps avoid legal issues​

Professional Presentation through Photography: High-quality, professional photos can significantly increase your property's appeal, helping it stand out in a crowded market. These images should highlight the best features of your rental​

Upcoming Events

• Speak up at the Planning Commission

  • VB – Mar 13^th

  • Norfolk – Mar 14^th Mar 28^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.