The industry of short-term vacation accommodations is steadily rising since it was introduced. And while the demand is strong, some states are still considering many factors in developing an ordinance or existing housing regulations to regulate this kind of business.
Nonetheless, vacation rentals can impact the community in a beneficial way. And these are some of these things we are going to talk about in today’s entry.
Provides A Positive Impact On The Economy
Short-term rentals for vacation can bring a positive impact to the community’s economy in many ways. For starters, they can provide the city or state with additional income as the rental owner’s pay taxes. Likewise, the guests can also benefit the community because these people are going to spend on their vacation and enjoy amenities like museums, bars, and restaurants.
The state of San Diego has benefited much from short-term rentals as visitors spent $86.4 million on vacation-related activities as of last year which resulted in an economic impact of $285 million.
Less Availability Of Long-Term Rentals
The growth in the vacation rental industry inadvertently creates a scarcity in long-term accommodations. In fact in the state of New York alone, the availability of long-term properties has reduced to 10% due to the rise of vacation rentals. And if this happens, the city or state will be free of facing issues such as eviction of tenants and instances where the tenants are suing their landlords.
Changes In The Neighborhood
Places where vacation rental properties can create more opportunities for people to earn. A good example of that is the Destin Rentals in Florida. For instance, they can set up a business where they can introduce the local products to tourist. At the same time, locals can also introduce the culture of the place to the visitors and offer them a brand of hospitality that is only found in that community.
Increased Tourism Activity
Establishing rental hubs for vacation is like giving the impression that the city, state, or community is ready to welcome visitors with open arms. And as more and more people begin to recognize this, tourists and guests will start to converge into this place. In short, the rental properties can be used to attract visitors and benefit the community in an economic sense.
Overall, vacation rentals offer substantial benefits to the entire community primarily in bringing revenues which can help the development of the city or state and at the same time opening new doors for visitors to get to know the culture, beauty, and hospitality of the place.