How do Air B&Bs affect the Rental Market?
While Air B&Bs have become more and more popular across the country, many people still have questions about them.
How do they affect the rental market?
What do they mean for Athens Ohio rentals?
How does zoning impact Air B&Bs?
How does this relate to the idea of rent control?
Here is some information to help you learn more about them.
Air B&Bs are part of an online marketplace that people use to rent out their homes for short time periods. The company’s name actually comes from the term “air mattress bed and breakfast.” People with Air B&Bs rent out their homes for short stays, much like hotels, in order to make extra income. In this way, it can be a great benefit for the homeowners. At the same time, though, the hosts risk having their guests damage their homes. For the guests, the Air B&Bs can provide inexpensive accommodations. Guests run the risk, though, of staying at homes that are in poor shape and have multiple problems.
Air B&Bs are popular in cities all across the country and the world. How they have affected those cities has caused great debate. Supporters argue that Air B&Bs are good for the housing market because they offer low-priced housing for short stays. Critics say, though, that by turning homes into Air B&Bs, property owners are eliminating rentals for local residents. With fewer rentals, the average city rent may increase, which means that the Air B&Bs can hurt the housing market.
Studies show that Toronto, for example, lost more than 6,000 rental units after they were turned into Air B&Bs. Studies in other cities show similar problems after Air B&Bs arrived in the market. In New York City, the influx of Air B&Bs increased annual rental prices by more than $300 per tenant.
So what does this mean for Athens Ohio apartments?
So far, we have not seen much impact on the Athens Ohio apartments due to Air B&Bs. The issue, though, was a concern in the most recent Athens mayoral election.
Athens has a large number of zoning regulations in place that cover Athens Ohio rentals. The concern now is how to best deal with Air B&Bs. One current proposal before city leaders is to change zoning regulations specifically to deal with short-term rentals. The proposal states that buildings that are designated as “housekeeping units” would not be able to have short-term rentals. Instead, only the homes that receive annual permits would be allowed to have short-term rentals.
This means that anyone who wants to have an Air B&B in Athens would have to obtain a city permit. In addition, they would have to follow city regulations. The proposal also has different requirements depending on if the owner also lives at the property or not. Please keep in mind that this is currently just a proposal and that nothing has changed yet.
This proposal is also different from the ideas discussed in the mayoral campaign in 2019. It is also separate from ideas raised in a public forum in November 2019. The mayoral campaign also brought up the idea for rent control for Athens Ohio apartments. Rent control involves when the local government places regulations on rental fees. In cities with rent control, the government sets limits on how much can be charged for rent. Athens currently does not have rent control. City officials do watch the rental market closely, though, and often discuss new ways to solve any problems that arise.
In addition, the highly competitive market keeps rental prices affordable for Athens Ohio apartments. It will be interesting to see if the current proposal dealing with Air B&Bs moves forward. If approved, its impact on the apartments for rent in Athens Ohio will be studied closely.
No matter what happens, University Rentals will continue to keeps its rental prices affordable for students and families.
University Rentals offers the widest selection of apartments and houses for rent in Athens Ohio. You can learn more about the best housing options available to you by visiting our property listings. We also invite you to contact our staff members today. They will be happy to talk with you about the affordable housing options we have available for you.
Photo thanks to Tierra Mallorca.