As a realtor, it’s my job to assist my clients in making their real estate dreams come true. But, that might get harder for me to do if I have a client who wants to purchase a home with the intent of making it a short-term rental property here in Missouri.
Restrictions on short-term rentals such as higher permit fees or taxes, primary residence requirements, or mandating rentals of seven consecutive days or more are causing an uproar among homeowners who have put their hard-earned money into renovating and readying their unoccupied properties for guests who prefer the freedom of a residential property to the more commercial space of a hotel.
In Kansas City, close to 40 short-term rental owners are teaming up to fight the new restrictions that went into effect on June 15th. The KC council voted 12-0 to approve fining owners of short-term rental properties for advertising their properties on platforms like Airbnb without a proper license as well as requiring property owners to live in the home if they want to rent to people.
Other considerations for such regulations include preventing short-term rentals within 1,000 feet of each other, requiring them to be in a business zone rather than residential zone, and requiring a costly permit that would need to be renewed each year.
Of course we want to protect and preserve neighborhoods. We also want every home to be maintained for health and safety reasons. But, part of owning real, private property, is the right to gain income from the property and regulations should not infringe upon property ownership rights. So, what is the answer? It’s about striking a balance between the property rights of people who own a second home in a community and want to profit from that and the rights of full-time homeowners.
It’s a difficult issue and difficult issues require work, being proactively engaged, and compromise. and, difficult issues are worth the discussions and effort it takes to get to that compromise.