Residential Short-Term Rentals: Should Local Governments Regulate the 'Industry'?

Abstract

The country has been in the midst of an economic recession, leaving many people with the need to supplement their traditional incomes by alternative means. Motivated home owners are leveraging their largest asset by renting out their homes for short periods of time. These homes include single-family residences commonly located in a residential neighborhood or zoning district. This phenomenon is growing rapidly across the country and presenting policy concerns for state and local governments. The explosion of websites allowing home owners to advertise their residential properties for rent has amplified the short-term rental industry.