NEW YORK - The vacation rental industry has stepped up efforts to influence U.S. lawmakers to keep more cities from enacting restrictions on short-term rentals in response to concerns about housing availability and quality of life.
In the first half of 2024, vacation rental companies spent $1.4 million on lobbying, up 13% from the year-ago period as they step up efforts in states like Florida, Colorado, and Arizona. Detractors believe they will continue to spend more money. A month after regulations restricting rentals to primary residences were passed in 65 British Columbian communities, supply fell 9.4%, said Jamie Lane, chief economist at AirDNA, while daily hotel rates rose 9% in the province.
Local vacation associations and professional property managers are also pooling funds for lobbying. In Florida, the Florida Professional Vacation Rental Coalition persuaded Governor Ron DeSantis to veto a bill in June that would have authorized local officials to revoke or refuse to renew short-term rental licenses."You pay to have access," said Steve Milo, coalition Steering Committee Chair and CEO of VTrips, a professional property management company.
"It would be different if we saw a whole country or even a whole major U.S. state change the rules," said Richard Clarke, Bernstein equity analyst. Tory Leadership Hopeful Mel Stride Says This 1 Detail About Average Conservative Voter Is 'Untenable'