Austin lawmakers ruled a few weeks ago to finally allow and regulate short-term rentals after a long and contentiousness public debate. In fact, Austin City Council members reversed a decision they made two years ago that banned short term rentals in Austin. You can read all about the reversal of fortune here.
We believe this is a big win for CHBO members and our society as a whole. Having the right to rent out your property as an investment shouldn’t be against the law. It should be a right!
There are three key reasons we believe having the right to rent out your property as a short term rental is more beneficial than not:
- Greater Flexibility. Take the example of a homeowner who can’t sell his or her home. Or maybe a homeowner that is relocating for eight months and wants to return to their home after their time away. Shouldn’t they have the flexibility and more importantly the RIGHT to rent out their home as they see fit, after all, it’s their property?
- Better Market Values. Having options means power! Real estate investors want to know they have options before they commit to a property. If they don’t have options, they simply won’t buy in Austin, driving down market values. Limiting a homeowner’s right to rent means you’re limiting their options.
- Less Foreclosures. This goes to say that with more options, less foreclosures will be looming. People can rent out their homes rather than walk away from them. Austin would do itself an injustice and risk ruining its real estate marketing by limiting short-term rentals altogether.
Overall, we think Austin City Council members were wise to make this positive decision in favor of homeowner’s rights! Let’s hope it’s a precedent set for other cities to follow.
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