The Denver City Council late Monday passed a measure to allow short-term rentals in private residences, after two years of discussion and community input on the issue.
The measure gives owners the ability to rent out a primary residence for less than 30 days. The new rules, which take effect July 1, willlet owners rent out individual rooms or garage apartments on quiet residential blocks to people to use while traveling. Also, the homes canbe rented out when the owner is away.
The council approved the measure 9-2, with Kevin Flynn and Rafael Espinoza voting against it. Council members Debbie Ortega and Robin Kniech were absent from the meeting.
The council also considered expanding the proposalto allow short-term rentals in second homes and investment properties.Despite growth in recent years,the new restrictions on the estimated 2,000 Denver listings that fit that model on websites such as Airbnb and VRBO would significantly cut that number, said those who oppose restrictions on the rentals.
The expanded piece was not included in the ordinance that passed Monday.
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If you have been thinking about buying a second home or investment property in the Denver area, this might really have a huge financial impact on that investment, so make sure to do your research!
Talk to your Live Urban agent about the best ways to capitalize on these new developments as well.
If you have questions about how this legislation might impact your Denver home search, or your Denver home's value, start here:
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