Short Term Rental Law Changes in Boston
It is no secret that Boston has a bit of a housing crisis. With millions of people working in the city, there are scarcely enough places to live for everyone who needs one. One of the contributing factors to this housing pinch is the booming popularity in short-term rentals. Companies like Airbnb, among others, are utilized by property owners for tourism purposes, but have been putting a strain on the availability of long-term rentals in Boston. The city, however, is fighting back.
At the beginning of this year, Boston passed a city ordinance that required all short-term rental listings to register with the city. While this rule was supposed to go into effect on January 1st, 2019, the enforcement of the law was delayed by a lawsuit from Airbnb, which did not reach a settlement until this past August. Now, as of December 1st, these new regulations are being strictly enforced, and many Boston listings could be taken down. The changes include:
- Registering your listing with the city of Boston
- Short-term rental must be the primary living space of the host
- Payment of annual taxes and fees
So, how will this affect property owners like you and the short-term rental industry in Boston moving forward? Well, while these new rules may not seem drastic, they have the potential for some very big consequences. Many of the listings on home-sharing platforms have not yet registered with the city and could be shut down at any time. And, of the small selection of short-term rental properties that have registered, less than half have been approved. This could mean a much smaller market for short-term renters.
Not all of the consequences of this new ordinance, however, are negative. These new rules are geared towards putting a stop to “investor properties”- a term used to describe a property that is not lived in full time and is used strictly as a short-term rental. This means that investors cannot purchase whole buildings or properties and use them solely as rental spaces, which will keep the integrity of neighborhoods intact, as well as open up more long-term housing for would-be Boston residents.
As expert property managers, we at Peacock know that there are many benefits to utilizing your condo or property to supplement your income. This is why we find it essential to share information such as this with not only our clients, but property owners everywhere.
When you partner with Peacock, you are ensuring you not only have access to a team of property management experts, but you are also working with a company committed to sharing any information that could be to your benefit or within your interests. Whether that is sharing short-term rental rule changes, offering helpful winter weather tips, or something in between, our approach to property management is all-encompassing. When you choose Peacock for your property, you can rest assured that you are making the best choice.