The crackdown on illegal short-term rentals in the Denver real estate market continues with two notable citations within the last few months. A couple, both professionals in the real estate industry, were cited in June for using two separate properties as short-term rentals while maintaining primary residence at other locations. And recently, another Denver man was also cited for falsely claiming a property as his primary, while he was really renting it out and living elsewhere. All parties involved are currently going through the legal system on felony charges, though no final rulings have been made.
In 2016 the city created a rule that required a property owner of a short-term rental to use the property as his/her full-time residence. This is meant to limit those who own property outside of their primary residence from using it only for short-term rentals, something that often causes issues with neighbors due to noise complaints, increased traffic in the area, safety concerns, etc. In just two years, Denver has hit an all-time record for active short-term rental licenses with 2,691 listed, an increase of 60 percent. Only 74 percent of these are compliant with Denver’s short-term rental rule.
So what can you do?
Be very careful in operating a short-term rental! We understand the allure of AirBnb or VRBO financial gain, however it is critical that you operate in accordance with the city regulations. A felony charge or a hefty monetary fine is not worth the risk to your business, reputation or pocketbook.
Make the most of your property(ies)
Please reach out if you are unsure what to do or want to consult with an Atlas expert on short-term rentals or the real estate landscape in general. Our market is rich with opportunities, and they shouldn’t include a set of shiny new bracelets to go with them!
Contact the Atlas Investment Brokerage Today:
Mike Hills, Vice President: firstname.lastname@example.org or 720-220-8500
Lisa Schoen, Associate Broker, Atlas Investment Brokerage email@example.com or 303-931-0689