New Study Reveals Effective Paths for Short-Term Rental Regulations

Rent Responsibly has published its 2024 State of the Short-Term Rental (STR) Industry Report. This extensive study surveyed over 4,000 STR owners and managers, along with more than 2,000 local government officials. The report aims to support strategic decision-making within the industry, focusing on community management and responsible accommodation operations.

The findings highlight that 94.6% of STR operators support local businesses. Family travelers are the primary clientele for 75% of these operators. Meanwhile, 83% of government respondents report affordable housing shortages, driven by high building costs, real estate values, and limited space. Effective solutions include increasing housing supply, incentivizing new construction, and improving zoning policies.

Government officials value tourism and guest spending, ranking them just below property values in importance. David Krauss, co-founder and CEO of Rent Responsibly, emphasized that the insights from the study benefit both STR owners and policymakers by supporting local businesses, boosting tourism, and addressing community needs.

The research, backed by the College of Charleston's Office of Tourism Analysis, offers a comprehensive view of local government perspectives and ordinance effectiveness. Rent Responsibly will further discuss top results in a webinar on June 20.