Letter to the editor: Limiting short-term rentals won’t increase long-term rentals | SummitDaily.com

Letter to the editor: Limiting short-term rentals won’t increase long-term rentals

Mary Waldman
Summit Mountain Rentals owner

There are many misperceptions regarding short-term rentals in Summit County. One of these fallacies is the idea that reducing short-term rentals would turn homes into long-term rentals.

Unfortunately, the facts don’t support this. That’s because second-home owners purchase these homes to enjoy vacationing in Summit County. The overwhelming majority of second-home owners own so they can live and play here part time. These owners are not buying to rent. They buy because they love spending time here. This means renting long term is not an option. Recent post-pandemic studies support this fact.

The Summit County Housing Survey, with more than 3,200 responses, reported that the vast majority of homeowners will not consider renting long term as they prefer to use their homes themselves.

The Mountain Migration Report, with more than 5,000 responses, is a study of the recent influx of newcomers moving to mountain communities. It reported more than half of local homebuying is for second homes to work remotely.

We have finite housing available in Summit County with tremendous demand. Simple supply and demand economics explain rising house prices. Considering that the average price of a home in Summit County is well over $1 million, it makes no financial sense to buy a property to rent long term. The bottom line: People buy second homes here for personal use — and will leave the property vacant the rest of the year if necessary.

As an independent property manager in Summit County (both short and long term), we understand the local rental market better than most. We’ve recently been involved in forming the Summit Alliance of Vacation Rental Managers to develop real solutions to the labor issues facing our community.

We welcome everyone interested to join the conversation.

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