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Here’s more valuable resources for short term rentals in Nashville

Posted by Steve Jolly on Monday, April 11, 2016 at 2:10 PM By Steve Jolly / April 11, 2016 Comment

Short Term Rental updateWe had several questions and a ton of knowledge from yesterday meeting on Short Term Rentals (STR) that I thought I would share the highlights with you today.

The meeting was led by Brian Copeland (local Realtor and short term rental owner), Burkley Allen (District 18 Council Member and lead author of our current legislation) and Loy Carney(Attorney for Rudy Title).

These folks have more knowledge than anyone else concerning STRs in Metro Nashville.

Here were my biggest takeaways

  • AirBnB tends to attract price shoppers
  • HomeAway targets the luxury rental market
  • VRBO has the most traffic in this area
  • Metro considers a STR anything less  than 30 days
  • STRs must pay hotel tax, occupancy tax and sales tax
  • Food preparation by the host is not allowed
  • STRs must have local ownership or management for a permit
  • If you share a wall or driveway, you must notify all in writing before permit is issued
  • Must have $1,000,000 in liability insurance to permit
  • STRs are limited to 3% of the single family homes in a census block
  • No limits on owner occupied STRs (permit still required)
  • Permits are not transferrable.  One year waiting period if your permit is revoked
  • Must own the home before you can apply for a permit
  • You can’t manage STRs for someone else without proper licensing
  • 1500+ permits have been issued in Davidson County
  • Permits are not guaranteed to buyers.  They can be gone in an instant
  • Regular Homeowners insurance does not cover STR activities

This market is changing rapidly and Metro is taking community input on changes to the legislation on April 13, 2016 from 6- 7pm in the Sonny West Conference room of the Howard Office Building at 700 2nd Av S, Nashville TN. 

There are no guarantees in this business.  Please get involved, do your homework, check with the city and your attorney before you decide to enter this fast growing industry.

At this link you will find the Metro Nashville STR Availability Map, a copy of the Ordinance and other helpful information: 

http://www.nashville.gov/Codes-Administration/Construction-and-Permits/Short-Term-Rentals.aspx

What other questions do you have about STRs?

This Deal of the Day in Nashville is no longer available.  To see the latest Daily Deals, click the link below:

http://www.nashvillerealestatenow.com/blog/

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