Rent Responsibly and College of Charleston Publish Report Exploring How Short-Term Rental Operators and Local Government Can Work Better Together

FORT WORTH, Texas, Jan. 27, 2022 /PRNewswire/ -- Today, Rent Responsibly and the College of Charleston released the 2022 State of the STR Community Report, a first-of-its-kind nationwide study exploring the impact of short-term rentals on communities, as well as the perspectives of short-term rental operators and local government staff on the management and regulation of short-term rentals.

"When we realized that local government staff had largely not been asked important questions about their needs, we began collaborating with the College of Charleston on this important study," said David Krauss, co-founder and CEO of Rent Responsibly. "This research has provided a detailed picture of the STR operator community while simultaneously uncovering opportunities to programmatically improve the ecosystem for all."

With a better understanding of the challenges that both cities and operators face as identified through this research and the opportunities for collaboration between the two, communities can design and create informed solutions that improve the experiences of all stakeholders including city personnel, STR operators, and the broader community.

Some key findings:

• The industry is largely individual homeowners and small businesses. Of owners, 70% owned just one STR, and of property managers, 54% managed just 10 or fewer.
• Many STR owners used their properties flexibly for more than just stays of 30 days or less. Nearly 40% also rented for mid-term stays of 30 days to five months to host non-leisure guests like traveling nurses, hospital patients, and remote workers.
• On average, STR owners relied on their STR activity for 38.1% of their income. For those who own and manage STRs, that reliance was even higher at an average 56% of their income.
• Government staff:
• want to work with the STR community
• seek collaboration and compliance
• need help with enforcement

Rent Responsibly partnered with the Riley Center for Livable Communities at the College of Charleston on this research. The research was conducted with the financial support of online travel agency Expedia Group, operations platform Futurestay, and other partners.

"Bridging the divides between the vacation rental community and local governments is key to our future as an industry," said Philip Minardi, Expedia Group's Director of Public Affairs. "This report is an important step in that effort, highlighting the common concerns and unique opportunities we have to chart a brighter path forward together."

"The insights uncovered in this study are promising," said Dr. Brumby McLeod, a Riley Center Research Fellow, Associate Professor and Chair of the Department of Hospitality & Tourism Management in the School of Business at the College of Charleston. "For the first time, we're able to see that there is actually a great correlation between STR operators and their local governments, and where there may still be gaps, they are few and easy to bridge."

"The foundation of the STR industry continues to be grounded in the homeowners, independent managers, and entrepreneurs and it is amazing to see the data reaffirm that," said Philip Kennard, CEO and co-founder of Futurestay. "We'll continue to see growth in the industry fueled by the emergence of more owners realizing the opportunity to build a life-changing business starts at home. It's critical that we continue to empower these entrepreneurs to succeed and that the local government works in collaboration with its citizens who are actively investing in their community."

The research behind the report sought to ask novel questions about short-term rentals (STRs) to two distinct but interdependent audiences. The first was local government staff charged with managing the STR programs in their jurisdictions, interviewed to better understand their unique needs and challenges through questions that had largely not been asked of this audience before. McLeod and his team conducted qualitative interviews with municipal staff members from local governments and destination marketing organizations across South Carolina, Utah, and Colorado. While each focal region represented one of the top tourist destinations in their state, the issues faced in each region were markedly different.

The second audience was STR owners and managers who are required to comply with municipal STR regulations. Nearly 4,600 respondents participated in the study via a detailed survey conducted in November 2021.

Support for the State of the STR Community research has also been provided by: OwnerRez, Autohost, Ascent Payment Solutions, HostGPO, C2G Advisors, Evolve, and Breezeway.

The full report can be downloaded for free here.

About Rent Responsibly

Founded in 2019, Rent Responsibly is the community building and education platform for local short-term rental alliances. Our tools and alliance management services equip local leaders to build successful, self-sustaining organizations of short-term rental hosts, managers, and all other stakeholders in their communities. We make it easy for leaders and members to connect, collaborate, solve common challenges, advocate for themselves, steward their communities, and rent responsibly. Learn more at RentResponsibly.org.

SOURCE Rent Responsibly