On Monday, December 11, 2017, the Seattle City Council approved new regulations on short-term rentals, according to an article on GeekWire.com. Short-term rental hosts will be limited to just two dwelling units per owner and will also need a special license to operate. The rules also require platforms like Airbnb and VRBO to obtain special licenses in order to offer rental options in Seattle. Proponents of the regulations suggest that short-term rentals reduce the number of long-term rental options in a housing market that is already strained by a lack of inventory.
In November, additional taxes were passed on short-term rentals in Seattle as well. According to the article there are some exceptions:
The amended legislation approved Monday exempts some Airbnb hosts from the two-unit maximum. Hosts already operating a short-term rental in the “Downtown Urban Center” (south of Olive Way and north of Cherry St.) will not be subject to any limits on the number of units they can rent. Outside of the downtown core, hosts who were already operating a short-term rental by Sept. 30, 2017 will be permitted to rent out their primary residence and an additional two units. New Airbnb hosts are limited to just two units total.
If you are looking for an investment opportunity, our team can put together a cash flow analysis and help you determine if a particular home is sound investment based on your goals. Give us a call at (206) 331-3960 or email us at firstname.lastname@example.org.
*Nickelsburg, M. (2017, December 11). Seattle approves new Airbnb regulations to limit short-term rentals to 2 units per host. Retrieved from: https://www.geekwire.com/2017/seattle-approves-new-airbnb-regulations-limit-short-term-rentals-2-units-per-host/