CLASS OUTLINE
1) Airbnb just had their IPO and now have a larger market share than Hilton, Marriott and Hyatt COMBINED. What’s going on??
2) Growth of the Short-term vacation rental market:
——->Nationally
——->Annapolis Metro: year by year
——->Annapolis attracts 2 MILLION unique visitors per year!
3) How does the short-term rental market help homeowners, guests and realtors?
4) Homeowners: extra income; flexibility to stay in the property whenever they want
5) Guests: more space than a hotel room, have their own kitchen and living space, can travel with other families and larger groups under one roof.
6) Realtors: provide their clients with a great option for an investment property or 2nd home, or to make extra income on bigger events in their primary home.
7) Travelers’ willingness to travel during COVID
8) Regulations
9) Register for STR license with City ($200/year) or County ($400 every 2 years)
10) Sales & Use Tax ID
11) Remit taxes (City 7%, MD 6%)
12) Submit monthly bookings form
13) Limit 1 STR property per owner
14) 3-month moratorium on new and renewal licenses for short-term rentals in Zones C1 and C1A (Historic District) - link to list of streets and street number ranges affected.
15) Crafting new legislation: possibly mandating all new and renewal licensees go before a board for license approval.
16) Biggest Rental Events in Annapolis:
17) Proformas