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Short Term Rentals are Changing

Breckenridge recently updated its rental regulations adding requirements for owners of short term rental properties. Since then, every town and the county are following suit, discussing and initiating their own regulations. All across Summit County, short term rentals are changing. Rentals are an important part of ownership in Summit County. These changes may have a significant impact for all homeowners.

New Breckenridge Regulations

At the end of August, Breckenridge enacted new short term rental regulations. The new regulations add an administrative fee and managing agent requirements. The new administrative fee is an annual fee of up to $150 depending on the size of the rental unit. That fee is waived if the condo has a twenty four hour front desk, phone system or security company. Basically, if someone else is there to handle issues, the town won’t need to and, therefore, no administrative fee is necessary.

A managing agent is also required. An owner chooses a managing agent that will respond if there are any issues with their renters. That person must be available 24 hours a day, 7 days a week and handle issues that arise within 60 minutes of notification.

There are several other rules that owners must follow. If they aren’t, the owner is subject to a misdemeanor charge and can have their license revoked. Without a license, short term rental activities would not be allowed. Read all the new Breckenridge regulations.

Silverthorne’s Pending Regulations

Renters not allowed
Are short term renters still welcome?

Silverthorne just unanimously passed even stricter rules. The rules could become official at the next council meeting on October 24th. Silverthorne’s rules are similar except they require a 30 minute response time during the overnight hours, and 60 minutes during the day. They are also limiting occupancy of those rentals. Silverthorne allows two people per bedroom plus two additional to stay in any property. The bedroom count used to calculate occupancy comes from tax records. That means lofts, offices or dens, or larger rooms used as bunk rooms may no longer count as bedrooms when determining allowed occupancy. Read the Summit Daily article about Silverthorne’s rental changes.

More Changes Coming

Dillon, Summit County and Frisco are discussing this issue too. Short term rentals are changing. Now is the time to get involved. More regulations are coming, and coming soon.

Possible Impacts

This seems like a win for full time residents that are unhappy with a neighboring rental property. This means they can make a call when there’s an issue and get results within an hour or less.  It may mean more trouble for second home owners that rent out their home. There will be more hoops to jump through and more accountability for renters you have limited control over. Two families with a total of 5 kids between them may not be able to rent a three bedroom Silverthorne home. Those renters will have to move up to a four bedroom or to a nearby town. Changes like these could impact rental revenue. An impact on rental revenue can have an effect on demand and, as a result, property values. If that happens, it will be felt by all property owners, not just owners of short term rentals.

It’s impossible to know exactly what impacts these changes will have. I anticipate there will be ripples in the pond. Hopefully they will be minimal.

Posted in: All About Rentals Tagged: Breckenridge, Dillon, Frisco, Regulations, Silverthorne, Summit County

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Mountain Living Real Estate, a.k.a. The Mountain Living Team, is a family owned, second generation, real estate company that has been helping buyers and sellers in Summit County since the early 90’s.  Mountain Living Real Estate is committed to going above and beyond to ensure their clients have the most amazing real estate experience possible.  Jason & Meredith take a personal approach to educate their clients, empowering them to make high quality decisions no matter the situation.  They take exceptional care throughout the sales process and beyond; striving to make each client’s path in Summit County one filled with fun, excitement & great memories.

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Jason and Meredith Adams

Jason & Meredith Adams
Mountain Living Real Estate

101 Main St, #109, PO Box 4115 Frisco, CO 80443

(888) 666-0844
team@mountain-living.com

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Jason & Meredith Adams are both licensed to sell real estate in the state of Colorado

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