Short Term Rentals - What you need to know

The city council of Harrisonburg has recently changed the laws surrounding short term rental properties, or “Airbnbs.” Unless previously approved by the city as a bed and breakfast, short term rentals have been deemed illegal if the owners are found to not possess the necessary permits and approvals. Enforcement of the ordinance will start on August 1st of 2019. At that time, individuals found operating a STR without the proper approvals will receive a violation notice and a 100 dollar fine for the first offense, and a 500 dollar fine for any subsequent offenses. If you are currently operating a STR it is suggested that you cease operations immediately and decide if you would like to continue in the future. If you wish to continue, you must apply for and receive a special use permit from the city council. Individuals that are interested in legally operating a STR by August 1st must submit their special use permit application to the Department of Planning and Community Development no later than May 3rd, 2019. If you miss this deadline, still submit an application, just know that applications are received on a rolling basis. In addition to the special use permit, operators of short term rentals must also obtain Short Term Rental Operator Registration, business license, and register for transient occupancy and state sales tax. In order to fully comply with the Harrisonburg regulations, look at frequently asked questions, or better understand the submission process, contact Mattias or visit https://www.harrisonburgva.gov/short-term-rentals.

If you are interested in a the general short term rental market as an investment, Mattias has just presented some analysis on an investment currently for sale. This investment is projected to bring a 33% return on your money. If you would like more information on this opportunity, email Mattias.

Info obtained from https://www.harrisonburgva.gov/short-term-rentals