With the web-based rental market exploding in recent years, cities around the world have been grappling with how and whether to regulate short-term rentals. A proliferation of vacation platforms—from Airbnb and VRBO to Stay Alfred and Vacasa—have stirred major implications for tourism, long-term renters, property values and to some extent, the character of communities.
According to a recent study by CBRE Hotels’ Americas Research, from October 2014 to September 2015 travelers spent $2.4 billion on short-term vacation rental lodging and by the year 2020, it’s predicted that the vacation rental industry’s momentum will reach a threshold that permanently redefines hospitality as we know it.
Regulations being imposed on the Miami short-term rental market
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