09/15/2022
Fast facts about short-term rentals
While the potential downsides associated with STRs are routinely noted by critics, the value they provide to entrepreneurs, guests and even the community deserves more attention.
The vast majority of STR owners are in good standing with their community – According to a survey by the College of Charleston (CoC), 4 in 5 STR owners reported getting no complaints from neighbors or community members. 4 in 5 owners with “good neighbor practices” in place also reported having positive relationships with most of their neighbors.
People depend on revenue generated from STRs – The CoC survey found that, on average, STR owners relied on rental revenue for 38% of their income. Those owning and managing STRs said they depended on the earnings for over half (56%) of their income.
The STR market facilities job creation – The survey also found that more than half of STR owners (57%) hired up to three contractors/service providers to assist with maintaining their property. Of those hiring workers, 84% paid wages up to $25,000 in a 12-month period, while 13% paid wages between $25,001 – $75,000.
STRs are a vital lodging option for most towns and cities – STRs provide a level of flexibility and choice that can’t always be met by traditional hotels, especially for those on vacation with children and big families. According to one study of the lodging market, 60% of vacation travelers said they prefer staying at Airbnbs over hotels.
