Summit County continues to explore a number of short-, mid- and long-term solutions to mitigate the community’s affordable housing issue. One of the solutions most discussed includes incentivizing owners of short-term rentals so that they convert their properties into long-term units.
The strategy was originally suggested in a housing presentation laid out by Summit County Housing Director Jason Dietz in June. Dietz suggested that the county identify opportunity zones, or areas that are typically occupied by local residents and workers, and come up with various incentives that would convince owners of short-term rentals in the areas to convert their properties over.
For example, the monthly mortgage in a studio is estimated at $1,392 plus an extra $300 for monthly dues for a total of $1,692 per month.
A two-bedroom is similarly costly. Its monthly mortgage is estimated at $2,238 plus an extra $400 for monthly dues for a total of $2,638. Split between two people at $1,319, this could be affordable for some, but it still doesn’t take into account the extra fees Babich previously noted.
The program suggests that a monthly subsidy ranging from $250 to $1,000 — depending on the unit — should be given to owners to make these units affordable for residents while still covering the expenses of owners. The data suggest this could make a studio cost $1,442 with a $250 per month subsidy. With a $500 per month subsidy, a two-bedroom could be $2,138, or $1,069 split between two people.
https://www.summitdaily.com/news/local/summit-alliance-of-vacation-rental-managers-present-incentives-for-owners-with-short-term-rentals/
