What's Next for the Vacation Rental Business?
The vacation rental business has been vital to both the economy and culture of Newport Beach for decades. People come from all over the world to experience a taste of Newport Beach and our vacation rentals offer people of all budget's to be able to spend time in paradise. These renters shop at local businesses and dine at local restaurants bringing more money into the local economy. The vacation rental topic has recently spurred a controversial conversation all over the United States and in our local community of Newport Beach. City officials are currently deciding how to collect taxes from short term rentals. According to the city records, Newport Beach made $2.2 million in bed taxes from short term rentals just last year.
Vacation rentals have been regulated by Newport Beach officials since 1992, but now with easy access to platforms like Airbnb people are renting their properties without proper permits and are not paying taxes. Currently the biggest concern is less about the residential use and more about the commercial use of houses in residential neighborhoods. From Newport Beach to Laguna Beach to Dana Point, different cities have different opinions about this issue. Common complaints against vacation rentals are increased noise, partying, and traffic. Instead of working to ban short term rentals all together Newport Beach officials are working to collect taxes that are owed to the city. They want to make it a fair business for all lodging providers by regulating it and making sure it fits comfortably in our community.
It's important that the ones who are in support of and are knowledgable about vacation rentals join this conversation and explain the importance of this business is to our local officials. Educating our legislators is essential and it will directly benefit our community and everyone in it. Communication is key and we are asking for your support and highly encourage your to contact both California and Newport Beach officials and start the conversation about the importance of the vacation rental marketplace.