This week, Colorado Springs city council passed a new ordinance that prohibits homes in single-family zoned areas from being offered for rent on AirBnb and other short-term rental (STR) platforms if the homeowner doesn’t occupy the home themselves for at least 185 days, effectively preventing new STRs from being started in the city of Colorado Springs. This does not apply to existing STRs, as long as the owner keeps their STR permit current.
According to the Gazette, there is an exception for active-duty military who may wish to offer their home as a STR while serving a temporary duty station.
The regulation would not generally affect the many homeowners who rent out their homes for popular weekends like Air Force graduation or parent’s weekend, as long as they are living in the home themselves for at least 185 days, and also is only applicable to properties within Colorado Springs city limits (though other communities like Manitou Springs have their own set of STR regulations).
The El Paso County assessor has also proposed taxing STR properties at the same rate as commercial property, which would raise the tax rate from 7.15% to 29%, making it difficult to imagine that it would be possible to run a profitable full-time Airbnb in Colorado Springs. As of now, no change has been made but it’s definitely something to keep in mind if you’re considering purchasing a home for the purpose running of STR.
Need to Sell Your Airbnb Property?
We’d love to help you determine if the time is right to sell your Colorado Springs Airbnb property – call/text Jeremy at 719-231-9043 or request a copy of Circa magazine to find out about the services we offer to Springs-area home sellers.
Sources
Colorado Springs City Council approves more rules for short-term rentals by Colorado Springs Gazette
Short-term rental owners in El Paso County may face huge (and expensive) changes by Colorado Springs Independent
Image by Chris Jolly, Unsplash
