This just in from ALTITUDE Realtors:
Summit REALTORS® (now part of Altitude REALTORS) worked with the Western Mountain Resort Alliance (of which both Summit and Steamboat are members) and the National Association of REALTORS to commission a comprehensive study by RRC/Inntopia on the economic impacts of STRs, STR regulations, and whether restrictions on STR’s created more workforce housing. It was extraordinarily important to us to work with a research firm that is respected by our local governments and would provide an unbiased study. We wanted to know the facts and know our elected officials and staff do, too. Here are the Summit results. The full study will also analyze Pitkin County and Teton County. Those reports are not quite ready yet, but there will be a full comparison of the three communities forth coming.
Below is the press release and link to the study.
A new study commissioned by the Western Mountain Resort Alliance (WMRA), with financial support from the National Association of REALTORS®, and conducted by RRC Associates and Inntopia, makes an unbiased review of the economic activities surrounding short-term rentals (STRs) and reveals the significant economic and social contributions STRs have in Colorado’s mountain communities. Examining the impacts in Summit County, the study highlights the positive role STRs play in supporting local businesses, creating jobs, and providing diverse accommodation options for visitors.
Key Findings: Economic Powerhouse:  STRs contribute significantly to local economies, generating millions in tax revenue and supporting thousands of jobs. The study estimates that STRs in Summit County generated over $1.7 billion in economic activity in 2023, directly supporting 7,693 jobs.
Diverse Accommodation:Â STRs provide flexible and varied accommodation options, catering to a wider range of traveler preferences and budgets than traditional hotels. This diversity benefits both visitors and local businesses, ensuring a strong and sustainable tourism industry.
Responsible Management:Â The study emphasizes the importance of responsible property management practices to ensure STRs integrate seamlessly into communities. WMRA advocates for regulations that balance the interests of property owners, residents, and visitors, promoting responsible growth and fostering a positive tourist experience.
Housing Market: The study found that STRs were unlikely to be a major cause of increased housing prices in 2018-2022. Additionally, STRs generate more economic activity – and more funding for affordable housing – than second homes that are not used as STRs.
Policy Recommendations: The study recommends that regulations for STRs should balance the interests of property owners, residents, and visitors to foster sustainable tourism development. Further, WMRA recommends the following:
Collaborative Approach:  WMRA urges policymakers to work collaboratively with stakeholders, including REALTOR® Associations, to develop balanced regulations that support responsible STR growth while addressing community concerns.
Data-Driven Decisions:Â Â The study underscores the need for data-driven policymaking to ensure regulations are based on accurate information and tailored to specific community needs.
Education and Support:Â WMRA recommends ongoing education and support for property owners and managers to ensure responsible practices and compliance with regulations.
WMRA President Scott Blackwood stated, “This study provides valuable insights for our members and policymakers. By understanding the positive impacts of STRs, we can work together to create regulations that support responsible growth and ensure that everyone benefits from a thriving tourism industry.”
WMRA encourages you to review the full study and engage in discussions about the responsible development of short-term rentals in your communities. The full study can be found at https://wmra.online/news/.
Contact: Jack Greacen / Kelli Walker Starrett WMRA Government Affairs Directors [email protected]Â /Â [email protected]
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