In the popularity boom Nashville has seen in recent years, the number of hotel rooms cannot always accommodate the number of visitors Nashville experiences in a year. In 2015, tourism grew by five percent, resulting in an industry that brought in $1.6 billion in state and local tax revenue.
Understandably, many rental property owners want to take advantage of this boom by renting their homes and rentals by using sites such as Airbnb and VRBO to provide extra lodging options for Nashville-bound tourists.
What is a Short Term Rental?
A short-term rental is defined as the renting out of a furnished home for a fee and is rented for 30 days or less. You can either live in the home or just own the home but not live there. It does require a permit through Davidson County. To learn more about what a short-term rental means and the current regulations, visit here.
Metro Council and a moratorium on short-term rentals?
Now the Metro Council is considering a moratorium on short-term rentals in Nashville. However, if you already have a short-term rental permit in Davidson County, you can breathe easy. This moratorium will only apply to accepting new permit applications. You are also exempt if you live in the home while renting it out.
The council members, Sheri Weiner and Burkley Allen, will propose the moratorium because they feel the city, county, and community need to give time to the research and thoughtful consideration to all constituent concerns both for and against more regulations around short-term rental properties. They aren’t ready to propose an outright ban, and feel a moratorium for any new short-term rental properties to come onto the market will allow Metro Council time to assess the community’s needs.
This issue is one of great contention for Nashville and part of the typical growing pains in a digital age.
What Action Should You Take?
If you’ve been interested in getting a permit to start short-term renting, you will want to take action sooner rather later as the Metro Council will be voting for a moratorium on February 7th.
No matter if you are for or against short-term rentals, or simply want to understand more about what is happening in your community, attend the Metro Council meetings and express your concerns, opinions, and thoughts to your council member.
Let your voice be heard.