It's the season for vacation fun and traveling. You may have found yourself on sites such as Air BnB or VRBO, which have become popular alternative options to staying in a hotel during your travels. These have picked up in popularity across the country. Travelers are searching for a unique experience, and staying somewhere other than a traditional hotel room adds to that experience.
With the hype of these short-term rentals, you may have found yourself curious about investing in one to host yourself. It is a way to earn some extra income on the side if that is what you are looking for. Springfield MO recognized the demand for these short term rentals and recently passed a bill covering the regulations of hosting these short-term rentals in our hometown. Before investing, it would be best to inform yourself about these regulations to ensure that this investment will be the right one for you.
Springfield has placed short-term rentals into 3 different categories:
Type 1: These are owner-occupied and cannot be rented out for more the 95 days throughout the year without the owner present.
Type 2: These are not owner-occupied primary residences or are rented out for more than 95 days out of the year without the owner present. This type requires a short term rental permit that you must purchase from the city.
Type 3: These are not located in residential single-family or residential townhouse zoning districts, but rather is placed on a premise. A certificate of occupancy is required to be purchased by the city along with a business license.
It is best to know exactly which route you want to go, determine that type of short term rental the city considers your property and how much you are willing to invest into it. To access the bill itself, CLICK HERE.
For more general information on Air BnB's, CLICK HERE.