DENVER (KDVR) — Denver short term rentals are rising in popularity after a difficult year brought on by the pandemic.
According to the City and County of Denver, short term rental licenses plummeted more than 20% in 2020 due to the rise of COVID-19. However, this year is already seeing buyer optimism. There has been a 4% increase in local short term rental licenses, with more predicted to come this summer.
Buyers in the Denver housing market are looking to generate more income as interest rates remain low. Many of these buyers have turned to short term rentals to create this extra income.
“There are a lot of people that love to come to Denver, it’s a great tourist attraction,” said Kevin Abruzino, owner of KGA Properties in Denver.
Abruzino told the Problem Solvers that renters are looking for properties close to downtown attractions, or have easy access to the high country.
According to KGA Properties, being patient and flexible is the key to buying short term rental properties in the Denver area. Some home owners are even converting garages and carriage houses into rental spaces.
For those considering creating a short term rental in Denver, the City and County of Denver recently started requiring a license. Failure to acquire a license can result in a $999 fine. A short term rental owner’s primary residence must be used for listings.
A short term rental license can be taken away if serious health and safety violations are reported.