A Hot Topic for Lake and Waterfront Home Owners:
Short Term Rentals
by Lon Nordeen
Pleasant Lake P.O.A.
Michigan Waterfront Alliance
This issue has generated a considerable amount of interest and debate in Michigan recently and there are a number of good reasons for all of the controversy. First is the accelerating trend toward owners of residential homes, second homes, cabins, condominiums and other residential dwellings (many located on or near lakes or other water bodies) offering their property out for daily or short- term rental to secure additional cash flow through programs like Air BNB, VRBO, Home Away or other concepts which are often scheduled on the computer through third party agencies. This is a different concept than the older rental models we have long seen with weekly to monthly vacation rentals or other housing deals for longer term use by a single family or group that sign a lease.
There are pros and cons associated with this short-term lease concept:
Pro: property owners have the opportunity to expand their revenue sources and more use of their residence. Realtors and other groups also benefit. The consumers benefit as they have additional short-term housing options outside of traditional hotels, motels, bed and Breakfasts etc.
Con: Noise, increased traffic and activity, rentals may change character of neighborhood, lack of control, possible real or perceived impact on property values, lake/water impact.
To read the full article and the proposed legislation, click here
This article is from the September 2017 MLSA newsletter.