Having a broker who understands the STR landscape is critical, here is my status update on Short Term Rentals in Summit County.
• Town limits divided into 4 zones
• Resort zone – unlimited licenses available
• Zone 1 – 400+ licenses available
• Zone 2 – projected that it will be 10+ years before new license issued
• Zone 3 – projected that it will be 10+ years before new license issued FRISCO
• Town of Frisco approved a 25% cap on Short-term rental licenses within the Town.
• On February 23, 2023, Frisco has reached its short-term rental license cap and is now implementing a waitlist for those wishing to apply for a short-term rental license.
• Area 2 - Downtown core allows 50% of inventory to have a license – small focused area
• Area 1 - Remaining residential area subject to new 10% cap – circa 400 licenses available – begs the question of why they had to impose legislation – “because everyone else is??”
• The Town believes there is plenty of room for growth in short-term rental permits. Under the proposal, there will be 740 permits available within the whole town, about 20% of approved residential units.
• Require a license. Currently no limits of caps
TOWN OF BLUE RIVER
• Currently STR’s make up 23% of all inventory
• Town council has stated that they will review when STR’s make up 28%+
UNINCORPORATED SUMMIT COUNTY
• Resort zone that includes Keystone Ski Resort and Copper Mountain Ski Resort, as well as a small parcel next to Breckenridge Ski Resort – Unlimited Licenses available. Keystone Ranch HOA just voted to prohibit STRs from June 2024
• The rest of the county is split into districts
• The significant one being the Upper Blue River Basin – High School to Hoosier Pass This area is currently at 25% of all inventory having a STR license. New ordinance will set cap at 12.5% - 18% - TBD There are some exceptions for homeowners renting out their own houses There is also discussion to set a cap of 26 total rental being allowed per calendar year instead of a nightly cap of 135 nights
• ‘Peak 7’ neighborhood homeowners have mobilized and got the attention of the count planning commission. The are recommended to the County Commissioners to include this area in the Resort Zone – allowing unlimited licenses. This recommendation was not taken up.
• Some owners in the Peak 7 neighborhood have now engaged a law firm to litigate against Summit County – they are currently looking to raise funds from County residents.
CURRENT METRICS HAVE THE COUNTY TRACKING 2019 DATA WHICH MOST IDENTIFY AS A GOOD BENCHMARK FOR NON COVID AFFECTED DATA.