Albuquerque real estate market, short-term rentals (STRs) can impact your house’s marketability. Let’s delve into their role and impact:
- Housing Crisis and STRs:
- Albuquerque is currently grappling with a housing crisis. As our population grows, safeguarding our limited housing stock for local families and future homeowners is crucial for long-term prosperity.
- While STRs contribute to the city’s economy, it’s essential to prioritize local community members who host these rentals. Striking a balance between tourism and housing availability is vital1.
- Maximizing Access for Locals:
- Shelter is a basic necessity, and an adequate housing supply is integral to equity, public safety, workforce stability, and economic development.
- The city aims to:
- Remove barriers that encourage repurposing properties into more long-term housing.
- Mitigate excessive utilization of potential permanent dwelling units as STRs.
- Prioritize residents’ dire need for available housing by establishing reasonable limits1.
- Proposed Changes:
- The proposed changes include:
- Requiring all STR units to have a local property manager available within 20 miles to address maintenance and security concerns.
- Limiting STR permits to three per natural person.
- Capping the citywide STR permits at no more than 1,200 based on the current monthly average of active STRs.
- Increasing civil penalties for non-compliance with the ordinance1.
- The proposed changes include:
- Local Perspectives:
- Some city councilors emphasize the need to protect existing housing stock and ensure access to safe, stable homes for residents and future residents2.
- These measures aim to strike a balance between economic benefits and housing availability, fostering a healthier housing market in Albuquerque.