Our community, along with many resort communities, have lost many local workers at the inception and during COVID. Shifts in where people live and work have quickly changed the fabric of our local residents and workers. Many remote employees have decided to live in Summit County. Many sellers who were long term renting their properties are selling to take advantage of historically high sale prices. If you have been to Summit County recently, you may have noticed that many retail businesses and restaurants are closed or not operating at full capacity. The conversation has become intense as colliding interests of locals, employers, tourists, ski resorts, property owners, government and business present a myriad of issues with no easy solutions.
For background, in Summit County, there are 32,085 residential units. Deed restricted units (locals must own/occupy) account for 2,079 units, leaving 30,006 market rate units. According to Chalet, there are 7,451 properties in Summit County on AirBNB. This constitutes 24.8%, or about one quarter of properties. There isn’t a data source to confirm the number of all short term rentals in Summit County. Many argue that limiting or restricting further Short Term Rental licenses will provide more housing for locals. Others argue that short term rental properties should be taxed like commercial hotels, thus resulting in less income for owners and perhaps encourage them to rent long term to locals.
While Summit County and local municipalities haven’t decided to put a moratorium on short term rental licenses, the topic does remain on the table. A local Frisco resident is bringing a petition to put restrictions on short term rentals on the ballot.
We have been watching this issue carefully and have collected a number of resources in this document. If you have questions or want to hear more about this topic, let me know and we will continue to cover this important issue.
Short Term Rental Articles and Resources
Summit Daily Article: Latest report shows signs Summit County’s real estate market might be stabilizing
Lots of great #’s in this article (Dated July 31)
- Average price of a resale single family home is nearly $1.4 million.
- In June, there were 245 residential transactions totaling well over $255 million in gross sales volume:
- 77 were priced at over $1 million
- 194 were priced over $500,000.
- 27% of the transactions were bought by locals for June.
- 45% were bought by people living in the Front Range
- 28% were bought by people living out of state.
- 105 were Texas buyers
- 48 were Florida buyers
- 31 were California buyers
Workforce housing concerns.
Illegal STR’s in Grand County
Fact: 915 active short-term rentals in unincorporated Grand County, which is the county north of Summit County. Over half of Grand County’s short-term rentals — 493 units — are unregistered.
Next steps in housing strategies: Key Players
Summit County staff outlines strategies to mitigate affordable housing ‘crisis’
Summit officials hope to strike a balance with short-, long-term housing needs
Letter to Editor: Poll shows residents oppose rental limits
Opinion | Kim McGahey
Mountain Town STR Moratorium
Vail rejects STR Moratorium
Summit County Census
- Total residential units in Summit County: 32,085 (as of 2019)
- Summit County deed restricted units: 2,079
- Total STR licenses in Summit County: 4,230**
**ACCORDING TO CHALET – There are 7451 active rentals
2020 Abstract of Assessment
Natural Gas Dilemma
Crested Butte Case Study