On August 24, 2021, the Breckenridge Town Council instructed staff to create legislation that would cap the number of short term rental permits to 2,200. Currently there are 3,945 short term rentals with approximately 1,500 of those being part of condo-tel or resort properties. Condotel condos will be exempt from this rule meaning there will not be a restriction on the issuance of short term rental permits. That leaves around 2,400 active short term rental licenses.
The Town Council will not be taking away any licenses, but will look to reduce the total number of licenses through attrition. When a property is sold, the STR license will not transfer with the property. If there are more than 2,200 active licenses, the property will not be able to get a STR license.
There is no information on how STR licenses may be issued in the future. Anyone in Breckenridge can get a STR license now before this rule takes effect.
What does this mean for our real estate market? Watch the video to learn more. I predict this will impact the sale price of properties by 15-20%.
There are a number of groups opposing this proposed legislation. If the Breckenridge Town Council decides to move forward, there will be two readings of the new legislation with the new rule taking effect November 5.