Justin Kray 
Member since Oct 21, 2016


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Re: “Short-term rentals in New Orleans get City Council approval

Let us process the implications of what City Council approved this afternoon regarding Short-Term Rentals (aka AirBNB, VRBO, Homeaway, etc)
At an average price of $160 per night, rented out 90 days a year (the adopted legal limit), an AirBNB host would make $14K. Hosts can rent up to 3 separate rooms in a whole-home "temporary" rental house, which translates to $42K per year. The expected income from a long-term renter for a double shotgun would be approximately $18-24K. The economic incentive is clearly in favor of STR conversion.
What's more, the Council voted against any requirement that the hosts only do STRs within their own home (through a homestead exemption certificate), which means hosts can continue to branch out and gobble up multiple rental properties.

4 likes, 1 dislike
Posted by Justin Kray on 10/21/2016 at 1:11 PM

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