News
Short-Term Hospitality Good For Local Economy
Short-term residential rentals contribute to the local economy, says a new study from DU. The university's school of hospitality management did a study of VRBO (Vacation Rentals by Owner) users in Denver and found that local short-term renters garner more than $13M per year, and visitors who stay in those units spend more than $21M per year beyond rent and transportation.
If the city's lodging tax had been applied to these rentals, it would have generated about $2M in tax revenue, the Denver Business Journal reports. A proposal is before the Denver City Council that would legalize the practice of renting out a home for fewer than 30 days, if that home is the owner's primary residence. [DBJ]
