Vail Daily letter: How do you recoup thousands of lost long-term rentals?
On June 15, in the Vail Daily on page A4, the article “Vail to discuss policies on short-term rentals” states, “This has resulted in 310 business licenses issued to individuals by the town for short-term rentals and another 620 units represented by property management companies.” Also, the article states, “However, an independent study commissioned recently by the town estimates another 1,400 properties doing business without a license,” for a total of 2,330 units being used as short-term rentals.
Now, I grant you not all of these units were being used as “long-term” rentals, but a lot were. So the available rental market is shrinking pretty fast. But the day is coming sooner than you think that long-term rentals will be a thing of the past in Vail. And what with the newest “employee housing” to purchase starting in the neighborhood of $250,000 and rising to $750,000, the law of supply and demand dictates that rents for the few available rentals will be going up accordingly.
Of the people who really keep Vail running, more will be living outside of Vail, so busing and parking will be that much more important. We’ll have to wait until those same numbers come in for Avon to see just how far downvalley they’ll be living.
Already, vast numbers of people commute from Leadville, Red Cliff, Minturn, Avon, Edwards, Eagle and Gypsum. Using Aspen as a model, the day is coming soon that few, if any, employees will be able to find a place to rent and then be able to pay the rent once they do.
The town of Vail has built employee housing in the past and continues today, but there just isn’t a way to recoup 2,330 units coming off the long-term market — I’m just saying.