In a move aimed at regulating short-term rentals (STRs) within the city, the Georgetown City Council has officially approved the launch of a new STR program, which will take effect on November 1. This program is expected to impact homeowners who rent out their properties or individual rooms through popular platforms like Airbnb and VRBO.

Understanding the New Regulations

Under the forthcoming regulations, all STR operators will be required to register their properties with the city. This process involves not only completing a registration form but also distributing a notice to neighbors informing them of the rental activity. Furthermore, property owners must collect and remit local Hotel Occupancy Taxes (HOT) to the City of Georgetown.

The city emphasizes that the primary objectives of this program are to enhance neighborhood quality of life, ensure compliance with registration and tax payments, and foster better communication between the city, STR owners, and their neighbors. Officials believe that these measures will help create a more harmonious living environment while also providing transparency in the rental market.

Registration Fees and Waivers

The initial registration fee for STR operators will be set at $100. However, to encourage compliance and streamline the registration process, the city has announced that any property owner who registers between November 1 and January 1, 2025, will have this fee waived. This incentive aims to motivate homeowners to register early and contribute to the city’s efforts in managing STRs effectively.

Importance of Compliance

Georgetown city officials have reiterated the importance of adhering to the new regulations, stating, “Operating a short-term rental without proper registration and permits is a violation of the City’s Code of Ordinances.” This strict enforcement is designed to ensure that all STR owners are held accountable for their rentals and contribute to local revenues.

Current Landscape of Short-Term Rentals in Georgetown

As of September, Georgetown has reported a total of 285 active STR listings. However, data indicates that only around 30 of these listings are currently paying the required HOT. This discrepancy has prompted city officials to take a closer look at the STR landscape. They estimate that if all STRs complied with tax regulations, the city could potentially generate more than $250,000 in annual revenue.

Looking Ahead

The introduction of the STR program marks a significant step toward better governance of short-term rentals in Georgetown. By establishing clear guidelines and fostering communication between residents and rental operators, the city aims to enhance the quality of life in neighborhoods while also ensuring that local taxes are paid.

Homeowners interested in renting their properties should take note of the upcoming deadline and ensure that they register their STRs as soon as the program launches. For more information on the registration process and further details about the program, residents are encouraged to visit the City of Georgetown’s official website.

As Georgetown prepares for the implementation of this new program, it remains focused on creating a balanced approach to short-term rentals that benefits both homeowners and the community at large.