AirBnB a viable option for Owner-Occupants?
Hey guys,
Have been lurking here for a while and getting closer to making my first offer. Reached out to some super helpful people on this board and thought I'd get the community's feedback on this one.
I've narrowed my search to JC due to AirBnB laws changing in support of owner occupants. My assumption is the inventory will get lower as units come off the market due to this requirement, making it a great market for those who can comply. In addition, I recently looked at building where 2 of 3 units are generating more income than long term rentals...consistently for multiple years.
Would love to hear feedback from those who are current hosts and those who are thinking of have thought about it in the past.
- What am I missing?
- If I purchase a 3-4 family, is there any friction when getting permits for Short Term Rentals?
- Experiences as a host from a financial and management standpoint?
Here is the information I currently have about this, which seems comprehensive:
https://www.airbnb.com/help/article/2682/jersey-city-nj
Here is the FAQ for the form:
https://www.cityofjerseycity.com/UserFiles/Servers/Server_6189660/Image/City%20Hall/Housing%20Economic%20Development/HousingPreservation/FAQ%20-%201-3-20.pdf
Thanks and excited to be here!