STR is the term of art for Short Term Rentals – think Airbnb. Illegal, commercially operated STRs affect the breadth of the DC housing market, from affordable units to luxury housing, and DC Attorney General Karl Racine just announced that he was looking into potentially illegal STRs at 33 different D.C. buildings operated by 19 different entities.
Here are a few eye-popping stats to consider:
• 67% of Airbnb Listings Are Illegal – Of the 5,295 Airbnb listings (as of July 20 2018, there were 7,788 listings), 67% are likely illegal entire-home/apartment listings (that percentage is now 68.4%). These units remove housing from the rental market.
• 37% of Listings Are From Commercial Operators – Nearly 2,000 listings, or 37%, are commercial listings rented out by operators with multiple listings.
• The majority of Airbnb’s Profits Are From Commercial & Illegal Listings – 52% of Airbnb’s total annual revenue was generated by commercial hosts, and 82% of revenue came from likely illegal entire-home listings.
A new campaign – “It’s Time, D.C.” -- is calling on the DC city council to pass short-term rental law to protect housing. Here’s a short video they released last week
This week’s guests:
Yukia Hugee, single mother featured in video
Kenyan McDuffie, Ward 5 Councilmember, bill sponsor “Short-term Rental Regulation and Affordable Housing Protection Act of 2017”
Andrew Cassedy, Bartender, St. Regis, Unite Here Local 25 member
CREDITS: Produced by Chris Garlock; engineered by Mike “The Man” Nasella