As Fort Worth leaders discuss new regulations on short-term rentals, a study shows that the average revenue generated by listings in the city has taken an 18 percent hit since last July while hosts in other Texas metros saw significant growth.
Fort Worth has 982 short-term rentals listed on Airbnb and Vbro, according to the index by AirDNA released Tuesday. Fort Worth’s short-term rentals had the biggest year-over-year revenue loss of the 25 largest metropolitan cities in the country.
Beginning March 2, 2018, the city prohibited short-term rentals in areas zoned for neighborhoods. During their Tuesday work session, the city council discussed requiring permits for these rentals as well, according to initial reporting from the Fort Worth Star-Telegram.
Permitting isn’t out of the norm for other Texas cities.
Austin, which has nearly 10 times the listings of Fort Worth, requires short term rental owners to obtain a new license each year. San Antonio also requires hosts to register with the city.
Austin and San Antonio both saw revenue growth year over year for their average rental. From July 2018 to July 2019. Austin saw an 8 percent growth in the average short-term rental’s revenue. During that same time frame, San Antonio saw a modest .4 percent increase in revenues, the study showed.
The only other city in the state that saw an increase was Dallas. The city’s short-term rental revenue grew nearly 9 percent year over year, the third-highest growth of all the nation’s top metros.
Dallas has no official regulations on short term rentals outside of requiring them to pay Hotel Occupancy Taxes, according to the city’s website.
The study by AirDNA was used seasonally adjusted mean revenue of all the short-term listings on both Airbnb and Vbro. The largest cities were determined based off population and the number of short-term listings.
Source - Bizjournals.com
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