Of all places to run your vacation rentals, Vail tops the list! With a strong market comes a good chance of being successful, but of course there are some rules to play by. Don’t miss out on these key regulations when renting your place out.
What Counts as a Vacation Rental
To know whether or not the rules apply to you, it’s crucial to understand what qualifies any rental as a “vacation rental”. Technically, a vacation rental is anything rented for less than 30 days. This is also commonly referred to as a “short term rental” in legal nomenclature. Whether or not you are within Vail’s city limits is important too, as many rentals advertise they are in “Vail” but are really in surrounding areas with different regulations.
What Are Vail’s Vacation Rental Regulations?
You may find everything you need on Vail’s page, but we’ll lay it out for you here too! One of the most important regulations to know about is the “Agent” rule. When renting out your home in Vail, it is a requirement to have a designated person responsible for complaints and problems that arise during operation. Whether a friend, family member, or person for hire, the assigned individual must respond to any problem within 60 minutes. It’s also important to note that any income made from short term rentals is subject to Colorado State Income tax (4.63%), Sales Tax (2.9%), and Vail’s Lodging Tax (1.4%).
Thinking of breaking the rules? Whether you break them on purpose or by accident, Vail has a violation fine schedule that results in a 2 year revocation of your short term rental license after 3 strikes. In the case that you receive a strike, the first strike costs $500, the second costs $1,500 and the third costs a whopping $2,500!
Regulations Exist for a Reason
Just like any rule, law, or other restriction, vacation rental regulations are important in preserving the industry! Some of the regulations such as taxes help keep Vail the beautiful destination it is. Although taxes may seem like a pain, if it wasn’t for the amenities they pay for, then not as many people may want to visit. Regulations also set out certain safety standards that protect guests and neighbors! Though they may seem like a hassle, the regulations serve to create a more consistent experience for guests, and in turn help hosts.
At first the regulations may seem daunting, but over time they become easier to understand and manage. Looking for someone to do it for you? Contact us today!