As you know, at EJF Real Estate Services, we like to provide updates for the investors and landlords we work with. Today, we’re letting you know what the buzz is about in June around the local Washington, D.C. rental market. Whether you’re investing now or you’re thinking about investing in the future, we have a June update that may help you make better decisions in the present and in the future.
Short Term Rentals in Washington, D.C.
The most important piece of legislation that’s pending right now pertains to short term rentals. This may apply to you if you were thinking about renting your property out for days or weeks at a time. There are a number of established and new sites and platforms that are helping property owners facilitate this. The most well-known site is Airbnb. If you’ve wanted to rent your property out in this way rather than to long term tenants, there are some changes that will impact you.
The legislation that’s presently moving through the channels is about the short term rental licensing process. A process has finally been approved by the Washington, D.C. City Council, and it went to the mayor for final approval. The only step that’s left is to have it handed off to Congress before it’s able to be implemented locally.
Limits and Restrictions on Short Term Rentals
This new law will limit who can handle short term rentals and how you can manage them. It’s important to know what’s new and what’s required for short term rental properties in Washington, D.C. You should check out the extensive blog that’s on our website, which will provide you with a lot of great information. There’s also a link that you can use to access additional tools and resources and stay up to date on all the changes and edits to the law as it’s currently written.
Something to consider is that this law has not been funded yet. So, the local D.C. government does not have the means to control or enforce it. Executing what’s already been approved is difficult right now, but that funding will come through sooner or later. It’s better to be prepared and know what you’ll have to do.
That’s what’s happening in June. There have been a lot of other changes and nuances, but this is the most important one that you’ll need to know about right now as a landlord and rental property owner in Washington, D.C.
About EJF Real Estate Services
We’d love to tell you more about us and what we do. At EJF Real Estate, we provide professional management services for investors and landlords throughout Washington, D.C. We bridge the gap between landlords and their tenants by providing professional leasing and management services. We are passionate about what we do, and we are growing our client base. If you ever need professional management services or you have any questions about what you’ve read, please contact us at EJF Real Estate Services.