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Do Appraisers Have What It Takes to Value Short-Term Rentals?
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As cities across the country grapple with the rise of platforms like Airbnb and VRBO, the implications for the property industry are becoming more complex. How do you accurately value a property that doubles as a business? What happens when local regulations change?
Despite the lingering questions in the industry, the rising demand for vacation homes and the allure of short-term rental platforms have carved out a significant niche in the market.
However, their increasing popularity brings new challenges, particularly for appraisers, lenders, and underwriters who must navigate the complexities of valuing these unique assets.
As housing affordability concerns grow and the U.S. faces a persistent housing shortage, some communities are clamping down on short-term rentals and imposing stricter regulations. Yet, despite these restrictions, short-term rentals are far from disappearing. Instead, they’re evolving, requiring a fresh approach to property valuation that considers not just the physical attributes of a home, but its potential as a revenue-generating business.
In This Episode:
2:19 – Why are short-term rentals (STR) currently a hot topic in the appraiser industry?
3:38 – Why does the business aspect of an STR make it unique for valuation?
8:34 – What happens when an owner-occupied property is turned into a STR? Does the valuation change?
10:00 – Can any appraiser value an STR?
12:52 – How do 1007 forms apply to STRs?
16:08 – Erika Stanley does the numbers in the housing market in The Sip.
17:28 – What happens if a homeowners association steps in and determines that STRs are no longer allowed?
20:01 – What does the process of getting a loan on a STR look like?
22:45 – Where are things headed for appraisers looking to value STRs?
25:32 – Erika Stanley reviews natural catastrophes and extreme weather events across the world.
Up Next: Appraising PropTech Innovation: Do Short-Term Changes Have Long-Term Effects?
Links:
- Marshall & Swift®: Foundational Property Valuations
- Hazard HQ Command Central
- Read CoreLogic Intelligence
Find full episodes with all our guests in our podcast archive here: https://clgx.co/3HFslXD4 Copyright 2024 CoreLogic
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