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Article Title

Can Restricting Property Use Be Value Enhancing? Evidence from Short-Term Rental Regulation

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309

Abstract

Short-term rentals, private residences where tourists stay, have become ubiquitous over the past decade. Many communities are divided over the trade-offs between a property owner’s rights and nuisance problems created by transient populations in residential neighborhoods. This paper empirically examines the effects of regulation restricting short-term rentals on property sales prices, using a unique data set and policy experiment from Anna Maria Island, Florida. We show that nonresident ownership of properties on the island decreased following the rental regulation and that the regulation decreased property values except in areas where the density of non-resident-owned properties in a neighborhood was quite high.

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