Air BnB or VRBO Your Place In Denver? 6 Things You Should Know…
I am an owner of a home in Breckenridge that we use and also rent on VRBO for over 3 years now. What has always been fascinating about Breck, is that we have always paid lodging tax to Breck quarterly. I know Denver implemented some changes on licensing for short-term rentals (STR), but if you Air Bnb or VRBO your place in Denver, here are some important tips to know:
- The property must be your primary residence. And if you own a duplex, you really only can STR the side you occupy as your primary
- If you live in a condo or have an HOA, you need to obtain permission to STR your place from the HOA.
- You must obtain a business license, and renew every two years.
- You musty collect and pay Denver a 10.75% lodgers tax on all guests you book at your place. (We have always had to do this in Breck)
- The owner is not required to be present during the STR, but must leave a welcome packet
- In person inspections are not required, but must certify their STR has a fire extinguisher, carbon monoxide detector, smoke alarm, and liability insurance to cover bodily and property damage.
Of course there are many other components to this than just these 6 things. The City of Denver has great information on their website, click here! If you Air BnB or VRBO your place in Denver, make sure you understand the laws that pertain to you. This can be a great way to supplement income and offset the cost of housing. We have had great success in Breck with our place. We are excited to think that others can effectively pay off a “second home” for us, while we locked in the acquisition price (late 2014). House hacking has it’s benefits. So if you are an investment minded individual and could see yourself buying your first or next home utilizing this benefit let us know!