Are you thinking about purchasing a property to rent out as an Airbnb in the Charleston area? If so, you should know the new rules just released.
If you are looking to buy a property and use it as an Airbnb, it is important for you to know the new rules which Charleston is going to enforce. So, which new rules are being imposed on short-term vacation rentals?
There was a great article in The Post and Courier from April 11 about the new rule that’s being imposed. Here’s an excerpt:
“Four years ago, as short-term rentals were just sprouting up throughout Charleston, one of the city’s only options to enforce its ban on them was to set up online sting operations.
A handful of livability officers would pose as visitors on booking platforms, such as Airbnb and HomeAway, to find listings where short-term rentals weren’t allowed.”
Basically, short-term rentals got out of hand. Everybody was Airbnb-ing, and there just wasn’t enough manpower to crack down on people using Airbnb illegally in our city. So, the city decided to go ahead and enforce some rules.
The new rule states that full-home rental is not allowed except for in certain areas. To rent out a space otherwise, you have to inhabit the property while the tenants are there, except for the areas of Elliotborough and Cannonborough, where the property also has to be commercially zoned.
If you are looking to buy a property that has these rules in place, keep in mind there are some taxes that are going to be imposed. You also will have to get a city business license and pay accommodation taxes.
Many of our clients look outside of the City of Charleston to Isle of Palms, Folly Beach, Kiawah Island, and Seabrook Island, which do allow short-term rentals.
If you have any further questions about this, you can contact the City of Charleston directly, or you can just contact my team. As always, if you have any further real estate questions, don’t hesitate to contact me. I look forward to speaking with you.