Short-Term Rentals Boost Colorado Mountain Economies

Short-Term Rentals Boost Colorado Mountain Economies While Catering to DiverseTraveler Needs, New Study Finds

FOR IMMEDIATE RELEASE

Breckenridge, CO (February 14, 2024) – A new study commissioned by the WesternMountain Resort Alliance (WMRA) and conducted by RRC Associates and Inntopiareveals the significant economic and social contributions of short-term rentals (STRs) inColorado's mountain communities. Examining the impact in Summit County, the studyhighlights the positive role STRs play in supporting local businesses, creating jobs, andproviding diverse accommodation options for visitors.

Key Findings:

• Economic Engine: STRs generated $1.7 billion in visitor spending in SummitCounty in 2022, supporting nearly 7,693 jobs and $103.2 million in local andstate tax revenue.
• Small Business Boon: STR guests inject significant funds into local businesses,spending an average of $607 per stay on lodging, restaurants, shops, andactivities.
• Diverse Traveler Preferences: STRs offer a variety of accommodation options,catering to different budgets, group sizes, and travel styles, attracting visitorswho might not otherwise visit the region.
• Responsible Management: The study emphasizes the importance ofresponsible property management practices in ensuring STRs contributepositively to communities.
• Housing Market: The study found that STRs were unlikely to be a major causeof increased housing prices in 2018-2022. Additionally, STRs generate moreeconomic activity – and more funding for affordable housing – than secondhomes that are not used as STRs.

Policy Recommendations:

The study acknowledges concerns about potential negative impacts of STRs, such asnoise disturbances and impacts on affordable housing availability. However, itrecommends balanced regulations that recognize the benefits of STRs whileaddressing community concerns. This includes:

• Collaborative stakeholder engagement between property owners, residents,and visitors to develop responsible regulations.
• Data-driven policymaking based on comprehensive research and analysis.
• Fair and transparent permitting processes that are easy to navigate for property owners.

• Focus on responsible management practices such as noise control, parking regulations, and guest vetting.

“This study confirms that short-term rentals play a valuable role in sustaining ourmountain communities,” says Scott Blackwood, President of WMRA. “We remain

committed to working with stakeholders to ensure responsible growth and a vibranttourism industry that benefits everyone.”

‍

Call to Action:

The WMRA encourages policymakers and the public to engage in constructive dialogueabout short-term rentals, based on data and the specific needs of each community. Byworking together, we can ensure that STRs remain a valuable contributor to Colorado'seconomy and communities, while respecting the quality of life for residents andpreserving the unique character of our mountain towns.

About the Western Mountain Resort Alliance (WMRA):

The Western Mountain Resort Alliance is a collective of REALTOR® associations inmountain resort communities across the western US. The mission of WMRA is toimprove the quality of professionalism and performance of association membersthrough collaboration, progression, education, and advocacy. WMRA promotes realproperty ownership and works to improve the quality of life within its uniquecommunities.

About RRC Associates:

Founded in 1983, RRC Associates is a leader in the tourism, travel, recreation, andhospitality industries. RRC Associates provides a broad range of market research, landuse planning, real estate, customer satisfaction, and media and communicationsresearch services. Their focus is on providing high-quality, customized market research,planning, and analysis services to our clients.

About Inntopia:

Founded in 2001, Inntopia develops software for the resort and destination travelindustries. Their marketing CRM, ecommerce platform, and business intelligenceproducts are used by hundreds of resorts, hotels, and destinations across the worldincluding Vail Resorts, Alterra Mountain Company, Grand America Hotels and Resorts,Palmetto Dunes Oceanfront Resort, and Big Cedar Lodge.

Contact:

Jack Greacen / Kelli Walker StarrettWMRA Government Affairs Directorsjackg@aegpa.com / kellis@aegpa.com

‍