By Cody Brinkman, Nebraska Home Sales Associate Broker
There has been a lot of buzz around the topic of short-term rentals here in the capital city. As of March 7th, 2019, a bill championed by Senator Adam Morfeld that both legalizes and protects short term rentals has been passed into law. This is in stark contrast to what most major US cities have done, and, personally, I think it’s a move in the right direction. This opens the door for investors brave enough to take the plunge of becoming hosts!
But don’t think this is just a good thing for the investors. This is also a great thing for patrons of our great city. These short-term rentals (that I’ll refer to as BnB’s) offer guests of our city a much wider variety of places to stay then just the typical hotel. Most travelers that I host are very attached to their furry companions, and up until the advent of house sharing, they were very limited on where they could lodge. I routinely receive compliments that my guests would much rather stay in a BnB then a hotel, if given the choice.
Don’t think that I forgot about the home owners of Lincoln, you will benefit from this as well. The majority of Lincoln’s BnB’s are located within a 10-minute drive of the city center. Many of these neighborhoods are older and could use a little love. The best of these BnB’s are typically renovated to a top-notch level to attract as many guests as possible. I believe this is a trend that will continue as more people are introduced to the concept of house sharing and investors seek higher then average returns.
What I mentioned above will help set new bench mark values for what a given neighborhood will support. Thus, increasing values of the surrounding homes. Over a long enough period, this will have a positive affect on home owners’ bottom lines and net worth. Nobody likes paying more taxes, but a legitimate increase in your net worth based on increased property value opens the door for all kinds of opportunity. Give your REALTOR® a call to start exploring your opportunities.