Resort’s owner sues Myrtle Beach over new short-rental ordinance, claims $6.5M in lost profit - WBTW
Summary
A resort owner in Myrtle Beach is suing the city over a new short-term rental ordinance, claiming a loss of $6.5 million in potential profit. Hosts in Myrtle Beach and similar markets should monitor local regulations closely to understand the impact on their business and potential legal ramifications.
Key Insights
- •The resort owner claims a $6.5 million loss in potential profit due to the new short-rental ordinance.
Action Items
- ✓Hosts should stay informed about new or changing short-term rental ordinances in their area.Effort: lowImpact: medium
Common Mistakes
- ⚠Failing to comply with local short-term rental ordinances can result in financial loss.
More from Regulations & Compliance
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A 21-unit vacation rental in Dunedin, Florida, has been approved, signaling potential growth in the local short-term rental market. This approval could lead to increased accommodation options for tourists visiting the area. This news could also influence local regulations.
St. Louis aldermen have approved a short-term rental fee, though a legal battle over existing rules continues. This indicates a focus on regulating the STR market within the city. Hosts in St. Louis should be aware of these new fees, which may impact their profitability. Find out how this affects your STR business.
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