A New STR Law Cut Our Max Occupancy by 40% (Freewyld Update)
Summary
This article discusses how a new STR law in Riverside County significantly reduced occupancy for Freewyld's properties, forcing them to adapt their business model. Hosts need to be prepared for changing regulations that can impact their guest capacity and overall operations and profitability.
Key Insights
- •A new STR law in Riverside County decreased guest capacity, forcing a business model change.
- •The article suggests that regulation can be a catalyst for innovation and brand strength.
Action Items
- ✓Hosts should adapt their operations, brand story, and pricing models to survive local regulation changes.Effort: mediumImpact: high
- ✓Hosts should stay compliant with fast-changing STR laws.Effort: lowImpact: high
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/report)
Common Mistakes
- ⚠Failing to adapt to new regulations can lead to decreased profitability and potential operational challenges.
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.
Curated by Learn STR by GoStudioM