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
Missouri lawmakers are working to create legislation that will protect short-term rental owners ahead of the upcoming World Cup. This legislation aims to address potential issues and provide support for STR owners during the event. Details about the specific protections and their significance are still emerging, but the effort highlights the growing importance of STRs in major events.
Missouri lawmakers are advocating for protections for short-term rentals, signaling a potential shift in the regulatory landscape. The push suggests growing recognition of the economic impact of STRs within the state and aims to create a more favorable environment for hosts. Stay informed about these potential legislative changes and their effects on your business.
The Ocean City Council has reversed its short-term rental moratorium, signaling a potential shift in local regulations. This change may open up opportunities for new and existing hosts in the area. Hosts should stay informed on local ordinances to ensure continued compliance.
Curated by Learn STR by GoStudioM