More STR regulation efforts in Salt Lake?

[Rob Arthur]

Long-time podcast listener, first time to post here. I came across this article about the recent Salt Lake City Council budget amendment that includes money for the city to monitor STRs via some type of software. As an investor with mixed STR and MTR units, I'm curious how you guys think this could impact the future STR market here in SLC? Would a cease and desist letter be the first warning for an STR if the city actually tried enforcing it?

I'm not too worried personally about my properties because the numbers work out for STR, MTR, and LTR, so I have escape routes, but the 1-2 week bookings during winter and summer have been a better path for me than just doing LTR.

Article link below:
https://buildingsaltlake.com/city-bulks-up-its-enforcement-o...

[Bonnie Low]

Many larger cities have done or are doing the same thing. They all seem to be going about it differently. Some grandfather in existing units but make owners go through a permit system. Some open a limited number of permits and throw everyone into a lottery system. Some ban STRs all together. It's really hard to know what direction your city council will go in but it's advisable to try to talk to someone in the City planning department to get a read on the council's sentiment and to ensure you are at council meetings where it's going to be discussed. 

[Jeremy Jareckyj]

I did see this article. Was curious is anyone could find the actual information about the budget amendment on the state's website. I am hesitant to believe this article but anything is possible.

[Ryan Davies]

I've had one of mine shut down in Salt Lake but it was because the neighbors kept complaining.

[Max Bradshaw]

@Rob Arthur, I've been investing and living in Utah my entire life. Would definitely avoid salt lake city as a short-term rental market. That goes for most big metro cities across the country outside of some in the south. 

There still are profitable markets in Southern Utah that I'd explore. I own and operate one currently and I'm still able to cashflow with my crazy 7.8% interest rate. Feel free to send me a message if you're interested in exploring