Thinking of renting your place short-term in D.C.?

Here are some key factors to consider

By SCOTT BLOOM

Summer is coming, and in D.C., many homeowners turn their attention to generating revenue from their primary D.C. residence while they are away for the summer. Due to the way some D.C. employers enable staff to work remotely and permit longer vacation schedules in the nually by considering short-term rentals. Here are a few key things you should know before getting started.

In 2021 the D.C. Department of Consumer and Regula- menting and enforcing ” a law passed three years earlier for short-term rentals (AirBnB, VRBO, etc.). According to DCist, the agency started accepting license applications for short-term rentals on Jan. 10 last year and started enforcing the law’s provisions in April 2022.

According to Martin Austermuhle’s “D.C. to Start Restricting Airbnb and Other Short-Term Rentals” he wrote als, those lasting less than 30 days at a time. Under the new law, any D.C. homeowner who wants to rent out a bedroom, basement, or entire home on Airbnb or any other platform has to get a short-term rental license from DCRA. (The two-year license costs $104.50.)”

Charlotte Perry, owner of LUXbnb, a property manager specializing in furnished short-term rentals in D.C. for more than 15 years, is a trusted partner to Columbia guidance with me on short-term rentals. Her business, LUXbnb, punches above its weight in the D.C. area, bringing owners greater opportunity to realize the gains they hope to make. She brings deep insight into what you property.

Companies like hers function like any other property security deposits, departure cleaning, and any other applicable feeds on behalf of the owner. They manage turnover between guests including cleaning and any needed repairs. And at the end of each month, they release the rental income earned less the management fee and any repair costs or new purchases.

In the District, if the owner resides at the house during the rental, s/he can host short-term renters all year long with no consequence. However, if, like many of Charlotte’s clients, the owner is renting their property while they are gone during the summer or while on assignment for, say, the World Bank, those owners can only do so for a total of 90 days for the entire year. Owners like these will want to consider that under the new law, you cannot rent out your second home as an Airbnb/VRBO short term rental, and so knowing the regulations can save you a lot of headaches.

Registration Requirements

Did you know all short-term rental hosts in D.C. are required to obtain a Short-term Rental License?

“In order to operate a short-term or vacation rental in the

District, the property must be owned by an individual, and serve as a homeowner’s primary residence – with theduction. ”

To be eligible for such a license the home must be your primary residence and owner-occupied. You will need (DLCP) the following:

1. Specify whether you currently have a Homestead Exemption on the property.

2. Proof of your liability insurance with a minimum of $250,000 in coverage. (See below for more details).

3.

30 days in the property owners name must be ob-

4. The owner, or “host,” must attest to the habitability of the property.

5. If the rental is a co-op, condo, or if the property is in a community where there is a homeowners’ association, the owner must attest that the bylaws, house rules, or other governing documents of the homeowner/condo/ cooperative governing board or association allow short-term and/ or vacation rentals, do not prohibit owners from operating short-term rentals and/or vacation rentals, or that they have received written permission from the association to operate a short-term and/ or vacation rental at the address.

Once you have successfully registered with DLCP, you will be provided with a license. You will then upload this Short-term Rental License number into your property provide bookings for “under-31-nights” on your property. - ager specializing in furnished temporary stays, you can ensure that you’re operating your short-term rental legally and safely. Better yet, you can avoid any penalties or regulations.

Some factors you might want to consider on your journey to short-term rental success:

Cleaning Fee and Preparation Service

Perhaps you’ll want to have a cleaning service at-theready in case your renters have a slight disaster while they’re there. Or maybe you’ll want a service to clean prior to arrivals and directly after departures, so you can quickly turnaround the property for further rental.

Pets

Do you want pets in your home while you’re away? If so, you might want to add in an automatic post-stay pet pleasant odor removal.

Insurance/Accidental Damage

Charlotte’s company takes out a $3,000 accidental damage insurance policy on every stay in lieu of holding a damage deposit. The cost to the guest is $39 per rental. This insurance is a safe-guard for the guest, property owner and her company, of course. This insurance policy “allows for the equitable transfer of the risk of a loss, from one entity to another – in this case the insurance company. It is a simple way for all parties involved to mitigate risk, and most importantly, provides peace-of-mind.”

Liability Insurance

As you saw above, the District requires all owners to possess a liability insurance policy with a minimum of $250,000 in coverage to gain a license in the District. A variety of companies can help, according to the Motley Fool’s “The Ascent” newsletter, but some do this faster and better than others. And they even recommend ones that are best for Airbnb and VRBO rental owners. The Ascent’s best homeowners insurance for short-term rentals include the following:

• Allstate Insurance: Best for possessing a large network of agents

•ers

• Nationwide Insurance : Best for bundling policies

• Farmers Insurance : Best for vacation rentals

• Steadily Insurance: Best for getting coverage quickly

• Safely Insurance: Best for fast claims processing the option of short or mid-term rentals, do not hesitate to contact Charlotte Perry directly at 202-341-8799 or Charlotte@LUXbnb.com

Scott Bloom

is senior property manager and owner of Columbia Property Management. For more information and resources, visit www.ColumbiaPM.com.

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