Geneva City Council continues to seek consensus on regulating the rapidly growing short-term housing market, including companies like Airbnb and Vrbo. Unlike many municipalities, Geneva has not yet adopted any regulations for these rentals. The city’s real estate developers and property owners have been choosing to create profitable short-term options, causing concern for the long-term and owner-occupied housing market.
City administration research reveals that a three-bedroom, two-bath short-term rental in Geneva can yield $3,500 to $4,500 a month, compared to $1,000 to $1,200 for long-term rentals. City Manager Amie Hendrix is tasked with drafting proposals for councilors to consider in May or June, taking into account the various areas of consensus and overall discussion.
Council members have differing opinions on the matter, with some pushing for a registry of short-term rental sites and others calling for an occupancy tax. Some believe the focus should be on tax incentives for long-term rentals or single-family housing. Two councilors, however, consider short-term housing regulations a lower priority compared to other pressing issues, such as flooding. The council will continue to discuss potential regulations in the coming months.
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