Friday, February 10, 2017

Rumors About Banning Vacation Rentals at Lake of the Ozarks

Recently, there has been a lot of talk about various groups that are trying to ban vacation rentals at the Lake of the Ozarks. I have read articles, attended meetings and have spoken with various people who are concerned that our state legislature, along with Expedia, Inc. (one of the world's largest online travel companies) are out to either outright ban rentals or do so through over regulation.

Legislation on Vacation Rentals


Last year, Expedia, through the Missouri legislature and along with various state representatives, introduced legislation that would seek to prohibit municipalities within Missouri from banning vacation rentals or from over regulating them in order to in essence ban them. That bill ultimately failed.

There were a few issues with that legislation that were not friendly to vacation rentals. My opinion is that occurred because our representatives and Expedia do not own or manage vacation rental properties. Therefore, they didn't understand that some of the items in the legislation would actually harm Lake of the Ozarks vacation rentals. This was not the intent of the legislation and thankfully it did not pass.

Educating About Vacation Rentals


After it failed, I met with Diane Franklin (Representative for the Lake Area's 123rd District) in an attempt to educate her on the various aspects of how legislation could affect our rental community. We had a great conversation and she was very receptive to the information that I provided. I left that meeting knowing that she wanted to do what was best for vacation rentals in general and for the Lake of the Ozarks area specifically.

Afterwards, I, along with other rental property managers at the Lake of the Ozarks, Realtors, local authorities and others associated with the vacation rental industry, were invited to sit on the committee that would seek to get the legislation correct (as we knew that it would be reintroduced in 2017).

We have had two meetings with our representatives and the Expedia lobbyist. Those meetings have resulted in getting everyone educated and seeking to protect the vacation rental industry, and by association the real estate market here at the Lake of the Ozarks. The reality is that a large number of vacationers turn into real estate buyers, fueling our economy first as a visitor and later as a resident. Hurting the rental market would also hurt the real estate market.

Vacation Rentals Moving Forward


Those opposed to the legislation think that the intention is to ban or regulate vacation rentals out of existence. Logically, if that were true, then Expedia would not have anything to advertise on their platforms, thus cutting off their source of income. The new legislation, currently HB608 specifically states, "A political subdivision shall not enforce an ordinance or law enacted after January 1, 2018, that prohibits or that has the express or practical effect of prohibiting residential dwelling rentals."

Diane Franklin has introduced a separate bill (HB632), "which will make sure all homes, regardless of how they are used, are assessed at a residential rate" (instead of commercial). So as you can see, (and look the bills up and read for yourself) that our legislators, far from trying to ban rentals, are working to protect the Lake of the Ozarks vacation rental industry.

Russell Burdette is the owner/broker of Your Lake Vacation, a professional vacation rental management company at the Lake of the Ozarks since 1986. Whether you own a home that you're looking to rent out to vacationers or you are a vacationer looking for a place to stay, give us a call at 877-284-0267.

For more information please call us toll free at 1-877-284-0267!!
 
4571 Osage Beach Pkwy, Suite A
Osage Beach, MO 65065
Local - 573-365-3367
Fax - 573-365-5076  
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Location: Osage Beach, MO 65065, USA

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