Are short-term rentals investors ruining Arizona housing market?
Short-term rentals, often associated with companies like Airbnb and VRBO, have gained in popularity in recent years as a lodging option for vacationers and another way for owners to generate income. Some Arizona residents, however, think short-term rentals are neighborhood nuisances that deprive families of places to live, whereas others believe people have the right to use their private property as they please.
“Arizona has investors who are buying homes that would’ve otherwise gone to families and turning them into long- or short-term rentals. One in five houses is bought for rentals throughout the country. Here in Arizona, 30% of homes purchased are for rentals,” says Greg Hague, CEO of 72 Sold, a real estate company that aggressively markets residences before they are shown to buyers.