The longer short-term rentals remain free to exist mostly unregulated by local government, home values within neighborhoods are feeling the impacts, residents, Realtors and elected officials agree — but it’s unclear how exactly they’re being impacted.
Pinpointing exactly how much home values have suffered since short-term rentals moved in has been challenging, one Realtor says.
“Does being located next to a nuisance or noise issue affect the property value? For a lot of buyers it will, but then there are some buyers that they may find some advantage — or maybe someone will want to buy that property for a rental themselves will find it as an advantage, just like McDonald’s and Burger King being across the street from each other,” Scottsdale Realtor Blondie Sherman said. “I think it impacts neighborhoods more than specific properties.”
