REPORT: Short-Term Rentals Bring Big Money To Nashville

Posted at 6:22 PM, Jan 27, 2017
and last updated 2017-01-27 19:22:24-05

What rules should be in place for people who rent out their homes through sites like Airbnb?

Metro Council members have begun the conversation over what to do, as a new report shed light on just how much money short-term rentals bring into Nashville.

The report, commissioned by HomeAway a short-term rental booking company like Airbnb, said short-term rental properties generated nearly half a billion dollars in economic impact in Nashville in 2015.

The Nashville Area Short-Term Rental Association said that dollar amount is a figure metro lawmakers should keep in mind as they consider new regulations against short term rentals.

The group said the city hasn't done a good enough job enforcing rules that are already in place.

"We want enforcement of the law that we already have, we want our council to get behind that enforcement, and insist that it happens," said Elizabeth Smith with the association.

A recent Metro study found that while the city takes in more than $3 million a year in hotel/motel taxes from short-term rentals, there have been between $1,500 and $2,300 unpermitted homes not turning in any taxes.

That study concluded if Metro adopts a new software program to track those unpermitted short-term rentals, it could raise an additional $900,000 a year.