NASHVILLE, Tenn. (WTVF) — Some big changes are coming if you want to make some extra cash by renting out your place.
Metro council members approved a bill Tuesday night that restricts short-term rentals.
Starting in a couple of years, you can still rent out your home to people but you have be living in it. This new rule applies to homes in residential areas.
For example, if you have a place available on Airbnb and don't live in that home, you won't be able to get a short-term rental permit. It'll keep corporations from buying homes with the sole purpose of renting them out.
The idea behind the bill is to maintain the character of these neighborhoods.
Council member Burkley Allen, who proposed bill, said there needs to be a good balance between long-term residents and short-term rentals.
Anyone who currently has that permit and doesn’t live there, will be grandfathered in. However, if you sell the property, the permit won't be able to be sold as a part of the deal.
If you do own a home and want to rent it out, you'll need a permit to operate it legally. A local East Nashville Airbnb host, Matt Hudson, created a starter kit to help navigate the process. The Nashbnb starter kit launched about a year ago after Hudson noticed a lot of friends had questions about the process.
"In the kit, you can see it has 10 clear cut steps to get a permit, licensing, it takes you step-by-step," said Hudson.
You'll need to renew your permit every year. The kit has information such as zoning info, welcome templates, and home decor advice.