Take back our town
Short-term rentals are the root cause of Ketchum's housing crisis
Why are Short-term rentals a problem?
Short-term rentals take up housing stock
over 1000 units are actively rented in Ketchum and Sun Valley on Airbnb and VRBO according to AirDNA
434 of these units are rented year-round
434 units are removed from the long-term rental market and raise prices on other long-term rentals
City of Ketchum believes there are actually 900 units in Ketchum alone
Local housing share has drastically decreased, seasonal units have exploded
From 2000 to 2018:
Total number of housing units increased from 2900 to 3600
Renter occupied units decreased from 703 units to 428
Owner occupied units decreased from 879 units to 785
Short-term rentals drive up property and rental prices
Short-term rentals have increased rents and housing prices according to studies in Ketchum
Cities like Sandpoint, Idaho have fought back:
Limits on the number of STRs, 35 allowed in city residential zones
Different rules when hosts are primary residents of the unit
Zillow home value index for Ketchum. October 2021
Short-term rentals aren't taxed nearly enough
Ketchum taxes STRs at only 4%. This is lower than Sandpoint and McCall and equal to Hailey
The median return on STRs is $3,500 a month according to AirDNA
Note: Depicts taxes collected by the city, excluding Idaho State Sales Tax of 6% and 2% percent lodging tax.
Ketchum needs more oversight
City of Ketchum was unable to answer:
How many STR businesses are registered with the City?
How many units do these businesses have?
How much tax revenue does the City collect from STRs?
Ketchum has the authority to get these answers, but they need to start by asking the questions
"... Short-term rental units are currently required to obtain a business license in Ketchum, but the city said not every owner does that. If there was better compliance and enforcement, the city could get better data on the number of rentals and their effects on the community, councilmembers said..."
Ketchum residents overwhelmingly agree
What are the solutions?
"Any parcel that does not meet the standards of owner occupied status is considered non-owner occupied. Units that fall into this category are limited to a total of 35 within the entirety of the City's residential zones. If 35 permitted units already exist you may request to be placed on a waiting list to obtain a permit."