STRonomics From No Regulation to Complete Ban on STR's
Kenny shares his personal experience with regulatory changes in Buffalo, New York, which went from no regulation to a complete shutdown of non-owner-occupied short-term rentals. Bill and Kenny discuss the importance of having a seat at the table for advocacy prior to regulatory changes, drawing parallels to the rise of Uber. They emphasize the need for organized resistance early on to influence city council decisions. Regulation is identified as a major threat to the industry, impacting investment strategies. Bill shares his approach of investing in markets with established regulations or those where tourism is a significant income source. They caution against investing in politically volatile areas and stress researching political climates when choosing markets. The hosts also highlight the rise of tourism in tertiary communities around urban centers as an opportunity. They conclude by urging listeners to prepare for long-term changes in the industry and consider advocacy seriously.
00:00 Introduction to STRonomics
00:28 Market My STR: The Ultimate Marketing Platform
01:26 The Reality of Short-Term Rental Regulations
02:08 Kenny's Buffalo Experience
03:37 The Importance of Advocacy
05:26 Lessons from Uber's Strategy
08:32 Investing Strategies Amidst Regulation
15:58 Final Thoughts and Farewell
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