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Short-Term Rental (STR) Regulations
In Aurora, CO, Short Term Rentals (STRs) are regulated by the city's Department of Finance and the Department of Planning and Development Services. Here are some key regulations that an investor should be aware of before purchasing a property for STR purposes:
1. Licensing: All STRs in Aurora must be licensed by the city. This includes obtaining a short-term rental license and a sales tax license. The property must also comply with all building and zoning codes.
2. Occupancy limits: The city of Aurora has specific occupancy limits for STRs, which vary depending on the size of the property. It is important for investors to ensure that their property complies with these limits to avoid fines or penalties.
3. Noise and nuisance regulations: Aurora has strict regulations regarding noise and nuisance complaints related to STRs. Investors should be aware of these regulations and take steps to ensure that their guests are respectful of neighbors and the community.
4. Parking regulations: Aurora has specific parking regulations for STRs, including requirements for off-street parking. Investors should ensure that their property has adequate parking spaces for guests to avoid any issues with the city.
5. Insurance requirements: Aurora requires that all STRs have liability insurance coverage. Investors should make sure that their property is properly insured to protect themselves and their guests in case of any accidents or damages.
6. Taxation: Investors should be aware of the tax implications of operating an STR in Aurora. This includes collecting and remitting sales and lodging taxes to the city, as well as potentially paying income taxes on rental income.
Overall, investors should thoroughly research and understand the regulations and requirements for operating an STR in Aurora before purchasing a property for this purpose. Failure to comply with city regulations can result in fines, penalties, or even the revocation of the short-term rental license.