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Short-Term Rental (STR) Regulations
In Franklin, TN, Short Term Rentals (STRs) are regulated by the city government. Investors should be aware of the following regulations before purchasing a property for STR purposes:
1. Permit Requirement: All STRs in Franklin are required to obtain a permit from the city government. The permit application process includes submitting an application, paying a fee, and meeting certain criteria set by the city.
2. Zoning Restrictions: Franklin has specific zoning regulations that dictate where STRs are allowed to operate. Investors should ensure that the property they are considering purchasing is located in a zone that permits short term rentals.
3. Occupancy Limits: Franklin has occupancy limits for STRs, which vary depending on the size of the property. Investors should be aware of these limits and ensure that they comply with them.
4. Noise and Nuisance Regulations: Franklin has noise and nuisance regulations in place to ensure that STRs do not disrupt the peace and quiet of residential neighborhoods. Investors should familiarize themselves with these regulations and ensure that their property complies with them.
5. Taxation: STRs in Franklin are subject to lodging taxes, which must be collected and remitted to the city. Investors should be aware of their tax obligations and ensure that they are in compliance with the city's tax regulations.
6. Code Compliance: Investors should ensure that their property meets all building and safety codes required for STRs in Franklin. This may include having proper fire safety measures in place, ensuring that the property is up to code, and obtaining any necessary permits for renovations or improvements.
By being aware of and complying with these regulations, investors can ensure that their investment in a Short Term Rental property in Franklin, TN is successful and profitable.