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Short-Term Rental (STR) Regulations
In Ithaca, NY, short term rentals are regulated by the city's Zoning Code. The city defines short term rentals as any rental of a dwelling unit for a period of less than 30 consecutive days.
Investors looking to purchase a property for short term rental in Ithaca should be aware of the following regulations:
1. Zoning Restrictions: The city of Ithaca has specific zoning regulations that govern short term rentals. Investors should ensure that the property they are considering is located in a zone that allows for short term rentals.
2. Licensing and Registration: Short term rental hosts in Ithaca are required to obtain a Short Term Rental Permit from the city. This permit must be renewed annually and hosts must comply with all applicable regulations.
3. Occupancy Limits: The city of Ithaca has occupancy limits for short term rentals, which vary depending on the size of the property. Investors should be aware of these limits and ensure that they are in compliance.
4. Safety and Building Code Requirements: Short term rental properties in Ithaca must meet all applicable safety and building code requirements. Investors should ensure that their property is up to code before renting it out.
5. Taxes: Short term rental hosts in Ithaca are required to collect and remit occupancy taxes to the city. Investors should be aware of these tax obligations and factor them into their financial planning.
Overall, investors looking to purchase a property for short term rental in Ithaca should familiarize themselves with the city's regulations and ensure that they are in compliance to avoid any potential legal issues.