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Short-Term Rental (STR) Regulations
In Memphis, TN, Short Term Rental (STR) regulations are overseen by the city's Division of Planning and Development. Investors looking to purchase a property for STR purposes should be aware of the following regulations:
1. Zoning: STRs are only allowed in certain zoning districts in Memphis. Investors should ensure that the property they are considering purchasing is located in a zone that permits short term rentals.
2. Permitting: All STRs in Memphis are required to obtain a Short Term Rental Permit from the city. This permit must be renewed annually and requires an application fee.
3. Occupancy limits: There are occupancy limits for STRs in Memphis, with a maximum of 12 guests allowed per property. Investors should ensure that the property they are considering purchasing complies with these limits.
4. Inspections: Before obtaining a Short Term Rental Permit, the property must pass a safety inspection conducted by the city. Investors should be prepared to make any necessary upgrades or repairs to meet safety standards.
5. Taxes: Investors should be aware that they are required to collect and remit hotel occupancy taxes on all short term rental stays in Memphis. Failure to do so can result in fines and penalties.
6. Noise and nuisance regulations: Memphis has specific regulations regarding noise and disturbances caused by short term rentals. Investors should ensure that their property complies with these regulations to avoid complaints from neighbors.
Overall, investors looking to purchase a property for short term rental purposes in Memphis should thoroughly research and understand the city's regulations to ensure compliance and avoid any potential legal issues.