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March 10, 2022
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Summit County Short Term Rental and Market Update

Summit County is the heart of Colorado’s resort real estate market and the hot topic of local government while trying to balance the housing crisis for local workers.

On November 2, 2021 the Town of Breckenridge capped short term rental license at 2,200 (note the boundary of the town of Breckenridge here). This means, if you want to short term your home, you must wait until the number of licenses drops below 2,200. For more detailed information on the Town of Breckenridge short term rentals and to join the waitlist visit: https://www.townofbreckenridge.com/your-government/finance/short-term-rentals.

Unincorporated Summit County followed suit putting a 90-Day moratorium in place while they discussed next steps. In Mid-December, Unincorporated Summit County changed their short-term licenses to 4 different types of licenses:

Type 1: Renting a bedroom in primary home while living there – capped at 60 days while out of town

Type 2: Owners can short term rent no more than 135 nights per year

Type 3: Must receive approval from the planning department for a Conditional Use Permit (CUP) to rent more then 135 nights per year.

Resort: No limit on nights short-term rented. This includes Keystone, Copper, Tiger Run, and unincorporated areas at the Base of Peak 8. See the map of the resort overlay zones here.

*All properties in Summit County have occupancy limits, be sure to check those rules out as well.

What does this mean for real estate? We don’t know the exact answer for the long-term effects yet, but so far, the market has not shown signs of slowing. Homes are still generating multiple offers. With an average of 239 sales per month in 2021 and currently around 135 listing on the market, that puts us at 2-3 weeks of inventory. 6 months of inventory is considered a balanced market.  Here is our monthly snapshot of some key indicators comparing February of this year to last year.

Other towns like Dillon, Blue River, and Frisco have brought up the topic but have not changed any legislation. This subject is evolving every day. For the most up to date information, contact your local realtor, rental company or check the Summit County government website.

For more info on owning a mountain home, check out this post.

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