Stakeholders say regulated short-term rental will benefit economy

REALTORS, bankers, regulators, and other stakeholders in the real estate industry have emphasised the need for policies, guidelines and regulations to govern the fast-emerging short-term rental market to mitigate unwanted impacts on the industry and manage the growth of short-term rental.

The comments were expressed at the RAJ Symposium 2018, organised by the Realtors’ Association of Jamaica (RAJ) in partnership with JN Bank, at the Spanish Court Hotel in New Kingston last week.

According to a release from JN Bank, the symposium focused on the theme “The Impact of Airbnb on Real Estate Investments and Tourism”.

Howard Johnson Jr, president of the RAJ, who was among panellists at the symposium, acknowledged that the growth of the market in Jamaica has created a conundrum for realtors, who are being pressed to balance the emerging conflicts between short-term rentals and private property rights, to ensure the preservation of the real estate industry.

“Providing insight and advice on engaging with local authorities and navigating clients through the process is paramount for the RAJ. Realtors are encouraged to know what they are selling and the restrictions that may exist in the communities,” Johnson stated.

“One wouldn’t want to ruin their reputation because you sold [property to] someone looking to open an Airbnb in a community where the by-laws prevent it,” he said. “Neither would you want to sell to a customer who is looking a community to reside in peace and quiet, when all other units in that community are Airbnb or short-term rentals.”

He was supported by Keith Senior, consultant at JN Bank, who noted that the implementation of guidelines and regulations would assist with the management of short-term rentals and improve the opportunities for investment in the market.

http://www.jamaicaobserver.com/news/stakeholders-say-regulated-short-term-rental-will-benefit-economy_146262