Short-term rentals booming in Edmond
Short-term rentals have many names. Homes, condos, and cabins were first known as vacation rentals. Vacations have extended to work-from-home retreats and hotel alternatives for traveling professionals.
These homes are commonly known as Airbnbs or VRBOs because of the name-brand apps that facilitate and promote short-term rental properties. These properties are furnished and rented nightly or up to a few weeks at a time.
Short-term rentals are big business regardless of what you call them. According to Grand View Research, the global market for STRs is estimated at $74.6 billion in 2021 and is expected to grow at 5.3% over the next decade.
STRs in Edmond
The Edmond market has its own presence in the billion-dollar short-term rental business. Jennifer Seaton, director of Visit Edmond, estimates there are up to 70 STRs in Edmond city limits.
A search on Airbnb or related sites reveals up to 200 available properties in the Edmond area, including north OKC and Logan County. The actual number of properties inside Edmond city limits is almost impossible to find without renting each one and staying as a guest.
One option to bring increase these records is for the city to require a permit for each property. It is unclear if this process would benefit owners, guests, or the city. Generally, more data and better insights help the community as a whole, but there are some that oppose any permitting or regulation.
Requiring a permit (with a small fee) would help keep guests safe and ensure proper remittance of the City’s lodging tax. You can read more about the tax in a previous Edmond Business story.
Having more information on STRs in the city would also help Visit Edmond drive more tourism and sales to Edmond. Increased publicity and a supportive community of owners benefit everyone in the business.
A growing community
Current owners and prospective owners hold a meet-up quarterly facilitated by the Visit Edmond team. Last month, several owners met at Commonplace Books in downtown Edmond.
Almost 20 people gathered to share stories and tips and discuss tools that help run short-term rentals. While owners are technically competitors, there is a camaraderie and support network that has come to be expected in the Edmond community.
Edmond resident Carmel Litz has owned STRs since 2018. She and her daughter also operate Rest Easy Host Services, a business that provides cleaning and management for other owners.
“It’s refreshing to see owners in a competitive industry come together to share ideas and information in a supportive environment,” said Litz. “It’s also wonderful to know that our city embraces this new way of extending hospitality to our visitors! I think it’s just one more thing that makes Edmond a great place to grow!”
Short-term rentals are a popular and growing trend across the globe. Edmond is one of the best places to own, operate, and stay in one of these properties. You can find many of the local rentals on Visit Edmond’s website.
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About Phil Klutts
Phil is an Edmond native and has managed to keep his wife here instead of traveling the world, which they both enjoy. They have two boys who love the outdoors, adventures, and learning new things. Phil is a problem-solver at heart and enjoys connecting people to the resources they need.
In addition to being the co-owner of Edmond Business, Phil founded the CK Group LLC after working for large and small businesses in the Energy, Construction, and Fitness industries. He focuses on helping small businesses and entrepreneurs improve their systems and processes. CK Group LLC's mission is to eliminate chaos and create clarity for small business by connecting vision, strategy, and implementation.