March 29, 2024 Breaking News, Latest News, and Videos

Letter To The Editor: Short Term Rentals In Santa Monica:

Editor’s Note: This is an open letter to Santa Monica Mayor Kevin McKeown from Los Angeles Short Term Rental Alliance regarding short term rentals in Santa Monica.

Mayor McKeown,

Last spring, the Santa Monica City Council made headlines when it banned the short term rental of a full unit or house for less than 30 days. Now, last month, the council voted unanimously to amend the equally draconian 2004 prohibition of corporate rentals with a ban on advertising them. Is this short sighted? What could be next?

We at the Los Angeles Short Term Rental Alliance (LASTRA) know that short term rentals and home sharing have been prevalent in Santa Monica since Ford came out with the Model T. The mild climate and close proximity to Hollywood provided a quick getaway where many people bought second homes. For decades, owners rented out those second homes. Now, Santa Monica still boasts a hearty tourism industry, along with Silicon Beach, the area by the coast between Santa Monica and Venice that is home to hundreds of start-ups that bring millions of dollars a year to the area.

With companies like Google, BuzzFeed and Demand Media having contractors coming to their offices in Santa Monica, the demand for short term rentals is only growing.

Instead of trying to restrict modern ways by putting more regulations on short term rentals, Santa Monica should be more welcoming and tap into the economic gains of the area. This way of doing business goes against the online platform companies use that call Santa Monica home. At what point are you driving business out of town?

Residents have invested considerable time and money, sometimes for generations, in Santa Monica. Now the city is impeding on their income. Some families have used the money they received from renting their vacation home to put their children through college. Others, use the money to help augment a fixed income in their old age.

These heavy-handed rules are not improving housing supply or lowering rents.

Although Santa Monica still allows home sharing in a home that is owner-occupied, that home must now be registered with the city and is subject to a 14% transient occupancy tax. Of all the rentals available in the city this year, the median days available for rental in Santa Monica were 118 with 23 days as a median rental.

In April 2015, Airdna identified 1245 separate listings on Airbnb in Santa Monica, however this number is misleading – only 652 actually had any bookings. This is a common mistake as many listings are not active, so those listings should be excluded when adding up number of rooms available. During that month, 8,324 nights booked with Airbnb in Santa Monica, split over 2,086 separate bookings. That works out as 277 bookings a night on average. 71% of these were in entire properties, 27% in private rooms and the remainder in shared rooms. The average length of stay is 4.49 nights.

Airbnb rentals had an ADR of $205, occupancy of 61% and RevPAR of $125. LASTRA believes removing the ban on short term rentals would enhance the community and not detract from it. Instead of trying to strengthen an antiquated corporate rental law, Santa Monica should be looking at ways to strengthen corporate rentals. The city could use the over $3 million in potential transient occupancy tax revenue to allocate towards affordable housing instead of hiring three new bureaucrats with a budget of $410,000 for the first year.

LASTRA welcomes the opportunity to meet with you and any and council members and staffs to discuss reasonable regulation and responsible management and how we maximize opportunities for all residents of Santa Monica.

Sincerely,

Robert St.Genis

LASTRA Director of Operations

in News
Related Posts

Customers at These Palisades Stores Can Get Cash Rewards for Sharing Their Experience

March 29, 2024

March 29, 2024

Thumzup is Starting its L.A. Footprint Expansion with Pacific Palisades Thumzup, a company which aims to democratize the social media...

Homeless Man Sentenced to State Prison for Crimes Against Homeless Women

March 29, 2024

March 29, 2024

Man Pleads No Contest to Series of Sexual Assaults Anthony Pittman, currently homeless, has pled no contest to a series...

(Video) Series A Coffee Now Open in Beverly Hills at 8328 Wilshire Blvd

March 29, 2024

March 29, 2024

Located in the space that formerly housed a Coffee Bean and Tea Leaf. Try the Black Pearl Iced Coffee. @smmirrornews...

Los Angeles County Braces for Heavy Rain, Snow, and Possible Thunderstorms Over Weekend

March 28, 2024

March 28, 2024

National Weather Service Issues Alerts for Flooding and Possible Tornado  According to the latest reports from the National Weather Service...

Hotel Workers to Speak Out on Harassment Endured at Santa Monica Hampton Inn

March 28, 2024

March 28, 2024

The Hotel Is One of Five Hotels in the Charter City That Are Still in a Labor Dispute By Zach...

Santa Monica Rotary Club Raises Over $21,000 for SMC Guardian Scholars Program

March 28, 2024

March 28, 2024

This Grant Will Provide Essential Support to Current and Former Foster Youth Enrolled at the College The Rotary Club of...

 (Video) Philz Coffee Set to Close Westside Location Next Month

March 27, 2024

March 27, 2024

The Franchise Recently Made Headlines for Changing Headquarters @smmirrornews Philz is closing its Santa Monica shop #coffeeaddict #coffee #coffeeshop #losangeles...

Fleurs et Sel Bakery Opens Storefront in West Adams, Welcomes Customers Three Days a Week

March 27, 2024

March 27, 2024

Indulge in Freshly Baked Cookies at the New West Adams Location Fleurs et Sel Bakery, known for its delectable cookies...

Easter Specials Guide: Brunch Spots, Desserts, and More in West Los Angeles

March 27, 2024

March 27, 2024

Discover the Best Easter Eats and Treats in LA for Your Holiday Celebration Easter is almost here, so here are...

Famous Literary Critic and Palisadian Passes Away at 92

March 27, 2024

March 27, 2024

A Memoriam Post Stated She Overturned Views on T. S. Eliot, Ezra Pound and Other Canonized Artists By Zach Armstrong...

Mixed-Use Development Set for Sloping Property along Chautauqua Boulevard

March 27, 2024

March 27, 2024

“Canyon Place” Is Set to Include Two Apartment Units and 1,415 Sq. Ft. of Office Space By Zach Armstrong A...

Over Five Miles of Venice Blvd. to Temporarily Close, Become Public Park in April

March 27, 2024

March 27, 2024

The Initiative, Which Started in 2010, Aims to Connect Communities and Promote Sustainable Transportation Options On Sunday, April 21 from...

(Video) Workers Strike at Luxury Hotel in Downtown Santa Monica

March 27, 2024

March 27, 2024

Meanwhile, Unite Here Local 11 Recently Announced a Contract Was Ratified at 34 Hotels @smmirrornews Workers are striking at Proper...

(Video) Director Adam Wingard Talks About His Influences While Making GODZILLA X KONG: THE NEW EMPIRE

March 27, 2024

March 27, 2024

Director Adam Wingard Talks About His Influences While Making GODZILLA X KONG: THE NEW EMPIRE at the Beyond Fest Screening...

Historic Union Contract Ratified by Thousands of Hotel Workers At 34 Hotels

March 26, 2024

March 26, 2024

UNITE HERE Local 11 Negotiates Agreement Ensuring Wage Increases  Hotel workers, who spearheaded the largest hotel strike in modern U.S....