What are Short Term Rentals (STRs)
According to the Metropolitan Code "short term rental property (STRP)" means a residential dwelling unit containing not more than four sleeping rooms that is used and/or advertised for rent for transient occupancy by guests for less than 30 days with a maximum occupancy of two individuals per sleeping room up to a maximum of 12 occupants.
Short Term Rental Properties (STRP) are simply residential homes, townhomes, condos and other housing structures that are being rented on a short-term basis to people who are unknown to the neighborhood.
There Are Three Types of STRP’s.
Type 1 – Owner-Occupied STRP is a single family, duplex, or multifamily where the owner occupies the unit or is associated with an owner-occupied principal residence.
Type 2 - Not Owner-Occupied STRP is a single family, duplex, or grandfathered multifamily triplex or quadplex in a residential zoned districts where the owner does not occupy the property or a principal residence associated with the property. We refer to these as "investor-owned STRs".
Type 3 -Not Owner-Occupied Multifamily STRPs are multifamily apartments and condominiums.