UPDATE: As of May 9, 2017: Tennessee Senate Bill 1086, which would have curtailed Nashville’s ability to regulate short-term rentals locally, did not move forward in the Tennessee Senate today because it lacked the number of votes needed to pass. It may be considered again in January 2018.
With Nashville’s booming real estate market, I’m sure you’ve thought about diving into the Short- Term Rental market also known as STRP’s. Because Money.
Let’s face it, being a landlord is hard work and often the profit margins aren’t as lucrative as projected, so short term renting may seem like a profitable solution.
If you’re out of state (living primarily in any other state than Tennessee) and plan to purchase a vacation- rental property to rent out, hear me when I say, you will have difficulty with your AirBnb, VRBO, or Home Away plan because of recently passed legislation!
As of April 28, 2017, all non-owner occupied short term rental or STRP permit issuance in Davidson County, Nashville has stopped. As in, no new STRP permits are being issued on properties other than your primary residence likewise, no permits will be renewed for properties that currently have an active permit beyond 2019. (See note above, this bill did not have enough votes to pass, therefore, no additional regulation on STRPs will take place.)
That being said, if you’re interested in operating a short term rental Metro Davidson County Codes has a helpful website that walks you through the process of permitting, insuring and paying taxes on the property you’ll rent out.
Visit their site here:
http://www.nashville.gov/Codes-Administration/Cons…
You’ll need to apply for your permit in person and bring ALL of the required documentation with you the first time!! Here’s where you’ll go:
Metro Codes Department at the Metro Office Building
800 2nd Avenue South, between 7:30 a.m. and 3:00 p.m. Monday through Friday.