By Philip Haldiman | YourValley
Peoria City Council adopted a new ordinance to address short-term rentals within the city, Oct 18.
This type of rental — a property rented-out by the owner for 29-days or less — has seen a meteoric rise in recent years and become a $15 billion industry in the United States with an estimated $350 million raised in Arizona tax revenue in 2020.
Such has been the case in Peoria where there are around 550 homes/rooms up for short-term rent throughout the city.
The state legislature has stepped in, creating laws regulating the industry in Arizona, and now Peoria has adopted their own law, specific to the city.
City Manager Jeff Tyne said that with recent state legislative actions, the city has new opportunities to address some of the higher profile issues that have come about due to the growth in the short-term rental industry.
