By Philip Haldiman | YourValley
Peoria officials have begun the process of crafting an ordinance to address short-term rentals within the city.
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 is crafting their own law, specific to their city.
All planned to be ratified in time for the Super Bowl, when short-term rentals are expected to reach record heights in Arizona.
Jordan Rose, Rose Law Group Founder and President: “By the end of this year my guess is we’ll see most major cities enact their own specific regulations regarding short-term rentals as constituents are really vocal about the effects of short-term rentals on their neighborhoods.”