SC REALTORS® announce short-term rental initiative
February 16, 2023
Legislation introduced in SC House would protect the thriving short-term rental economy
South Carolina REALTORS® (SCR) announced today in a press conference its short-term rental initiative, including support of legislation which would prevent a municipality or county from prohibiting the rental of residential dwelling to a short-term guest, as seen with Airbnbs or VRBOs. SCR President Rob Woodul and President-Elect Reah Smith were joined by Representatives Lee Hewitt (R-Georgetown) and Todd Rutherford (D-Richland), and Dr. Joey Von Nessen, a Research Economist from UofSC’s Darla Moore School of Business.
H.3253, sponsored by Representatives Hewitt, Oremus, Kilmartin and J. Moore would protect the thriving economy created by short-term rentals in South Carolina– benefiting not only property owners and renters, but also the communities where short-term rentals are located.
In an economic impact study commissioned by SCR and produced by the University of South Carolina, it was found that the demand for short-term rentals in South Carolina has expanded at an annual rate of over 17% since 2018. This level of economic activity corresponds to 50,231 jobs and more than $1.4 billion in labor income for South Carolinians. The current annual economic impact of the short-term rental market on the state of South Carolina is estimated to total approximately $4.2 billion annually.
Over the past fifteen years, the global demand for short-term rental properties has grown exponentially as they have rapidly become a mainstream and widely used alternative to more traditional forms of temporary lodging, such as hotels or condos.
“I have personally witnessed the significant growth and popularity of short-term rentals in recent years,” said Rob Woodul, SCR President. “The economic impact study confirms that this trend has brought significant new investment and jobs to South Carolina, which also helps our local businesses and drives tourism. South Carolina REALTORS® will proudly support legislation that protects this vital economy.”
H.3253 was filed at the start of this year’s legislative session and has been referred to the House Committee on Medical, Military, Public and Municipal Affairs.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for more than 29,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.
