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FOR IMMEDIATE RELEASE —​ MAY 1, 2018

New Article, Study Highlights Positive Impact of Vacation Rentals in Colorado

In Breckenridge Alone, Economic Impact of $442 Million Attributed to Lodging, Guests in 2017

Breckenridge, Colo. — May 1, 2018 — A new article from the Summit Daily News in Summit County, Colo., sheds light on the economic benefits short-term rentals provide to the area. In the article, titled “Millions are at stake in short-term rental debate, company says,” reporter Eli Pace cites a study released by local property management company Summit Mountain Rentals that outlines the economic impact of vacation rentals in Summit County communities:

  • In 2017, the Town of Breckenridge collected a total of $563 million in net taxable sates.
  • Of that total, $147 million — more than one fourth — came directly from short-term lodging.
  • Breckenridge vacation visitors contributed $442 million to the local economy between lodging and other purchases in 2017.

In nearby Frisco, Colo., the analysis suggests that short-term rentals had a total impact of $228 million on the local economy in 2017.

So what’s the point of the study?

“Vacation rentals are a huge benefit to the local economy,” said Reid Tulley, marketing communications manager with Summit Mountain Rentals. “As local governments consider regulations on short-term rentals, we want to be part of the conversation and offer our expertise as professional property managers.”

Tulley says that companies like SMR welcome thoughtful regulations on short-term rentals. In the article, he cites a recent study that found “over 98 percent of the 3,526 short-term properties in town were complying with its rules and collecting the 3.4 percent lodging tax.”

"We’d like to see all municipalities collecting 100 percent of taxes due from short-term rentals,” said Tulley. “We truly believe that professional property-management companies are local governments' best friends and allies in ensuring tax compliance and adherence to local regulations.”

Read the Summit Daily News article: Millions are at stake in short-term rental debate, company says

Read the Summit Mountain Rentals report: Economic Impact of Short-term Rentals in Summit County

About Summit Mountain Rentals

Summit Mountain Rentals, voted “Best Property Management Company” company in Summit County seven times, offers Summit County visitors more than 200 lodging choices in Breckenridge and Frisco, from luxurious mountain homes (with sleeping for up to 22 guests) to boutique condominiums. For reservations or additional information, call Summit Mountain Rentals at 1-800-383-7382 or visit www.summitrentals.com

Contact: Reid Tulley, 970-279-0006, reid.tulley@summitrentals.com

 

FOR IMMEDIATE RELEASE MARCH 21, 2018

Short-term Rentals Account for Nearly One-Third of Breckenridge Taxes

Lodging Industry Experts Call for Constructive and Fair Regulations for Short-term Rental Industry

Breckenridge, Colo. — March 21, 2018 — In 2016, the Town of Breckenridge collected a total of $29.8 million in excise tax. Of that total, $8.7 million came from short-term rentals. The Breckenridge Tourism Office also reported that in 2016, vacation visitors contributed $313 million — almost a 1/3 of a billion dollars — to the Breckenridge economy between lodging and other purchases. The total tax collected on this amount was $14 million.

This means that in 2016:

  • 29.4 percent, or nearly one-third of all city taxes, came directly from short-term rentals.
  • 46 percent of tax collected by the Town of Breckenridge can be attributed to the lodging industry and the businesses that rely on visitor spending.

As Summit County debates how to regulate short-term rentals, lodging industry experts remind officials to bear in mind that lodging brings in more tax revenue than any other business segment and contributes greatly to the economic stability of the area.

“We fully support healthy guidelines that promote harmonious relationships between locals and visitors,” said Mary Waldman, owner of Summit Mountain Rentals, a property management company based in Breckenridge. “In fact, we’d love to be part of the conversation. We believe our input could assist in crafting constructive, fair regulations for vacation rentals.”  

This information comes amid reports that the short-term rental market continues to grow in Colorado and Breckenridge in particular. Airbnb recently released data showing Breckenridge as its second-highest home-sharing market in Colorado behind Denver. The report shows that in 2017, 89,000 Airbnb guests visited Breckenridge and paid $16.5 million in rent.

Breckenridge is the only municipality in Summit County with existing regulations for short-term rentals. A recent audit of the Town’s short-term rentals found that 98% of vacation-rental properties are in compliance with all regulations.

“Professional property managers such as Summit Mountain Rentals have been welcoming visitors to the area for decades,” said David Burden, Regional Manager with Airbnb. “They are partners in promoting responsible tourism to the communities they serve and are committed to playing a vital role in the local economy."

Summit Mountain Rentals’ offices are located at 111 Ski Hill Road in Breckenridge. For more information, call Summit Mountain Rentals at 1-800-383-7382 or visit www.summitrentals.com.

About Summit Mountain Rentals

Summit Mountain Rentals, voted “Best Property Management Company” company in Summit County seven times, offers Summit County visitors more than 200 lodging choices in Breckenridge and Frisco, from luxurious mountain homes (with sleeping for up to 22 guests) to boutique condominiums. For reservations or additional information, call Summit Mountain Rentals at 1-800-383-7382 or visit www.summitrentals.com

Contact: Reid Tulley, 970-279-0006, reid.tulley@summitrentals.com