Short-term rentals are alive and well in Ludlow. Since 2021, the city has incorporated the unique rental type into the fabric of Ludlow life.
There are about 29 currently active short term rentals and Ludlow is open to growth, according to mayor Chris Wright.
Short term rentals are often rented through apps like Airbnb and Vrbo and can be occupied for under 29 days. They can be offered in a plethora of housing types, from attached and detached single-family homes to condominiums.
Owners wishing to rent their properties need to pay an annual $300 non-prorated permit fee by April 15 of each year. They are subject to show yearly proof of business liability insurance and have their units inspected by the city’s building inspector before permits are issued.
Regulations similar to normal rentals apply, such as occupancy limits (two adults per bedroom, max six adults per rental), noise control, and maintaining adherence to fire and safety codes.
Giving landlords an opportunity to fulfill occupancy in vacant units without the commitment or fixed rate of a regular, long-lease rental, short-term rentals can boost income for property owners and simplify rental agreements.
Rents don’t have to be fixed over a year; the landlord can change rates depending on seasonality, events, or demand, which gives owners flexibility.
In addition, the landlord can quickly update the terms of a rental agreement, such as for pet policies or cleaning fees, month after month as they see fit. On the downside, short term rentals are innately high in turnover rate and can pose challenges to steady rental income.
Wright sees short-term rentals as a positive thing and continues to observe how they make an impact.
“I’ve had the opportunity to meet [landlords] out and about grabbing a coffee or dinner and believe they provide us another avenue of exposure to a different audience,” he said.
Short-term rentals also fulfill a need for vacationers or traveling business people wanting to stay in Ludlow for just a few weeks. This puts Ludlow on the regional map for visitors and tourists, which in turn brings income into the city’s many attractive businesses.
“The feedback from short-term renters about Ludlow is generally overly positive; anything that showcases our awesome community is a net win for us,” Wright said.
If you’re interested in offering short-term rentals in Ludlow, contact [email protected], call 859-491-1233, or fill out the application here.