According to the new law, property owners who rent out their home or use services like Airbnb will be required to register with the city for a fee. In addition, they’ll be required to pay taxes just like an actual hotel business would. Property owners will also be restricted on the number of rentals allowed when they’re not present in the home. This likely is to help prevent real estate entrepreneurs from swooping in and buying multiple homes in a residential neighborhood and then proceed to rent them all out.
Lawmakers Expected to Cast Votes Shortly
Officials are expected to vote on these new laws on November 1st. Under the new law, property owners will also be required to pay registration and renewal fees as well as safety inspection requirements.
However, it’s important to remember that none of these requirements are official yet. Lawmakers will first need to cast votes on November 1st. If the votes pass, it could still be some time before they’re officially introduced. In some cities, laws won’t take effect for an entire year. In addition, there is often a grace period for existing property owners.
Regardless, if you rent property in San Antonio, it’s important to stay on top of emerging laws and prepare yourself for making changes with your property rental business if necessary.