An estimated 60% percent of short-term rentals are in rent-stabilized housing. That is according to a new report by WeHo by the Numbers, based in part on an analysis by Host Compliance, a new city contractor. A short-term rental is renting out all or part of a residential unit for 30 days or less.
Host Compliance gathers short-term rental listings from Airbnb and competing platforms. It counted 1,010 West Hollywood listings in March 2017. However, the actual number of properties being rented was lower, because some were listed on more than one platform. Host Compliance identified 839 unique short-term rental properties in West Hollywood.
WeHo by the Numbers also analyzed Airbnb-specific data from a website called Inside Airbnb. The number of West Hollywood listings increased after March and grew almost 40% over two years. That growth rate was lower than in most nearby communities. Santa Monica was the exception.
Host Compliance reported the number of short-term rental properties in each city neighborhood. There were about 300 each on the city’s Westside and in Center City, with fewer (235) on the Eastside. The Westside total included over 100 in West Hollywood North, about 70 in the Norma Triangle, 50 or so in both Tri-West and West Hollywood West and about 20 in the Heights above Sunset.
Three-quarters of the short-term-rental properties were whole homes — the entire house, condo, or apartment — without the host present. Fewer than half of the properties offered two or more bedrooms. Three-quarters of properties were in apartment or condo buildings. Many properties — over 40% on Airbnb — were part of a group of listings by one host.
Host Compliance estimated the number of nights per year that listings were rented. They determined that 40% of the listings across platforms had never been rented because they were new, undesirable or rentals were not seriously pursued by the host. Among those that were rented, almost half were rented out more than 90 nights a year. Over 20% were rented out more than 180 nights a year.
Half of the rentals that have been rented are believed to produce more than $10,000 a year. About one in five makes over $25,000 a year.
To find out more, see the full report, Where are the short-term rentals in West Hollywood?
What Have We Learned So Far?
Over the past two years, David Warren has researched and published 100 reports about West Hollywood. Click here for a list that offers highlights of what he has learned and shared on WeHo by the Numbers.