LOUISVILLE, Ky. (LEX 18)– The online rental service Airbnb is predicting a big year for Derby rentals in Louisville and homeowners are excited to cash in.
People in Louisville are getting money for renting their homes to some of the thousands who descend upon the city for the Run for the Roses. Airbnb says 65% of Louisville listings are already taken for Derby weekend, ranging from $50 to more than $1,000 a night. The boom is giving some city officials pause.
The metro council is in the midst of trying to regulate Airbnb to limit their growth in some areas and establish a 600-foot rule.
Councilman Brandon Coan said that the restrictions would apply “only to new, investor-owned, non-primary residence, short term rentals in residential neighborhoods.”
Gant Hill, who manages multiple Airbnb rentals, believes that spacing properties 600 feet apart would cut down on options in popular areas in the city.
“It will completely restrict further short term rental in areas such as Crescent Hill in the Highlands, and Germantown where there are already several out there, and that 600-foot ban would essentially close down that business altogether,” he said.
The 600-foot plan is on the agenda for Thursday’s Council Meeting.