Short term rentals

Positions of those so adamantly opposed to short-term rentals in downtown Annapolis invariably miss a key point. In short, while they argue against owners of short-term rentals they fail to argue on behalf of existing and future owners that do or will occupy residential property.

A driver of STRs is the cost of ownership in downtown Annapolis. Read The Capital to confirm that long-term owners are selling due to the constantly increasing costs of ownership.

Also, prospective purchasers are soured by the high, aggregate real estate taxes, homeowners insurance and at times homeowner association fees.

Young people in particular are nearly barred from the downtown real estate market.

A first- or second-time purchaser who was born and raised in Annapolis has a strong desire to live downtown and is gainfully employed is essentially barred from the market.

A review of real estate listings and sales over the last few months proves the difficulty in finding a move-in ready property with two bedrooms and two baths for under $800,000 — and add $50 to $75 thousand if a parking spot is included (which is a must-have given the trouble in finding on-street parking, coupled with the cost of garage parking and the propensity of the city to issue parking tickets).

In short, Annapolis has created the environment for real estate investors, the plight of owner-occupied properties and the lack of affordability for young professionals.

Dan Sibears, Annapolis