Short-Term Rentals
Understanding the current data and trends that affect the historically-accepted balance of ⅓ full time residences, ⅓ part-time residences, and ⅓ short-term rentals is important to ensure the balance is sustained.
Preserving Balance
Residential housing, and thus one’s home, is a critical component in sustaining a sense of community in Isle of Palms and for enhancing the quality of life and the health, safety, and welfare of all those who reside in and visit Isle of Palms. The majority of Isle of Palms’ residents support a diversity of housing uses, including full- or part-time residences and vacation rentals. Isle of Palms’ sense of community will be preserved if a balance of housing uses is maintained. An imbalance of tourist housing will substantially change the livability of Isle of Palms neighborhoods for those who live here either full or part-time.
BIPA's Position
We support the principles espoused in the IOP Strategic Plan and Comprehensive Plan that Isle of Palms is primarily a residential community. We believe in an equal balance among:
-
Full-Time residents
-
Part-time residents (second homeowners)
-
Short-term rentals
We are actively monitoring the number of units of each type of residence in order to assess that balance and will continue to advocate for tightened city ordinances and strict enforcement of those livability ordinances in order to maintain the quality of life for residents.
The Trend
If we look at the numbers for the end of license years 2023 and 2024, we see an imbalance. 40% of all dwelling units are Short Term Rentals, which is not in line with the desired balance of 33%.
.png)
Year | FULL-TIME RESIDENCES | % OF TOTAL | PART-TIME RESIDENCES | % OF TOTAL | SHORT-TERM RENTALS | % OF TOTAL | TOTAL DWELLING UNITS |
|---|---|---|---|---|---|---|---|
April 2023 | 1,463 | 32.01% | 1,303 | 28.51% | 1,805 | 39.49% | 4,571 |
April 2024 | 1,459 | 31.65% | 1,296 | 28.11% | 1,855 | 40.24% | 4,610 |
Source: City of Isle of Palms Analysis of Dwelling Units and Short-Term Rentals
Renewal Year begins May 1 | 4% STRLs | 4% NO STRLs | 6% STRLs | 6% NO STRLs | Unexplained Difference Per Source Report | Pending STRLs | TOTAL STRLs |
|---|---|---|---|---|---|---|---|
April 30, 2023 | 200 | 1,463 | 1,605 | 1,303 | 0 | Not Reported | 1,805 |
April 30, 2024 | 177 | 1,459 | 1,668 | 1,292 | 9 | 1 | 1,855 |
% Change | -11.50% | -0.27% | 3.93% | -0.46% | 2.77% |
Source: City of Isle of Palms Analysis of Dwelling Units and Short-Term Rentals
As we drill down further in the 2023-2024 license year, we see a small 2.77% rise in STRLs. Year over year, there were fewer resident STRLs and a slight rise in 6% STRLs. As we continue to follow the fiscal year-to-date trends for the 2024-2025 license year, we should see in the detail where the shifts occur.