Did you make a fortune using your Minneapolis home or duplex as an Airbnb or VRBO rental during the Super Bowl?
Many Twin Cities residents did and have found the short-term rental market to be a wonderful way to increase cash flow.
Of course, the city of Minneapolis also wants to remind you they would like to increase their cash flow as well.
Last week, the city sent out 731 letters to owners who list their properties on short-term rental sites, warning that if they don’t pay the city’s registration fee, they may be subject to a $500 fine.
Last fall the city passed an ordinance that requires duplex and other property owners who rent out their homes through online portals to pay an annual fee to acquire a rental license. Property owners who live in their home must pay $46 a year, while those who do not are charged a $70 fee.
If you haven’t had a rental license before, you may also be required to have your property inspected. And of course, there’s a fee for that as well.
If you’re wondering if the city doesn’t have better things to do, well, it turns out that yes, they do. So, they’ve hired an outside firm to monitor short-term rental sites and compare the properties listed to city rental license records.
There is a good reason for this requirement. The city simply wants to be sure rental properties comply with health and safety standards for all its residents and visitors.
Come to think of it, your insurance agent might appreciate that too.
To register your short-term rental, or decide if, in fact, you are required to, click here.
For a more traditional city of Minneapolis rental license, click here.