Town of Breckenridge Proposed STR License Moratorium

We encourage you to bookmark this page as we will be publishing periodic updates here as the situation develops, with the next update likely to come on the morning of Wednesday, September 1st.

Breckenridge Town Council Meeting – August 24th

Last week the Breckenridge Town Council met to discuss the the implementation of a cap on the number of licenses to not exceed 2,200. a cap on short term rental licenses on Tuesday, August 24th. Insufficient data was provided to explain their reasoning behind this arbitrary figure, leaving attendees no explanation to believe that this is anything but a shot in the dark.
The Town had previously stated that the cap would be higher than the current existing licenses, but that is no longer their proposal at this time.  The current total number of licenses is approximately 3,900, which means that the town would be looking reduce the number of licenses through basic attrition. This approach will result in 0 new licenses being issued until the current number of licenses drops below the license cap of 2,200 through a combination of home sales (as BOLT licenses are non-transferable from seller to buyer) & voluntary non-renewal of these licenses. There is no way of knowing how long this will take, but it would be several years at the very least.

The Town Council is now in the process of drafting the ordinance which was initially scheduled for a first reading on September 14th with a second and final reading on September 28, setting the new license cap in effect on November 2, 2021.  However – the Council just announced that a new special meeting has been scheduled for Tuesday, August 31st to address matters related to the proposed ordinance. Our inclination is this special Council meeting has been scheduled to pass the ordinance on an emergency basis in order to minimize the influx of BOLT license applications before the cap is in effect, although a detailed agenda for this special meeting has not yet been posted.  The few public details of the special meeting can be found here on the Town of Breckenridge website.
The Council has assured everyone that this approach to capping the number of short term lodging licenses is not a “taking” and that current license holders will not be impacted, however, the impact of this legislation will impact all Breckenridge home values and devalue both properties that for decades have been great rental investments. We want to emphasize that BOLT licenses do not transfer in the event of a sale, so anyone who buys a Breckenridge property while the cap is in place will be unable to rent this property until (or if) the total amount of STRs drops below the proposed cap amount of 2,200 – and even then, the buyer will have to get on the lengthy waiting list for an indeterminate period of time in order to procure a license.

What Can Homeowners Do?

One way owners can voice their opinion on this this sudden change of policy is to write a note to the Mayor’s office directed to Town Council at Mayor@townofbreckenridge.com. Due to the pace at which the Town is moving on this ordinance we encourage you to contact the Mayor’s office via email at your earliest convenience. There is also a petition started by the Summit Alliance of Vacation Rental Managers (SAVRM) which has already gathered several hundred digital signatures of residents unhappy with this proposal – you can sign the petition yourself here.

Board members of SAVRM are working to combat this short term license cap proposal and there are a variety of plans and strategies that they intend to roll out in the next couple days.  They are partnering with several other organizations including the Expedia Group (VRBO), Summit Association of Realtors, Rent Responsibly, and more.

If you are interested in joining these efforts, please do so by going to SAVRM.org and joining as a basic or associate member. For more details on the discussion that occurred at the Town meeting on this past Tuesday, you can find those notes here: August 24 Town Council Meeting Managers Report.

The Summit Daily’s coverage from the meeting can be found here: Breckenridge to set cap on short-term rental licenses.

The Colorado Sun’s article about local mountain housing can be found here: Flooded with tourists, Colorado mountain towns are starting to limit short-term rentals to combat housing crisis

What Can Alpine Edge Do to Help?

As stewards of your property, we at Alpine Edge plan to continue bringing you the latest information and guidance on this crucial topic as it develops. Please feel free to reach out with your thoughts, opinions, and questions on the matter as we prepare to take a stand for our owners at the Town Council meeting next Tuesday.

We encourage you to bookmark this page as we will be publishing periodic updates here as the situation develops, with the next update likely to come on the morning of Wednesday, September 1st.