The Isle of Palms clearly needs restrictions on new licenses for short-term rentals for two reasons:
New rental properties are now owned primarily by corporate investment groups, not individuals, and essentially all surrounding communities have implemented a restriction on short-term rentals. Sullivan’s, Mount Pleasant, Charleston, James Island, Kiawah, Myrtle Beach and Hilton Head all have restrictions on short-term rentals. Folly is about to vote on the issue.
Leaving IOP as the only beach community in the region without a plan for limiting new STR licenses will result in our neighborhoods being overrun by investment groups looking for rental property. This is already happening. The current short-term rental percentage is 39%, with 34% being investor owned and 5% resident owned.
We need a limit. This is not complicated. It is common sense.
