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Rentini Concerned Over New Hawaiian Bill

Could Affect State Real Estate Market

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A lot of us are familiar with vacation rental and timeshare websites- owners post their properties online, users take a look, and rent what they pick out. This is all about to change in Hawaii, where vacation rentals are big business.

hawaii

State Legislature has recently passed two controversial bills, SB 2089 and HB 1706, that require non-resident property owners to hire local property managers to oversee vacation rentals and collect the payments. This adding of a middle man would cause non-resident homeowners to take a big hit, and landlords aren’t happy. Still, proponents of the bills contend that the new laws would force non-residents to pay the proper taxes. Critics say this wouldn’t solve Hawaii’s tax problem, and is going negatively impact the real estate market.

Vacation rental sites like Rentini are worried that the new bills will affect the future of their business in Hawaii. Houses will have to be taken off private rental sites, and referred to bulk local property management companies.

Homeowners have threatened to either sell, or raise rental costs to cover the new losses – both of which would negatively affect the real estate market.

On March 6, SB 2089 passed the Third Reading by the Committee, and is scheduled to be heard on Monday, March 12th.

Rentini Concerned Over New Hawaiian Bill
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  • Renaldo

    Corrupt government official should be hung in the public square.

  • chris hornsby

    ive been to hawaii and have realized that this is infact true. realestate is insane business over there. pittsburgh realtors

  • LiYun

    Bill 2089 is being replaced by Bill 2078.

    Bills SB2089 HB1707 HB1706 HB2078 will force out-of-state owners to hire Property Managers who charge 25% to 50% commission. They will not be able to compete with the “local owners” since these bills do not affect them.

    Out-of-State Investors! Do your homework and read these bills carefully before you decide to invest in Hawaii.

    There’s a petition going around to raise awareness. Sign if you support it.

    http://www.thepetitionsite.com/502/718/414/stop-property-management-lobbyists-from-taking-local-jobs/#13328034048991&action=udata&udata=false

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