CAPE CHARLES, Va. — The Cape Charles Town Council held a work session on June 13, 2024, to review and discuss the draft short-term rental (STR) ordinance. Staff had previously provided recommendations for potential STR regulations, and the Town Council’s feedback on these recommendations helped shape the draft ordinance now under consideration.
Town Council will meet on August 8th at 6:00 to review the current draft of STR regulations.
The draft ordinance includes concepts that received majority support during the initial discussions. The Town Council is requested to review the current draft and provide any additional guidance. Once the Council indicates majority support, staff will seek final legal review and start the approval process, beginning with the Planning Commission for items related to the zoning code.
The proposed regulations in the draft ordinance do not constitute a complete set of STR regulations. They include only the concepts that have garnered sufficient support to advance. Other items, such as parking, remain unresolved and are not included in this draft. The Town Council will discuss potential parking solutions during this work session, and any options that gain the necessary support could be added to the ordinance now or in the future.
This ongoing effort aims to establish clear and effective regulations for short-term rentals in Cape Charles, balancing the needs of property owners, renters, and the community.
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Is Cape Charles putting all of its eggs in one flimsy basket with these STR’s?
Reuters
“Airbnb shares slumps as weak forecast signals slowing travel demand”
By Reuters
August 7, 2024
Aug 7 (Reuters) – Shares of Airbnb slumped nearly 14% on Wednesday after the online travel company forecast third-quarter revenue below estimates, citing slowing demand in the United States and shorter booking windows.
Domestic travel in the United States has been pressured since the start of the year as more Americans have grown cautious about travel spending on worries about the health of the economy.
Airbnb became the latest online travel company after Booking to warn it was experiencing shorter booking lead time globally which refers to the number of days between the reservation date and actual arrival.
A shorter booking window can indicate consumers are booking travel at the last minute due to increased uncertainty and caution in spending.
Airbnb Chief Financial Officer Elinor Mertz said on a call with analysts on Tuesday that softness in long booking lead times was a big factor in its forecast.
“While travel has been resilient for a long time coming out of the pandemic, trends observed by ABNB, along with what BKNG noted last week — i.e. softness in Europe, some trade down of travel in the U.S., and normalization of booking windows — should weaken investor sentiment around online travel broadly,” J.P. Morgan analysts wrote in a client note.
Jefferies analysts noted that Airbnb’s “disappointing” outlook for nights followed by Booking is “likely to heighten concern of slowing growth.”
The company said it expected moderating growth in nights booked in the third quarter.
According to Jefferies, Airbnb’s third-quarter outlook implied nights growth of 6%-8% year-on-year, which would be a deceleration from 8.7% in the second quarter.
Baird Equity Research analysts said the brokerage remained “neutral” on Airbnb’s shares as more evidence emerged of consumers tightening their belts on travel, or at least delaying their travel planning.