Published on : Friday, March 24, 2017
Sharing economy in New Mexico has become one of the major subsets for country’s economy which is growing fast in these days. In case of Uber and Lyft, statutory regulations in case of sharing economy for transportation networks are quite slow to change. Situation is same for short-term rentals in sharing economy services. New Mexico’s short term rental market has grown tremendously for Airbnb, HomeAway and VRBO.
As per the January audit of Southwest Planning and Marketing, the short-term rental market of New Mexico witnessed 4,076 short-term rental properties and about 9,296 short-term rental rooms. The report also says that out of the 4,076 short-term rental properties, 76 percent are owned by individuals with multiple short-term rental properties. In another report released by Airbnb in January showed that New Mexico short-term rentals made an estimated $16.5 million through its platform in revenue for 2016 which witnessed a 110 percent increase in guest rentals in comparison to the previous year.
Tourists now have thousands of more rooms available to them to visit communities across New Mexico because of Airbnb’s expansive reach. Hotels are required remit the tax of the lodgers for their weekend stay whereas property owners short-term rental is not allowed making it an inevitable downside of New Mexico’s lodging capacity.