LOUISVILLE, Ky. (WDRB) -- Short-term rentals remain top of mind for tourists this Derby season.
Hundreds of short-term rentals are currently listed in Louisville. It's no secret, the majority of them get booked for the Kentucky Derby every spring. But this year in particular, they're booked well-in advance.
"Derby 150 is a huge deal this year. A lot of people are coming in. There's a lot of anticipation surrounding it," Justin Reid, who co-owns Key Source Properties, said. "It just feels so rewarding hearing people come to our city, praise our city, talk so highly of it."
Reid has been in the short-term rental business for nearly a decade. He helps operate 25 AirBNB properties across Louisville, including the Beechmont area, Old Louisville, Nulu area, Highlands area, St. Matthews, and downtown Louisville.
"Typically, reservations will trickle in over time, but I would say that this year is probably the fastest that all of our properties are booked up," Reid said.
People booked Derby weekend at each of his locations for about $10,000 each, within two months of the New Year.
City records show at least 1,500 short-term rental permits in Jefferson County.
"That kind of tells you just what we're able to bring in," Reid said. "As neighborhoods became more saturated, all of these rules and regulations came around."
Starting last year, Metro Council decided all short-term rentals must be registered.
"I think that Louisville has the perfect balance of a reasonable regulation system where you can have you can rent out your own home or with a special kind of permit. You can have a full time short term rental, but we don't have whole neighborhoods that are just nothing but short term rentals," Deirdre Seim, who owns and lives in a short-term rental in the Highlands, said.
"In some cities you'll see whole blocks are taken over by Airbnb and short term rentals and we've tried not to let that happen in Louisville," Seim said.
City records show at least 1,500 short-term rental permits in Jefferson County. You can see them on this map.
Kentucky Tourism Commissioner, Mike Mangeot, said it has a significant impact on the state's economy.
"What we also see around Derby especially, is people who don't normally rent their homes, will do it around that weekend, simply because of the revenue they can generate for one weekend," Mangeot said.
It may not be too late for you to legally rent-out your own home for this Derby season.
Caitlin Bowling, spokeswoman for Metro government's economic development cabinet, said complete registration, license applications, with no issues, are currently being approved in less than a week.
However, if an applicant wants a permit for a home that is not their primary resident, like Reid, then the process can take four to five months.
If you need to report a short-term rental concern or complaint to Metro Louisville, call 311.
For more information, on short-term regulations and rules, click here.
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