June 15, 2019 –
In a city crippled by lack of affordable housing — and lack of housing in general — housing experts long have wondered what impact those 1,600 units, many of them converted from long-term rentals, have had on the housing crunch.
The new study, ordered by affordable-housing nonprofit Homewise and undertaken by a University of New Mexico professor, finally provides some insight.
The report, released Wednesday, finds the conversion of houses and apartments into short-term rentals is causing an increase in rents and home prices citywide.
“Since 2014 … rents increased by an annual average of 4.9 percent and median home prices rose by an annual average of 10 percent,” the report states.
The report states that the extent to which short-term rentals have contributed to the “rapid escalation” of Santa Fe’s housing costs is uncertain.