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And we're recording.
In other news, here's an eye-popping wallet busting number with the NFL Draft coming to Green Bay next spring.
An Airbnb near Lambo Field is going for nearly $18,000 a night, according to local headlines.
Turning single-family homes into short-term rentals is on the rise because of that kind of payoff,
or even much more modest rental income potential.
In response to the growth of such rentals in hot tourist towns like Ashwabanan near Lambo,
locals are enacting new ordinances, putting restrictions in place to protect neighbors and neighborhoods.
New rules are slated to go into effect July 1st in Ashwabanan.
Mary Cardoski is the village president, and she joins us now. Thanks so much for being here.
Thank you for inviting me. Good to be here.
With the NFL Draft coming to Green Bay next spring, how crazy has the short-term rental business become near you?
Well, you know, we hear the same thing. You hear, you know, the $18,000 a night, $45,000 for the week.
You know, if people want to rent out their homes, you know, there are rules and regulations that have been put in place that they have to follow.
And we, you know, are trying our best to make sure that they follow those rules to keep everybody safe, especially the visitors coming to the area.
Yeah, so I just want to even back up a little bit, and we'll talk about the rules, but ask about the lay of the land there,
because even without the draft, every game in that area must bring the same interest in things like Airbnb.
Yeah, we have a lot of Airbnb licensed people. Every Packer game, of course, is very busy.
And yeah, we do surround Lambo Field on three sides, so there is a lot of rentals going on in our community.
Well, what does that look like in a single-family neighborhood when the crowds aren't there?
Well, for the 100% of the time, Airbnb rental homes, you know, your neighborhood is dark.
There's not people out and about and walking the dogs and saying hello when they're putting their garbage out in the morning,
and kids running around on bicycles, and so that's what you lose.
You lose the fabric of your community as you get more and more and more.
Do you know how many investor properties there are in your village?
I'm not 100% sure right now. I do know that we do have for the 2024 July 1 rental period through June 30th of 2025.
As of right now, we have 43 applications for that period.
How do outside investors hike the value of single-family homes?
And what does that mean for people who live there or want to live there and their taxes?
Well, you know, every time a home is sold, and I'm just going to use this, a three-bedroom ranch with a two-stall attached garage
that's probably assessed at about $260,000. That home may sell for $400,000, $500,000.
And then we have the one-offs with the $1.2 million and, you know, $600,000.
And those do change the makeup of your community.
The state gives you every year the amount of what your village is worth, and then our assessor has to divvy that up.
So, of course, it makes the taxes go up for those homeowners around there.
So, again, the village of Ashwabana drafted new rules for short-term rentals because you said you're, quote, trying to protect the community.
Again, how so?
So, when the short-term rental statutes were put into effect in 2017, in the statute, it states that you can have a six-night minimum,
seven-day, six-night minimum for each rental, and it could be 180 consecutive days.
That was not originally in our original ordinance, but we did put that in about a year and a half ago.
And so, we did grandfathers, some of the previous owners in, licensed owners in, for one year.
But other than the 180 consecutive days, they now will have to, as of July 1, follow the six-night minimum.
Are there also new rules around mandating 24-7 property managers and requiring property managers to live within 25 miles of the village?
That has been always since 2017. That was always in our ordinance.
And how do all of those rules kind of offer this protection of which you speak?
Well, it makes it a little less attractive because you're not able to garner as many rentals and makes your, probably your profit margin go down a little bit.
They'll have to probably change up their business plan a bit because they can only rent once in a six-night period.
So, they'll have to figure that out.
And what kind of opposition are you hearing to that from the people who own these kind of investment short-term rental properties?
So, originally, they were upset with the six-night minimum, 180 consecutive days.
A lot of the ones who were licensed by June 30th of 2023 found out that the 180 consecutive days only applies to the new rentals as of July 1 of 2023.
So, they were opposed to the six-night minimum, but our board decided last Tuesday night that they were going to hold up the six-night minimum.
So, the village is kind of trying to thread this needle between protecting the neighborhood and allowing short-term rentals, which are in such a demand.
Correct. Correct.
All right. Mary Cardaski, village president of Ashwabanan. Thanks so much.
Thank you for having me. Have a great day.
Thank you.
So, are the $1.2 million properties or those like Airbnb's?
Oh, they are.
But from what I understand, the one that recently sold for $1.2 million is going to be a private home.
So, I...
There are several children which we'll put into our school district, which is really good.
That's why we kind of did it, is because our schools are struggling with kids that live in Ashwabanan.
Yeah.
So, yeah.
Enrollment.
All right. Well, again, thank you so much.
Thank you very much.