Short-term vacation rentals booked in San Diego through home-sharing sites including Airbnb had an economic impact of $285 million in the city during the past year, according to a newly released report by locally based National University System Institute for Policy Research.
Researchers said short-term rentals generated an estimated $110.3 million in lodging revenue between July 1, 2014 and June 30, 2015; and another $86.4 million in other visitor-related spending.
Those expenditures created a total economic impact of $285 million and supported 1,842 jobs.
Assuming modest positive growth in the short-term rental market, the industry could generate $12 million or more in transient occupancy taxes in fiscal year 2015-16 and at least $5 million in sales and use taxes, the policy institute estimated.
As of July 1, there were approximately 6,100 short-term rental units in the city of San Diego, posted on websites such as Airbnb and VRBO (Vacation Rentals by Owner).
The findings come as San Diego and other local cities are grappling with various issues being created by the fast-growing home-sharing industry. Those include collection of lodging-related taxes and how to deal with neighborhood complaints about noise and other problems being created by short-term visitors.