ECONOMIC IMPACT STUDY ANALYSIS & SUMMARY OF KEY FINDINGS

by Brandon Brawner Assoc. Dir, Public Engagement • Feb 4, 2016

Study commissioned • Fall of 2014

HELPING LOCAL COMMUNITIES THRIVE

Short term rental guest spending is an important part of the tourism sector in Los Angeles, ultimately creating thousands of jobs and millions of dollars of economic activity, wages, and tax revenue for the community each year.

STR’s are becoming increasingly more popular as a lodging choices for vacat ion travelers, and business people alike become more accessible & enjoyable due in large part to the user-friendly interface, ease of use, and easy access of the large online listing services (e.g., HomeAway, etc.).

EASY FOR EVERYONE

STABILIZING LA'S TOURISM INDUSTRY

• The travel and tourism market in Los Angeles has been on a rampant upward growth pattern since this study was written.

• The demand of that growth was outpacing the communities ability to create new supply.

• Short Term Rentals have become a necessary compliment to the hotel industry, translating into direct consumer savings that is spent locally, thereby increasing the net positive economic advantage.

• STR’s are a major contributor in the expanding labor market in Los Angeles, adding to the increase of nearly 21,000 tourism related jobs from 2012 to 2013.

REVITALIZING OUR LOCAL ECONOMY

•More than 15,000 properties listed in the Los Angeles area through the web based sharing and listing platforms.

• STR’s in Los Angeles accounted for the purchase of nearly one million stays in rooms and homes in 2013, which has become a major contributor to job growth in our local communities through increased tourist spending.

• This translated into an estimated $211.7 million dollars that was infused into our local communities, which created many additional jobs for Angelinos. • The overall economic activity in Los

Angeles County was near $1.4 billion dollars that year.

• 12,314 additional jobs were created as well for our neighbors that lifts the entire community as a whole.

BUILDING PARTNERSHIPS

FOR THE FUTURE

The owners, operators, and supporters of the STR market are a c t i v e m e m b e r s o f o u r communities. We are proactive in building lasting partnerships with our neighbors to create open lines of communication, and to find ways in which we can work together to create safe, secure, and vibrant places to live for everyone.