In October, a petition to cap the number of short-term rentals on Folly Beach was started. Advocates for the cap, including members of the Folly Beach Residents Association, argued that it would help preserve the community, while opponents, such as members of Folly United, believed it would negatively impact property values and the local economy.
Folly Beach has set a cap of 800 short-term rentals following a citizen vote on February 7 that saw over 1,200 votes cast. This number represents around half of the registered voters on the island. The vote resulted in 655 in favor and 577 against the cap.
With around 1,200 short-term rentals currently on the island, it will take several years for the number to reduce to the capped limit, as owners sell their properties or do not renew their licenses. The long-term impact of this cap on Folly Beach’s tourism industry and housing market remains to be seen.