REPORT: Short Term Rentals Generate $49M and Create 500 Jobs in Oxnard Annually

Economic Impact Report Shows Short Term Rentals provide an important source of income for city of Oxnard

OXNARD, Calif. (August, 16 2016) – Short term rentals are a significant contributor to the Oxnard area economy, according to economic analysis firm TXP. A report released today indicates that spending by guests staying at STRs in the City Oxnard in 2015 created more than $48.9 million in total annual activity and nearly 500 permanent jobs in the local economy.

Taxes assessed on tourists spending, both sales tax and transient occupancy tax (TOT) i.e. a lodging tax, are an important source of income for the City of Oxnard, the report shows.

“The benefit of short-term rentals to Oxnard’s local economy is clear,” said Jeanette Rottas, report author and project analyst for TXP. “Short-term rentals are an essential part of Oxnard’s lodging portfolio which supports the city’s ability to attract and accommodate a wide range of tourists.”

In 2015, the City of Oxnard generated a record high $4.2 million in TOT, which accounted for approximately 3 percent of the total tax revenue for the City. Since 2000 Oxnard’ TOT revenue has more than doubled.

In addition, the report showed that STR’s fill the demand for budget-friendly beachfront accommodations that can be enjoyed by large families who would not otherwise be able to afford nearby high end luxury resorts that cater to a different market segment such as business travelers and affluent couples.

Survey information was collected from 28 properties located in the City of Oxnard, or slightly more than 10 percent of all Oxnard STRs.

2015 Economic Impact of Short Term Rentals in Oxnard:

• $48.9 million in economic activity
• 500 permanent local jobs
• $4.2 million in transient occupancy tax; 3% of total tax revenue for city of Oxnard
• $7.5 million in aggregate direct spending on lodging by STR guests
• $30.2 million in total direct spending by STR visitors to Oxnard

About TXP:

TXP, Inc. is an economic analysis and public policy consulting firm founded in 1987 in Austin, Texas.

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