The Caribbean Tourism Organization (CTO), the region's tourism development agency, recently signed a landmark agreement with Airbnb to develop a set of policy principles and recommendations on the online short-term rentals sector for Caribbean governments and other stakeholders.
Guardian Business found at least 300 listings on Airbnb for The Bahamas. The CTO said there could be as many as 60,000 of these types of properties listed across the Caribbean on Airbnb and other similar platforms.
The debate over the online short-term rentals sector has taken on some teeth, as some small hotel owners have complained that these properties are eating into their businesses, their success fueled by the unregulated nature of the sector that keeps their prices below those of hotels. The owners of these properties are not required to pay the same taxes per room night as hoteliers.
Guardian Business recently spoke to well-known realtors who believe the sector should be regulated in order to level the playing field. Adell Farquharson, a Harbour Island realtor and owner of concierge and catering company Briland Soul, said the government's hands-off approach to the vacation home rental market means local realtors are missing property management opportunities on real estate owned by foreign second-home owners, who could potentially use foreign property managers to manage their assets, while advertising their properties on sites like Airbnb, channeling money earned locally directly into their foreign accounts.
"The country is losing revenue when we're not regulating these particular markets," Farquharson said.
"All of those funds are going abroad. This is a business that they are operating in our country, and we're not receiving the benefits of it."
Mario Carey, of Mario Carey Realty and Better Homes and Gardens, echoed similar sentiments.
However, one detractor of the idea of allowing the government to regulate the sector emailed Guardian Business to say: "You don't want the government anywhere near regulating your business. You should also keep in mind that every visitor to our country, regardless of where they stay, spends thousands of dollars in our islands with local businesses. That is money that stays right here in our country's economy.
"Be careful what you wish for, because you shall surely regulate yourself right out of business. That is what is happening to bonefishing guides, lodges, Bahamians who rent rooms and houses to anglers, and other flats fishing stakeholders right now because of government's micro-management of an industry they don't understand at all."
Under the newly-signed agreement, the CTO and Airbnb will identify ways to make the sector more inclusive and broaden the benefits of tourism to non-traditional actors, attract new stakeholders and focus on providing amazing and unique travel and cultural experiences to visitors.
"This partnership agreement will also provide to the CTO an economic analysis of Airbnb's positive impact on local economies," a press release on the signing said.
CTO Secretary General Hugh Riley lamented yesterday during a press conference that there was not enough data last year on the online short-term rentals sector to determine the percentage it took away from traditional accommodations.
"The CTO is establishing a basis for mutual cooperation with Airbnb," Riley said in the CTO's release.
"It is important for us to examine all aspects of this important segment of the sharing economy. We believe that by clearly understanding Airbnb's massive influence in capturing consumers' interest in unique accommodations, we will be in a position to properly advise our members and to allow the Caribbean to achieve the goals of year-round profitability, visitor satisfaction and sustainable tourism development.
"Currently, there are 41,000 listings across the Caribbean, and a typical host in the Caribbean earns approximately US$3,900 per year," he stated.
Airbnb's public policy director for Central America and the Caribbean, Shawn Sullivan, said the region is an important and growing market for the company.

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