CEO of the Bahamas Chamber of Commerce and Employers' Confederation (BCCEC) Edison Sumner asserted the need for regulation and accountability in the country's vacation rental business.
Sumner told Guardian Business recently that any sector operating without regulation is considered a part of the informal economy.
"The chamber does not support operations in the informal economy," he said.
There are currently 908 active Airbnb rentals in The Bahamas, with an occupancy rate of 17 percent; this implies a total of 56,000 room days of rentals, according to an Oxford Economics study.
Growth in the Airbnb segment may have an adverse impact on hotel occupancy rates.
"I do understand the concerns raised previously by the Ministry of Tourism in that they are competing against some of the hotel properties that have themselves reported some decline in occupancy," said Sumner.
Central Bank of The Bahamas data shows that the hotel occupancy rate was 56 percent in 2014 and 58.5 percent in 2015, indicating no sign of a decrease between those years.
However, statistics were not available from the regulator for the occupancy rate in 2016.
Sumner said further discussions are needed with the Bahamas Real Estate Association (BREA) on possibly taxing and effectively regulating the vacation rental industry.
"What you do not want happening is people that are coming in, renting a home, and not being given a full description of the home they are renting as far as where it is located and the representation of the home that is advertised online," said Sumner.
"I think any industry in this country ought to be regulated, and if it is not regulated then it is seen to be operating as a part of the informal economy.
"I think that anything has to have some level of oversight, if only for the purpose of accountability.
"There has to be business people that would have to also be accountable to a system and how business is operated in the country.
"Otherwise, you are going have a system of persons acting arbitrarily.
"It is really a matter for us to take a look at."
Sumner asserted that the vacation rental business is "very lucrative" for those who are already in it. And he added that it seems to be a "growing industry" in the country.
"Perhaps the vacation rental business is one you have to look at to determine what is the best way forward, how we can develop that into a more viable industry," he said.
"We think that the country would benefit from it, but to say that we should impose a tax at this point, we have not had the chance to have that study done."
He continued to insist that the chamber supports any legitimate industry in the formal sector.

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