AZ HB2087

Amends statutes governing city, town, and county regulation of vacation rentals and short-term rentals to add a new permitted regulatory purpose for investor-owned properties.

Allows cities, towns, and counties to regulate investor-owned vacation rentals or short-term rentals to ensure compliance with residential use and zoning ordinances, applied in the same manner as other residential property.

Defines "investor-owned" as property owned by a person who does not use it as their primary or secondary residence, as determined by the county assessor.

Maintains existing state preemptions prohibiting local governments from prohibiting or restricting vacation rentals based on classification, use, or occupancy, except for specified regulatory purposes.

Does not exempt property owners from maintaining required information with the county assessor regarding residential rental property as defined in state law.