If a new bill is signed into law, it could give local municipalities like Murfreesboro the right to change the way homeowners rent their residence on a short term basis. This information in after Airbnb announced that its Murfreesboro host community earned a combined $715,000 in supplemental income while welcoming approximately 6,000 guest arrivals to the city in 2017.

One key item that would be allowed under a new proposal in Tennessee, is that it would give places like Murfreesboro the right to charge homeowners for short term rental permits.

Sen. John Stevens (R-Huntingdon) introduced comprehensive legislation to outline statewide short-term rental standards and protect property rights of Tennessee homeowners while at the same time preserving important local government regulatory control.

"As a state, we must find the right balance between reasonable local regulation and constitutionally protected private property rights," said Stevens. "Anytime we can pursue state legislation that actually empowers municipalities, that's a good thing. When we can provide clarity and stability for Tennessee homeowners in the process, that's even better. This compromise legislation does just that."

The Stevens legislation empowers local governments to develop tailored rules around location, density, quality of life issues, enforcement and health and safety. They would also maintain control over short-term rental permitting, insurance requirements and inspections. Municipalities would only be limited in their ability to outright ban a private property owner's use of his or her property as a rental.

"Property owners must have their constitutional rights to the responsible use of their homes protected," said Justin Owen, president and CEO of Beacon Impact. "Property rights, including the right to rent, are core to Tennessee values. We thank Sen. Stevens and Rep. Sexton for defending Tennesseans and standing up for individual liberty."

"This carefully crafted compromise bill could emerge as a national model once it's made law," said Matthew Kiessling, vice president of short-term rental policy for The Travel Technology Association. "Sen. Stevens should be commended for bringing everyone to the table to produce legislation that both preserves property rights, as well as ensures significant local control."