In partnership with
The Fed raised rates last week for the first time in three years — your financing costs on anything you buy, refinance, or carry variable debt on just went up, with the Fed signaling it isn't done. Meanwhile two counties in our five states moved in opposite directions on STR regulation in the same seven days: one imposed rules for the first time, one refused to tighten what it already had.
MARKET INTEL
Teller County, Colorado commissioners voted unanimously September 10 to pass Ordinance 23, the county's first-ever short-term rental regulation. It requires a $750 annual license, 365 days of ownership before a new buyer can operate an STR, mandatory enrollment in the Everbridge emergency alert system, and opens the door to inspections on reported violations. The trigger: roughly 850 STRs have been operating in unincorporated Teller County with no license at all, because — as one commissioner put it — anything not explicitly defined in the county's land use code was already prohibited. This was less "new restriction" than "first-time enforcement of a rule that technically existed all along."
Kalispell, Montana went the other way. Mayor Ryan Hunter proposed replacing the city's flat 2% short-term rental cap with ward-by-ward caps, which would have frozen new permits in Ward 3 — the only ward near the threshold. The council rejected it September 16 and kept the citywide cap as-is. STRs are still under 1% of Kalispell's housing stock, and councilors were explicit about not wanting to cut off a mortgage-paying income stream for residents over a problem the numbers don't yet show. If you operate in Teller County, get licensed now — the county was clear enforcement is coming, and $750 plus the paperwork is a lot cheaper than getting caught operating unlicensed after the fact. If you're in Kalispell, this round is a relief, but the fact a ward-level moratorium got a real hearing at all means the next housing-affordability push is only a matter of time — don't mistake this vote for the issue going away.
OPERATOR PLAYBOOK
The FOMC voted 12-0 to raise the federal funds rate a quarter point to 3.75%–4% on September 16 — the first hike since 2023. The Fed's stated reason was inflation running around 3.6%, well above its 2% target, alongside a still-solid labor market and strong capital investment. The committee's own projections point to one more quarter-point hike before year-end, with rates expected to hold at the new level into 2027.
If you're carrying a variable-rate loan on a property, equipment, or a line of credit, budget for at least one more increase this cycle, not a plateau. If a refinance or renewal is coming up in the next six months, run the numbers at today's rate plus another quarter point before you commit to anything, and have the conversation with your lender now rather than at the renewal deadline. This is also the moment to check whether a fixed-rate product makes more sense than whatever variable structure you signed up for when money was cheaper.
DEAL SPOTLIGHT
The same rate hike changes what a good deal looks like for anyone buying instead of borrowing to expand. Higher cost of capital means the multiple you can justify paying for a park, an STR portfolio, or a glamping build-out just came down — a purchase that penciled at last year's rates may not pencil at this year's without a price adjustment or a bigger down payment. Sellers still anchored to 2023-2024 pricing expectations are working against a financing environment that's now moved twice in the wrong direction for them. If you're sitting on cash rather than debt right now, that's real leverage in any negotiation over the next few months — use it, and don't be shy about pointing to the Fed's own rate path when you make the case for a lower number.
If this is useful, forward it to one operator who needs it.
Got a refinance or acquisition in motion right now? Hit reply and tell us how you're underwriting it at the new rate.
— Timberline Operator
These 7 Stocks Are Built to Outlast the Market
Some stocks are built for a quarter… others for a lifetime.
Our 7 Stocks to Buy and Hold Forever report reveals companies with the strength to deliver year after year - through recessions, rate hikes, and even the next crash.
One is a tech leader with a 15% payout ratio - leaving decades of room for dividend growth.
Another is a utility that’s paid every quarter for 96 years straight.
And that’s not all - we’ve included 5 more companies that treat payouts as high priority.
These are the stocks that anchor portfolios and keep paying.
You can download this report for free as of today, but it won’t be free forever.
This is your chance to see all 7 names and tickers - from a consumer staples powerhouse with 20 years of outperformance to a healthcare leader with 61 years of payout hikes.