Could Sundance bring more short-term rental to Boulder? The city council is looking into it.

In less than two years, tens of thousands of people will be in Boulder's downtown and in their neighborhoods for the Sundance Film Festival.

"I am so excited that Sundance is coming," Boulder resident Caroline Hall said, "I don't see leaving my house. However, if I were in dire straits, I could make a lot of money renting out my house. I'm right downtown."

That same entrepreneurial spirit has brought a lot of Boulder residents to the mayor's office.

"I can't tell you how many people have asked me about this, unprompted. They'll say, 'Oh, so can I short-term rent my property for Sundance?'" Mayor Aaron Brockett said.

And with this new festival lodging proposal, Brockett is hoping that the answer could be a 'Yes'.

Right now, to have a short-term rental in Boulder, there are intentionally a lot of requirements to get a license. But the city wants to make it easier for homeowners and tourists, while hoping to limit price gouging.

"It would allow people to rent their home for just two or three weeks just for the festival, and it would make the rules easier and the application process easier as well," Brockett said.

The details aren't finalized yet, but with the relaxed guidelines comes a push to limit lucrative prices the festival has seen in the past.

"I've heard something like, you know, numbers like, $30,000 for two weeks," Brockett said, "[Our proposal] is definitely targeted at making sure that people don't charge an absolutely exorbitant amount, so that the festival stays accessible to people from different areas."

Some homeowners, like Houston Kempton, said he plans to keep prices reasonable, and he's hoping to team up with his tenants to share the profits.

"I have a rental unit in the basement that has somebody in it. My guess is I'll see if she wants to leave for those few weeks, and then, you know, she could make some money off of doing that," Kempton said, "It would be a split of profits."

However, other renters are concerned that landlords could take advantage of the guidelines in the future. One tenant sharing with CBS Colorado is worried about being priced out during future events.

When asked if this festival housing policy could apply to future events or possible football weekends, Brockett said, "I mean, that's not our intention right now. I mean, we could consider it in the future, but right now, we're really more focused on the Sundance film festival for this."

City council will be discussing the proposal on Sept. 18, where the public can share their comments.

This is just one part of how the city is ramping up event planning during the countdown to Sundance.

"It's nice they're working on the kinks at this point, and I hope they consider us longtime residents as well as the visitors," downtown Boulder resident Judy Whitfield said.

If the city council approves this program in the next few weeks, Brockett says homeowners could likely apply next year.