Palm Springs capped short-term rentals. Now some home prices are in free-fall - Los Angeles Times
Summary
Palm Springs, CA, capped short-term rentals, leading to a decline in some home prices. Hosts in areas with similar regulations should monitor their local market and property values. Consider researching and understanding the impact of local regulations on your STR investments.
Key Insights
- •The article states that some home prices are in free-fall due to the cap on short-term rentals.
Action Items
- ✓Research the local regulations in your area regarding short-term rentals, including permit requirements and any limitations on the number of rentals allowed.Effort: mediumImpact: high
- ✓Monitor local market trends and property values to understand the potential impact of STR regulations on your investment.Effort: lowImpact: medium
Common Mistakes
- ⚠Failing to understand and comply with local regulations on STRs could lead to reduced income and/or the inability to rent your property short term.
More from Regulations & Compliance
Carson City, Nevada, is refining its short-term rental regulations. City supervisors are currently reviewing and modifying the local ordinance during a retreat. This review aims to address operational aspects, potentially impacting local hosts through new or revised rules, emphasizing compliance.
A 21-unit vacation rental in Dunedin, Florida, has been approved, signaling potential growth in the local short-term rental market. This approval could lead to increased accommodation options for tourists visiting the area. This news could also influence local regulations.
St. Louis aldermen have approved a short-term rental fee, though a legal battle over existing rules continues. This indicates a focus on regulating the STR market within the city. Hosts in St. Louis should be aware of these new fees, which may impact their profitability. Find out how this affects your STR business.
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