Palm Springs home values in ‘free-fall’ after city cracks down on Airbnb - KTLA
Summary
Palm Springs home values are reportedly declining after the city implemented stricter regulations on short-term rentals. Hosts in Palm Springs should monitor the local market and potentially adjust their pricing strategies based on the changing landscape.
Key Insights
- •Palm Springs home values are in 'free-fall' due to the city's crackdown on Airbnb rentals.
Action Items
- ✓Monitor market data for Palm Springs, including occupancy rates and ADR, to adjust pricing.Effort: lowImpact: medium
- ✓Hosts should research recent changes to local regulations in Palm Springs and other cities to understand the impact on their investment.Effort: lowImpact: medium
Common Mistakes
- ⚠Failing to comply with new regulations can lead to loss of revenue and investment.
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.
Curated by Learn STR by GoStudioM