Aficionados of the Incline Village real estate market are familiar with many nuances. Longtime readers of this blog are well aware that our community does not have just one market. There is such a wide variety of price ranges and property styles. And unlike many homogeneous suburbs in America our community is characterized by custom homes and numerous condo developments, each with their own particular flavor.
Most of the attention and information about Incline Village real estate is geared towards buyers and sellers. But one of the most important submarkets in our community concerns vacation rentals. There has been a significant amount of political activity during the past few years towards limiting the sheer number of vacation rental properties in communities all around Lake Tahoe.
With the recent invasion of Ukraine by Russian military forces it is likely that many Americans will be canceling international travel plans for the summer. A good percentage of these people will be seeking opportunities for domestic travel instead. As a result, we anticipate that Lake Tahoe and other popular vacation destinations will see an above normal surge of visitors this summer.
The months of July and August tend to be extremely busy all around Lake Tahoe. People stream in from all over the world to enjoy the spectacular scenery and abundant recreational opportunities. With a finite supply of vacation rental properties, it’s important that anyone planning to visit Lake Tahoe this summer make reservations if they have not already done so.
Since the start of the pandemic in early 2020, we have seen the full-time population swell in many communities around Lake Tahoe. Combining this with restrictions on the number of vacation rental properties has resulted in short-term rental rates ratcheting up. Some communities have placed strict limits on the number of occupants at any particular property. This is helpful when it comes to reducing noise and overcrowding. It’s also an important factor when it comes to maintaining the quality of life in environmentally sensitive areas.
If you are a property owner seeking to generate additional income summertime vacation rentals present a great opportunity. We recommend that you engage the services of a professional property manager. Having a local, highly experienced property manager makes it easier to handle check in and check out, quickly remedy problems and handle repairs in a timely fashion. They can assist you with all of the necessary preparations needed to ensure that guests are happy with their accommodations. There is a lengthy checklist of necessary supplies and amenities that needs to be fulfilled when setting up your property as a vacation rental.
If you are considering turning vacation rental income we would be happy to provide you with some general advice and refer you to a few different property managers. It’s very important that you interview at least 2 or 3 different firms prior to signing a property management contract. There are a number of intangibles that need to be considered when selecting a property manager. When you are talking with the top-tier property management firms, sometimes your final decision is based upon the communication, chemistry and having a warm fuzzy feeling for the people who will be responsible for managing your vacation rentals.