Lake Tahoe Long-Term Rental Shortage:
South Lake Tahoe housing shortage is causing a lot of attention which is good for investors. However, for renters this is causing a problem. Approximately 25% of the population are locals who live in South Lake Tahoe year round. Many of the residents do not own their own home and need to rent. Approximately 1900 of the homeowners in South Lake Tahoe have applied for a vacation rental permits which is contributing to the housing shortage. With those statistics long-term rentals are in high demand. Many of the locals in Lake Tahoe who rent homes are fed up with the spike in the rental prices. A two bedroom home over the last couple of years has now doubled in monthly rent. This is a good situation for property owners and those considering to purchase a home in Lake Tahoe.
Long-Term Rentals Compared to Vacation Rentals:
If you are interested in purchasing a home in Lake Tahoe for income potential consider the long term rental potential. Lake Tahoe home buyers think that having a vacation rental home is easier, yet aren’t aware of the process to obtain a Vacation Home Rental Permit for their home. A good real estate agent knows the process on how to apply for the permit and will always make an offer subject to getting the permit approved before moving forward with the purchase.
If you are ready for the steady income of a long-term rental, or the lucrative income potential of a vacation rental property you should contact an experienced Lake Tahoe Real Estate agent who knows all about the housing and real estate market in Lake Tahoe. Call or email Dan Spano today to talk about your Lake Tahoe investment.
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