Create the Space Everyone Wants to Enjoy
Regardless of what headlines may say, there is always space for vacation rentals in Palm Springs because we are a destination area and always will be (because it’s fucking awesome here). If your goal, as an investor, is to have space to enjoy and have some of the expenses covered, then a short-term vacation rental property might be the right fit for you.
With this type of investment, it’s important for you to evaluate your needs in order to find a space you truly enjoy because you, as the investor, will still use the space for personal use as opposed to maximizing your investment. With prices today, this type of investment is specific to the person who wants to enjoy the residence part time.
What’s the Difference Between a Short-Term Vacation Rental and a Luxury Second Home?
With a short-term vacation rental property, you aren’t taking on the expense the same way as you would with a luxury second home because you are renting it out part time, but you still get to use it. In addition, this type of property is different than a long-term rental because you still have the flexibility to use it when you want as opposed to a long-term rental where you cannot use it yourself.
The Home Share: A Different Approach to a Short-Term Vacation Rental
There is such thing as a “home share” where you can rent out a particular room in the home or a casita (if the property has one) in order to maximize on a property. With this option, an investor can lie in a space full-time and rent out the other space as a short-term vacation rental. Also with this option, the city restrictions are slightly different you are no longer capped by a specified number of bookings, making this an excellent workaround. We understand the rules and that there are ways to do things where you are not so restricted.
