Canadian Home Buyers

Investing In A Palm Springs Vacation Rental- Palm Springs CA

Is a Palm Springs vacation rental easy to rent? In a word YES! Consider these things…

 

There are many factors that control how long it will take your investment rental property or Palm Springs vacation rental property to rent.  Some of them are listed and discussed below but by and large, if you do your homework, it will rent as often as you like. Palm Springs is all about vacation rentals and investment properties and we have the tourists to fill them up all year round, yes in summer too!

  • Price- Is it priced fairly and accurately based on location, amenities and features?
  • What’s the best way to secure renters?  Nowadays using Air BnB or VRBO gets you all the business you need and their online tools make selection, booking and calendar management very easy.
  • Is it priced for short-term or long-term occupancy? That is what really decides price.  A weekend price differs from a one week price which  differs from a 30 day price and so on.  In season a nice Condo in a nice community in a good location can bring $600.00 to $800.00 a week.  A home can fetch as much and more depending on size and location.
  • Condition and product.  For a short-term rental, the condition must be impeccable to demand the best price and what are you renting out?  Condo or home?  Private pool?  Golf course?  Views?  Walk to downtown?
  • The home owner must be prepared to equip the condo with very nice everything! No compromises on furnishings clear down to silverware and bedding or else they may not come back next year.  The most important part of having a vacation rental is to get your renters to return so an example of some of  what you will need is:
        1. Sets of at 6 for everything
        2. Every imaginable accessory in the kitchen and bath
        3. Good electronics.  Not high-end but at least is should have a flat screen TV, Internet and a good DVD player
        4. Condos compete with Hotels (they don’t offer the privacy of a private pool and spa) but they can offer a great rate and maid service so you must stand out in other ways
  • MAJOR AND SURPRISING are renters qualifications and how they affect occupancy
      1. Yes, FICO score is very important. Tenants come out of the woodwork but their credit scores are at times quite low thus limiting the available renter pool
  • Is a pool important is renting a home?
      1. Depends on what kind of tenant inventory, Young families with young children, (is the house close to elementary or high schools?)
      2. Young families don’t want a pool, they want an enclosed large grassy lawn
      3. Teenage families want a pool
      4. Pools add about $150 to $200 a month in expenses that the owner must plan on.

Is it a good idea to buy a Condo for an investment rental or Palm Springs vacation rental property?  Well Yes and NO

  • Let’s discuss the No answer first.  There are lots of things to consider when renting a condo, things that make it a challenge to rent:
      1. First is does the HOA allow it?  Many have a stay requirement of 30 days or more so that may limit the short-term rentals
      2. Is there sufficient privacy?  How close is the pool?  Is it nice?
      3. Does it have a great patio and views?
      4. Are you OK with the fact it takes 3 or 4 seasons to build up a good inventory of guests?
      5. Is it easy to find and does it have good parking?
  • Now let’s discuss the YES answer
      1. Again a nice Condo in a nice community in a good location can bring $600.00 to $800.00 a week.
      2. It keeps the place fresh while you are away thus making your visits easier when you want to stay there yourself.
      3. It will off-set your HOA fees and the costs of owning a second home which is nice
      4. Your friends will like you and you will far more BFF’s… (just kidding)
We’ve included some listings below that will show you some great buys for Condos and Homes.  Give us a call any time if you want to discuss this topic further.

First are the Condos priced as a great investment rental or Palm Springs vacation rental:

 

And now the Homes that are priced for Palm Springs vacation rental and as great investment rentals