Recent Developments in Short Term Rentals

Filed under: Temecula Real Estate

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Today we’re talking about short term rentals, a hot topic that has been discussed a lot among investors over the last couple of years. You may or may not be aware of the town hall meetings in the city of Temecula about this topic. It has generated a lot of interest and heated debate between investors and the long-term residents that are feeling the effects of this business model.

Temecula City and Short Term Rentals

Fast forward to where we are most recently: As of this writing, the city of Temecula is shying away from working with short term rentals. Meaning, they are not issuing permits and are not allowing short term rentals within city limits. And, they have actually hinted that they’re going to start fining landlords for offering short term rentals in Temecula proper. It seems the city is concerned enough about the growth of this trend that they are considering the need to assert enforcement on behalf of city residents.

This, in turn, is paving the way for hotel developers to come into the area and build hotel properties without having to worry about competition from short term rental owners. Some of the complaints coming from neighbors in proximity to short term rentals are that they are causing parking problems, there are noise complaints and other nuisances that sometimes come with short term tenants, and there are some safety concerns involved.

The Future of Short Term Rentals

There’s no way to be able to tell exactly where this will go in the future, but I wanted to provide you all an update about what I’m hearing as of this writing. It’ll be really interesting to see how the short-term rental market plays out here in our local valley. Stay tuned for future updates as this issue evolves.

If you have some thoughts or insights you’d like to share with me about short term rentals in the area, feel free to call or text me about them. I enjoy exchanging ideas about housing, mortgages, and investment properties in and around the Temecula valley. You can always reach me by phone or text at (951) 473-0390 or by email: [email protected].