Looking for advice in the South Lake Tahoe area. We are currently looking for a multi-family to house hack while renting the other units. We plan on living it for a year then get another multi and live in Reno.
My question is, how's the rental market in SLT in your experience? Just trying to figure out if there's a need for long term rentals or do an Airbnb for vacation rentals. This is going to be our first home purchase and would love to have the ability to keep our expenses low through house hacking.
Thank you for your suggestions! :)
Multifamily properties are banned from being vacation rentals in South Lake Tahoe.
The demand for Longterm rentals is very high right now. There is very little available on the long term market in South Lake Tahoe so prices are increasing and each available unit generally has many applicants.
The rental market in SLT is incredibly hot right now. As Dustin mentioned, new vacation rentals are banned in SLT, CA. Current owners of STRs are still able to run them until their permits expire next year. The Nevada side still allows them, which means that Nevada STR rental rates will likely climb dramatically in the coming year.
The mid to long term rental market (>1 month) is also very hot. I live in a house-hacked condo on the Nevada side. I posted a bedroom for rent last week and had ~10 requests within a couple hours. I ended up renting that single bedroom for $1k/month on a 6 month lease. Rooms are very easy to rent to mid to long term tenants. Demand greatly outpaces supply as many owners are using their properties as STRs.
There aren't many multi-families for sale in the area, but I know of one off-market multifamily for sale on the Nevada side.
Before moving to Tahoe, I had a house hack in Reno and I'm pretty knowledgeable about that market, as well. If you have any questions, feel free to message!
Thank you for the info! We don't know the market in SLT so it's great to hear that there's a high demand for long-term rentals. Appreciate it!
@Jimmy Woodard - thank you! Will check it out!
@Lana Sheta - Thank you for these amazing insights - really appreciate it! We are on the market on getting our first investment property and we want to get a multi so we can house hack. We're renting currently in Reno and we're open to living either in Reno, Carson, or Tahoe. Would love to connect and learn from you! Thanks again for your message! :)
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