Architect and Investor 路 Salt Lake City, UT 路 Member since 2016 路 35 posts 路 13 votes
Any locals here have any properties they do Airbnb with? I'm wondering about the Park City area specifically due to the swing in seasons and events. I have some capital that I am looking at purchasing a property in Park City to Airbnb most of the year and would also be a weekend getaway for me and my family when not rented out. I'm just curious to know the pros/cons, etc. I would be willing to take you out to lunch or something to pick your brain on this. Let me know.
@Brian Vog PC is one of the most strict cities in utah when it comes to short term rentals. There is a lot of red tape. Here's the low down on Park City. With any VR you need to check the county first (Summit County), they allow it and let the cities determine the enforcement of permits. Park City city requires you to have a business license and nightly rental permit to legally vacation rental. These are easier to obtain depending on where your property is in PC. You apply online, they check the zoning to make sure it's legal in that zone then they come out and do an inspection. If you are in an HOA that doesn't allow it your road ends here. Also, some condos are zoned for it, but only allow you to do it if you use their management company which charges 45%! Watch out for those! Do your due diligence and check the zoning yourself first by just calling into the city that way you don't have to wait for the application to come back, you'll get an answer day of. You must comply with the checklist here to pass the inspection. You'll then have a license to rent it legally (these licenses also skyrocket your resale value) you pay for your license annually, last I heard it was $300ish.
All that being said there are a lot of people that rent illegally in PC. The city isn't legally allowed to look up your address and turn you in, but your neighbors can and do. Most common reason people turn in their neighbors is parking violations, second is late night noise complaints.
If that property you're looking at isn't in Park City proper but one of the surrounding towns like Snyderville all the restrictions change. There's probably way too much info to get you started. I'm happy to answer specific questions too.
Drew, I am not a local to Salt Lake but I have been doing vacation rentals in South Florida for about 9 years manage about 40 units. Would be happy to be of value to you in any way I can, feel free to dm me.
I live in SLC and have been Airbnb-ing my house near the Bees Stadium fairly often & have helped quite a few people set theirs up in SLC & Boise. I also have a friend who Airbnb's a condo in PC that I'm sure could provide you with an opinion/pros-cons.
Thanks Danielle for offering. I would love to chat about how you got things started! Or to connect with your friend would be great also.
Eric, that's a unique insight that I will look into in the Salt I lake area near the University. I guess you rent to college students furnished also so that makes sense.
I guess I am looking at the Park City one and others as also a destination spot for me and my family to block out several weeks a year to vacation to also. Having one local to where I live would maybe stay occupied more regularly.
I am a Park City local....and I Airbnb! There are a lot of things to factor in up here as the season change quickly and so do the crowds! We mostly rent out our spare bedroom on Airbnb but sometimes we rent out the whole apartment. Id be happy to talk to you more about it, you have to take into account things like Sundance Film Festival, the increased summer traffic (Park City has really stepped up its advertising for us being summer destination) Although its still not as busy as winter. The mud seasons are the hard one, but if you are willing to come up and use your property during the less busy times ( and I think these are the best times to be enjoying Park City if you like hiking and biking) this could be a great situation for you. Lets get together and ill be happy to share my experiences with you!
For everyone that can't come up to Park City for a cup of coffee to discuss things, here is a brief layout of my Airbnb through the year. Winter Season starts to get busy around the middle of December, and we have steady guests till mid April. During the Sundance Film Festival (end of Jan) a 10 day event here in Park City, we rented out our 2 bedroom apartment and made 3 months of rent.... The spring is dead, only a few guests here and there (mid April till the beginning of June) From June-September or even October depending on weather, we have a lot of guests that come for the mountain biking, vacation or weddings, or bachelor parties. November till mid December, its dead again. This is how many resort towns are, thankfully our summer tourism is ramping up and that means more renters! Most ski towns in the summer remain dead...make sure to find a ski town that is really working on their summer tourism or already is known as a summer destination.
@Jonathan Mueller its very kind of you to share the valuable information you did. Approximately how long have you been hosting on AirBnB? Also how long have you lived in Park City?
In your opinion is this a viable business opportunity to sublet out town homes or condos on 1 year leases? I think this would be a way to limit the risk for @Drew Whitehead and test the waters before investing his capital and purchasing the property. I have seen units in PC area for summer leases as well that are much cheaper than a lease that runs through the winter months.
In the end the big question is how much cash flow could be cleared in this resort town on an annual basis?
I know this is an old post, but for anyone else wondering the same as the OP, I actually own a cleaning business that is exclusively for AirBNB/Vacation rentals. The only dead zone we ever experience is really October until after just after Christmas, and it begins to pick up around the new year. Park City actually does very well during Spring and Summer, as well as during the ski season. I'm working with a couple of investors up there to get some properties, too. Salt Lake Valley has about the same off season (Autumn - when school starts, holidays kick in). Hope that helps.
I wanted to echo what other's have said about Park City. I have a condo up there and obviously does very well during winter but it has also been bringing in great rent during Summer. It is in the Kimball Junction area close to the Newpark town center. They have been focusing on a lot of fun summer activities there including outdoor concerts.
@Brian Vog PC is one of the most strict cities in utah when it comes to short term rentals. There is a lot of red tape. Here's the low down on Park City. With any VR you need to check the county first (Summit County), they allow it and let the cities determine the enforcement of permits. Park City city requires you to have a business license and nightly rental permit to legally vacation rental. These are easier to obtain depending on where your property is in PC. You apply online, they check the zoning to make sure it's legal in that zone then they come out and do an inspection. If you are in an HOA that doesn't allow it your road ends here. Also, some condos are zoned for it, but only allow you to do it if you use their management company which charges 45%! Watch out for those! Do your due diligence and check the zoning yourself first by just calling into the city that way you don't have to wait for the application to come back, you'll get an answer day of. You must comply with the checklist here to pass the inspection. You'll then have a license to rent it legally (these licenses also skyrocket your resale value) you pay for your license annually, last I heard it was $300ish.
All that being said there are a lot of people that rent illegally in PC. The city isn't legally allowed to look up your address and turn you in, but your neighbors can and do. Most common reason people turn in their neighbors is parking violations, second is late night noise complaints.
If that property you're looking at isn't in Park City proper but one of the surrounding towns like Snyderville all the restrictions change. There's probably way too much info to get you started. I'm happy to answer specific questions too.
When started my VRBO in PC there were less than 4000 listed, as of today there are over 6100.
My place is consistently ranked in the TOP 20/out of that 6100 for all metrics combined. I had 46 bookings last year and I am selective with those bookings.
If you know how to work it, and you enjoy customer service it can print money.
@Lauren Havens - I'm interested in purchasing properties now that I have capital to do so and you sound very well educated! What are your thoughts on a rental in Bear Lake? I can buy as a second home which decreases my investment needed and I can finance it at a much lower rate but I'm worried about the restrictions regarding rentals and if I should invest in a home in Saint George instead since it's close to Vegas and still a summer getaway type area? Would you mind providing input if you have a moment? I'd appreciate it greatly!
@Ashlee Shipley regarding St George, they've historically has some issues/restrictions with nightly rentals. You'd want to google for the latest. The city council has had back and forth debates about it the past couple of years. There are only specific areas that it is allowed, such that, some new developments around here even make it a point that they are "vacation rental approved", like, its their marketing push. Meaning that most of the city is not, but that they are, etc., etc. Other smaller towns around SG are okay with it, except that they might have waiting list for a permit (Hurricane, for example). Although, as was pointed out in an earlier post, sometimes people just do it anyway, until they receive a letter from the city. I actually got all fired up about it, after seeing the Airbnb video a few months ago, and even paid the $997 for a program, and then realized that SG is not very high on VRs. But hey, I also heard the county commissioner (who I know) on a radio call-in show the other morning, and someone called in and asked about why the city ordinances were as they are, and he said they're always considering options.
Chris, you're totally right St. George proper is pretty picky and has to have a zone overlay to make it legal, however, the area is fantastic. There are lots of cities within just a few minutes of St. George that do allow nightly rentals. Just check the county, city, and HOA. I'm happy to help you figure it out if needed just pm me.
Ashlee, bear lake is extremely seasonal, some winters the east side has zero access during the snowy season. You really have to look at which side of the lake you're buying on you also have to make sure that your summer profits make up for your vacancy in winter months. It can be done but it is definitely a property that you need to look at on an annual basis. I actually saw a sweet deal up there for a seller financed property the other day. Message me privately if you'd like the details on that one.
Nightly rentals are a hot topic in southern Utah and have been for some time. If you want to play by the book then you are only allowed to have a nightly rental property in a specified area. In St. George they are specific subdivisions or developments that have been specifically set aside for this purpose. I've worked with every one of the surrounding municipalities and they are all very similar. Hurricane allows them but you have to have a permit and the waitlist is years long and there are other criteria to meet (like proximity to other nightly rentals) once you've obtained a permit there. Even the very small towns leading you to Zion National Park are taking a stand that basically says "you can only do it in specific areas" and these areas are not big. They are specific subdivisions or developments. Also, most HOA's in the area have steep fines for operating as a nightly rental.
All that being said, there is a strong demand here for nightly rentals and plenty of people ignore the rules. I know of a handful that is getting away with it here but there are several horror stories of people getting the book thrown at them and paying hefty fines. The best bet in southern Utah is finding ground located outside of a municipality where you are at the mercy of the county.