Salt Lake City vocation home

[Janet Huang]

Hi, we would like to buy a short term rental home around Salt Lake City. My family will use it for about 2-3 weeks and rent it out for the rest. We want to know which communities allow short term rentals and what are the roi after deducting the tax and pm cost. It would be ideal if we can purchase well-established vacation homes on market. Thanks, Janet

[Dan Beaulieu]

Hi Janet, 

If you want a true vacation home that your family can use, it sounds like you are looking for a good property to Airbnb so that you can block off dates to use yourself, correct? Park city is awesome but only thrives with short term rentals seasonally. Spring and fall will then be mostly vacant. To get year round activity on Airbnb, you need to be close to downtown SLC. The avenues is an awesome neighborhood of cool historic homes for that. If you don't care about maximizing your income, cottonwood heights is great for being close to snowbird, Alta, Brighton and still close enough to downtown. 

Your ROI would depend on how good of a deal you get. It's not a good market for buying rental properties. The market is over priced right now with people over paying for properties, and good deals are hard to come by on the mls. I'd suggest waiting until December to buy one... should be less competition.

Stacy Wissman with Sothebys  is a super star agent out here and can steer you in the right direction.