All Forum Posts by: Tim Spry

Hey, Emma.

Wanted to point out that while the market here is heavily regulated, Palm Springs is NOT in the process of banning short-term rentals. You'd be limited to 36 rental contracts per year, though. Combine that with the current high purchase prices, and you probably wouldn't match the kind of cap rate you're getting in Michigan. Hope this helps!

After owning rentals in both Palm Springs and Palm Desert, I'd argue that Palm Springs draws a more affluent crowd. Especially those looking for a more design-forward cultural experience. Palm Springs really has all the buzz these days. This might be a sweeping generalization, but I'd say PS tends to draw more city dwellers, PD more suburbanites. El Paseo tends to only be an attraction for significantly OLDER guests (not that there's anything wrong with that). Also, take it from me, that 29-day minimum will kill your business. I believe there's an exemption for rentals in the R3 zone, so it might be worth exploring those properties (generally located within a couple of blocks of El Paseo). You might also explore La Quinta. Others can give you a better perspective on that market. Finally, I agree with what you say about buying a 3/2 in Palm Springs--since that's the bulk of the market. I know that some residents avoid buying in the northern part of Palm Springs because of the wind, but I'm not sure how much difference it makes in the short-term rental market. I know that Racquet Club, for example, is attractive to renters because of its wealth of stylish, mid century properties. At any rate, just my opinion.

Hey, Clifton.

We've had really good luck with Palm Desert. It's midway between Palm Springs and Coachella, so you can capitalize on events at both ends of the valley. And Palm Desert seems to have some of the least restrictive vacation rental policies--so that's a definite plus.

Cheers,

Tim

Hey, Shannon.

My wife and I moved from San Francisco to the Palm Desert/Indian Wells area about a year ago with the specific goal of investing in vacation rental properties. We currently have a very successful rental in Palm Desert and are about to add a second in Indian Wells. Our property has rented well even in the summer--which I wasn't expecting. As always, factors such as location, bedroom count, and amenities will have a huge impact on how well your property will do. Message me if you'd like to discuss in greater detail. We also have information about property management companies in the area.

Hey, John.

My wife and I moved to the Palm Springs area from San Francisco a year ago--with similar goals to your own. We have two properties down here so far (one we're currently rehabbing) and the other a successful short-term vacation rental. My wife's also a realtor who consults for an international vacation rental firm. So we may have some good insights to share. Let me know if you're interested in connecting!

Cheers,

Tim