According to a recent article by Lance Lambert [1] a data journalist for realtor.com®, Scottsdale Arizona is the number one place to own and operate a short term rental home like an Airbnb or VRBO.
Scottsdale of course has long been a vacation destination for winter weary travelers. Ever since the 1950s Scottsdale has been renowned for its resort corridor that was home to dozens of golf courses, spas, shopping and dining establishments. Many of the big resorts have given way to redevelopment with smaller hotels, condominiums and shopping centers. But Scottsdale still draws millions of visitors each year many of whom now look to short term private rentals instead of traditional hotels.
What is it that makes Scottsdale so popular with this new type of housing? Easy, Arizona offers some of the more liberal regulation of short term rental of any place in the country. In 2016 the legislature and governor signed into law rules that prevent cities from banning short term rentals. However, individual communities still have the right to pass CC&Rs that restrict short term rentals.
Thinking about investing in this lucrative but sometimes risky business venture? Do your homework.
- Determine the average short-term rental rates in your area.
- Compare monthly revenue to longer term rental.
- Learn about the expected occupancy rate.
- Investigate the local rules and regulations regarding using your property short term.
- Understand the taxes and fees collected by local regulators.
Ready to start your journey into this exciting business opportunity? I can help you find the best properties in the best locations. Simply stop by my website at https://www.Scottsdale-AZHomes.com and send me a note.
[1] Read Lance Lambert’s entire article here.
Joe Domino is a Realtor® serving the Phoenix & Scottsdale metro area. You can find more great information by visiting his website at www.Scottsdale-AZHomes.com.
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