Summary of This Article About Property Management In Harrison Hot Springs
Educating yourself on property management services in Harrison Hot Springs involves understanding the local vacation rental market, legal restrictions, management options, and the potential revenue from such investments. Here’s a concise overview based on the provided information:
Understanding the Local Market:
Harrison Hot Springs is a promising vacation rental market, but it comes with strict community restrictions, especially for properties listed on platforms like Airbnb, HomeAway, and VRBO. The primary concern is the zoning of properties; residential-zoned properties face more restrictions.
Legal Aspects and Zoning:
Short-term rentals are only legal in commercial zones (C-1, C-2, and C-3) and require a valid business license. The total cost for obtaining a license, which includes property inspection, is $150 annually.Specific condominium buildings on Esplanade Ave prohibit short-term rentals. However, buildings like Harrison On The Lake and The Oasis permit them.
For those unable to manage their property locally, hiring a vacation rental management company like Lifty Life is advisable. They offer comprehensive services including guest screening, professional cleaning, listing management on major platforms, and monthly performance reports, all for a commission on revenue.
Income from vacation rentals varies widely based on several factors, including property size, furnishing level, and location. Estimated annual revenues range from $19,000 for a 1-bedroom unit to $98,000 for properties on Rockwell Drive.
Short-term vs. Long-term Rentals:
The choice between short-term and long-term rentals depends on zoning restrictions, personal needs, and preferences. Short-term rentals offer higher earning potential and flexibility for personal use but require more management effort and upfront costs. Long-term rentals provide consistent income and are less management-intensive but don’t allow for personal use and can pose challenges with tenant eviction.
In summary, successful property management in Harrison Hot Springs requires a thorough understanding of local regulations, effective management strategies, and a clear decision on the rental model that aligns with your investment goals and lifestyle preferences.