Ultimately what is taking place on a real estate and rental market basis affects the surrounding counties in both Wyoming and Idaho. It is almost a daily occurrence that we see a condo/townhouse or single family home up for rent, but on the flip side we are also seeing requests for rentals several times a week. With the town of Jackson recently looking at adjusting the short term rental regulations, homeowners should be aware of what’s coming down the pipeline. The town is moving away from one rental in a 30 day period (12 times per year) to only 3 rentals a year and not to exceed 60 days total. What takes place in the town usually moves to the county. This will only make short-term rental zoned properties that much more desirable. 

When I asked Jennifer Kilgrow from Rendezvous Mountain Rentals what advice she would give to a prospective buyer considering buying a property in short-term rental zone versus no short-term rental zoning, she gave several good insights. 

"I personally would recommend investment properties in the short-term overlay if the client is looking for consistent revenue and if they hope to use the property.   Restrictions are growing tighter in the long-term rental areas, with the town of Jackson likely passing restrictions on opportunities to rent.  If we can rent the property for 12-month leases, they are more likely to rent.  However, we are finding it hard to rent for 3-4 months (or even monthly) in many cases.  We have limited the number of long-term properties we will manage given the tightening market.  

 

We have found that there is likely at least a 40% increase in available vacation / long-term rentals in the past 18 months.  This increase has driven down rates in many facets of the market given the increase in competition.  Much of the long-term rental interest is for properties below $7K/month.  If your client is purchasing a property in which rents would fall below that rate- it could be a good option.  We continue to see monthly interest in luxury homes; but these homes likely could be valued between $6M-$15M.   For example, we can't find enough Shooting Star or John Dodge rentals- those are popular. I feel that purchases in the Aspens and Teton Village have great potential.  The short-term town rentals by Snow King and Glenwood I believe will also have great upside - as requests for town of Jackson short-term rentals are growing.   We like to provide projections that reflect current revenue not revenue expectations in the future in an excellent market. “

In summary, it is important to know the market and know a rental management company that you can trust. I am happy to connect you with Jennifer or other experts in the rental management industry!