One of the arguments against short-term renting of homes was that they reduce the value of surrounding homes.
REPLY: A claim that homes rented for short periods reduce the value of surrounding homes is easily testable. The sales values of all homes are a matter of public record, as are the locations of those homes with VR permits. All that’s needed is for the data to be collected and analyzed. Yet when making that claim there’s no such analysis to support it so all we’re left with is a bald claim that may or may not make sense to the person reading it.
It may well not make sense because rented homes have to maintain a high standard both in terms of internal furnishing and amenities and also externally in appearance. I know of many homes in my neighborhood, Tahquitz River Estates, all occupied by their owners full-time and never rented out, which are in varied degrees of disrepair. One is near-derelict and unoccupied as a result of a family dispute. Another effectively has no rear walls, and is owned by a contractor who lives in another city. Others are under water or owned by ailing elderly people and all are poorly maintained. Their appearance is off-putting for buyers and drag down the prices of the properties around the and I know this as I have spoken to potential buyers of a home in the neighborhood who tell me they see these things and take them into account.
So, if there’s an impact on property prices of rented homes on surrounding homes at all I would think that it is far more likely to be positive than negative as rented homes are very maintained to a higher standard than those around them.
REPLY: A claim that homes rented for short periods reduce the value of surrounding homes is easily testable. The sales values of all homes are a matter of public record, as are the locations of those homes with VR permits. All that’s needed is for the data to be collected and analyzed. Yet when making that claim there’s no such analysis to support it so all we’re left with is a bald claim that may or may not make sense to the person reading it.
It may well not make sense because rented homes have to maintain a high standard both in terms of internal furnishing and amenities and also externally in appearance. I know of many homes in my neighborhood, Tahquitz River Estates, all occupied by their owners full-time and never rented out, which are in varied degrees of disrepair. One is near-derelict and unoccupied as a result of a family dispute. Another effectively has no rear walls, and is owned by a contractor who lives in another city. Others are under water or owned by ailing elderly people and all are poorly maintained. Their appearance is off-putting for buyers and drag down the prices of the properties around the and I know this as I have spoken to potential buyers of a home in the neighborhood who tell me they see these things and take them into account.
So, if there’s an impact on property prices of rented homes on surrounding homes at all I would think that it is far more likely to be positive than negative as rented homes are very maintained to a higher standard than those around them.
