Tahoe-Truckee housing report: Number of second homes up to 60 percent
TRUCKEE, Calif. — After nearly a year of research, data analysis and community input, the Mountain Housing Council of Tahoe Truckee has released a white paper examining the short-term rental market in North Tahoe and Truckee.
In the 51-page white paper titled “Short-Term Rentals in North Tahoe-Truckee,” the council reports on the most current data and delivers the most thorough analysis of the issue the region has seen to date.
“The Mountain Housing Council took on the (short-term rental) topic to understand, from a data-driven perspective, how they are both benefiting and impacting our communities, particularly locals’ housing,” Jennifer Merchant, deputy CEO-Tahoe for Placer County, said in a news release.
Mountain Housing Council partners, including local government, special districts and community organizations, all contributed time and knowledge to the effort, a news release states, hoping the data and research provide the groundwork for informed discussions about short-term rentals.
“Short-term rentals are one of the hottest housing topics in the region, but until now all of the opinions have been based on anecdotes and incomplete information,” said Stacy Caldwell, CEO of the Tahoe Truckee Community Foundation, which leads the Mountain Housing Council. “This white paper gives community members and decision-makers a factual basis to have an informed dialogue, and make decisions that are grounded in research and data.”
The key findings of the report include:
• There are 38,937 housing units in the region not including condos and hotel-condos.
• Of these units, approximately 60 percent are second homes, up from 52 percent in 2000.
• Over 65 percent of the region’s homes are vacant 50 percent of the time.
• About 13 percent of the region’s housing units are registered as short-term rentals.
• In the town of Truckee, approximately 20 percent of housing units are long-term rented; in Eastern Placer County, the number is about 8.6 percent.
• Short-term rentals grew by 81 percent in the town of Truckee and 33 percent in Placer County between 2012-2018 — a portion of that growth can be attributed to bringing the rentals into registration compliance.
• Short-term rental concentrations vary widely by neighborhood. In Truckee, Glenshire accounts for 3 percent of the town’s short-term rentals, while Tahoe Donner accounts for 52 percent.
• Transient Occupancy Tax collected from short-term rentals accounts for 60 percent of total TOT collected in Truckee and Eastern Placer County.
The Mountain Housing Council white paper is the third in a series of research and policy documents released by the coalition, composed of 29 partners. The previous document looked at how development fee costs and complexity can be a barrier for achievable local housing projects.
According to a Sept. 3 story from the Reno Gazette Journal, rents for the ‘modern, hip, cool, new residential and retail experience’ will start out at $1,400 for a 540-square-foot unit and $1,800 for an 840-square-foot duplex when the rentals come online later this year.