Rentals in Aspen, Snowmass Village, and the entire Roaring Fork Valley, especially, short-term rentals, have been a huge topic of conversation for our owners and the community at large. There are varying opinions, but for homeowners who are flexible, it provides an evergreen source of revenue that should be taken advantage of. We are seeing a direct correlation between the limited inventory that is available for sale to the demand for rentals. A lot of this comes from buyers who are new to the valley and want to get an idea for where they want to put their stake in the ground or from buyers who are betting that this market will slow down, but still want to spend time in Aspen Snowmass. Regardless of the reason, it is a good opportunity for owners and investors to take advantage of the properties they own and to put some cash in their pocket.
Here Are Some Things to Remember When Thinking About Renting Your Home:
- Aspen Snowmass historically has had an occupancy rate hovering around 70%
- Premium months are considered January - March, July - September, and the holidays.
- We are seeing more renters though take advantage of the shoulder seasons.
- Any rental less than 30 days will have a sales tax that the tenant is responsible for, Aspen is 11.3% and Snowmass Village is 12.8%.
- There is an admin fee from the brokerage that is typically 2-4% that the tenant is responsible for.
- Owners are responsible for the brokerage fee; which is typically 20% (10% for the listing agent and 10% for the tenant’s agent).
Here Are Some Questions to Answer:
- Does your HOA have restrictions on rentals?
- Does your insurance cover rentals? Do you have to get a new or additional policy?
- Do you have an owner’s closet? If not, where will you keep your personal belongings?
- Have you registered for a business license with the City of Aspen or the Town of Snowmass Village?
- Do you have a property manager? Who do you call when there are issues?
- Will you allow pets?
- What is your relationship with your neighbors?
- How does your irrigation work?
- Where do trash and recycling go?
- How do all of the appliances, TV, and technology work?
- Can the renters use the hot tub? Who maintains it?
- Who shovels walks, decks, and driveway?
- Who maintains the landscaping? i.e flowers etc
- Do you have a cleaner that you use? Would you like your renters to use them?
- How often would you like the cleaner to come?
- Have you taken photos and videos prior to the tenant arriving?
- Do you have a list of preferred vendors with contact info?
- Does your home have the required amount of smoke detectors and carbon monoxide alarms?
Photo Courtesy of Jeremy Swanson
