In the ever-popular Mammoth Lakes, where the allure of both winter and summer activities beckons, the recent rental moratorium by Mammoth has introduced a pause on nightly rentals. However, amidst the restrictions, there are still exceptions and strategic ways to continue capitalizing on the thriving rental market.
Exceptional Opportunities: While Mammoth's rental moratorium has impacted many properties, there are specific exceptions that savvy investors should take note of. Condos in the picturesque Snowcreek development, properties nestled in the Village, and those lining the golf course can still be rented nightly. The silver lining? These properties are eligible for obtaining a new nightly permit, allowing property owners the flexibility to choose any rental company or even manage the property themselves.
Maintaining Momentum: For those with condos that already possess a rental license with a specific rental company, there's good news. You can continue renting, as long as you stay loyal to that particular rental company. This exception provides a seamless transition for property owners, ensuring the continuity of rental income without unnecessary disruptions.
Overcoming New Restrictions: While the rental moratorium may initially seem restrictive, it's crucial to recognize that there are ways to navigate around these challenges. If you're considering purchasing a condo for nightly rental purposes in Mammoth Lakes, these exceptions offer a glimmer of hope. It's an opportune time to explore the real estate market and find a property that aligns with your investment goals.
Thriving Rental Market: Despite the current lack of snowfall this season, the Mammoth Lakes rental market remains robust. The area's popularity extends beyond winter, with summers proving to be even busier. This versatility positions Mammoth Lakes as an ideal year-round investment destination, offering both consistent rental income potential and the opportunity for personal...
Introduction: In a virtual gathering that brought together more than 70 concerned participants, Mammoth Lakes residents delved into the implications of the recently passed short-term rental (STR) moratorium. Facilitated by Realtor Mickey Brown, the discussion provided a snapshot of the historical context of STRs in town, shedding light on the intricacies that shape this contentious issue.
Historical Overview: Brown outlined the zoning regulations in Mammoth Lakes, emphasizing that significant changes had not occurred since the town's 2014 update to the 2007 general plan. These regulations, influenced by extensive community input, have given rise to current zoning codes that dictate the legal operation of STRs in the community.
The Moratorium: On October 18, Mammoth's Town Council adopted an urgency ordinance, imposing a 45-day moratorium on the issuance of new short-term rental registration certificates. Notably, the moratorium exempts housing units in specific areas, raising questions among community members about the perceived preferential treatment of "Resort Zoning."
Resort Zoning Complexities: Attorney Jeremy Ibrahim clarified that Resort Zoning, covering properties exceeding 20 acres, might be exempt due to pre-existing agreements that supersede general zoning rules. The discussion unveiled the challenges of rezoning properties like Canyon Lodge, originally designed as short-term stays for tourists.
Community Input and Proposed Solutions: As the conversation unfolded, community members voiced their concerns and proposed solutions. Suggestions ranged from limiting the number of permits per owner to requiring residency for operation. Council Member Bill Sauser highlighted the formation of a committee to address these concerns, underscoring the town's commitment to a comprehensive approach.
Financial Considerations: Transient rental owner Greg Newbry proposed taxing rental properties an additional 2%, potentially generating an extra $4...
I decided to write a post about what can be rented out nightly in Mammoth Lakes because it's one of my number one questions I get asked all the time. A lot of buyer's want to come up and buy that nostalgic cabin in the woods but unfortunately in Mammoth, almost all of our houses are not allowed to be rented out nightly. If you want to buy a property to rent out on a nightly basis in Mammoth, you are more than likely going to have to buy a condo. The good news is our town does not put a limit on how many condos can be rented out nightly and they never will. 75% of the town's income for the year comes from nightly rentals. They charge a 14% transient occupancy tax on all bookings and this accounts for most of their income for the year and they do not want to give that up. They did try and allow some short term rentals on some residential neighborhoods in Mammoth several years ago and it went to vote but it was voted no by the majority of the town. Homeowner's wanted to know who their neighbors were and did not want the hassle of having nightly renters partying it up next door all the time. We do have a very small sliver of homes around the Sierra Star Golf Course called Gray Bear that can be rented nightly as well as a few up by Little Eagle Ski area. These tend to sell for upwards of $2 million when they do come on the market. So if you are looking for a property you can do short term rentals on, we suggest you begin looking for your dream condo and we are here to help you find it!