What's behind San Diego's New City Ordinance for Short Terms Rentals?

Are you a real estate investor in San Diego? Are you planning to become one, or perhaps you're just curious how the new city ordinance might affect your property value if given the chance? Well then, look no further! We’re here to shed some light on what's behind this “short-term rentals” law recently proposed by San Diego City officials—the ins and outs of it, as well as its positive implications for home sellers and buyers alike. So whether you are exploring investments in vacation homes or getting ready to list yours up for sale that weeks ahead – don't miss out on our comprehensive analysis!

San Diego recently passed a city ordinance that affects all short-term rental owners. The ordinance states that, beginning Jan. 1, 2021, all homeowners must register their properties with the City of San Diego and obtain a short-term rental (STR) permit. This ordinance was put in place in an effort to keep neighborhoods safe and orderly by increasing transparency between homeowners and the city through regulations.

This new ordinance does not only have an impact on STR owners, but also on other stakeholders such as hotels, tourism industry players, local businesses and most importantly, the people living in areas where these rentals are located. Homeowners are expected to follow certain requirements when it comes to noise control measures and providing parking for guests which help mitigate some of the issues associated with short term rentals.

While this new ordinance can benefit many stakeholders and people living near STRs, it also has its drawbacks such as potential rental tax increases or restrictions on allowable nights when STRs can be rented out especially during peak seasons such as summer months or holidays.

Overall, San Diego’s new city ordinance serves as a reminder that there needs to be responsible oversight of STRs while ensuring they remain an attractive option for those looking for additional income sources. With this law now in effect, both homeowners and neighborhoods should hopefully find more balance between safety regulations and availability of these temporary housing options.

Despite the current slowdown in the real estate market, institutional investors in San Diego are buying up residential properties at twice the rate of regular homebuyers. But where exactly are these investors buying? While many of these investors can be found purchasing homes near the beach due to San Diego's relatively affordable housing market, there may be some buyers that are being a bit more cautious with their investments given the recent city ordinance surrounding short term rentals.

Nevertheless, institutional investors remain bullish on San Diego’s real estate market regardless of any potential risks or changes in policy. This could be attributed to its competitive advantage over other cities when it comes to affordability for both residential and commercial property purchases. With its favorable climate year-round and diverse attractions for tourists, this could explain why investors continue to flock here despite any changes in policy or regulations surrounding short term rentals within its borders.

Watch to find out what do Investors are looking for to invest in San Diego

If you’re looking to invest in a vacation rental home in San Diego or even thinking of listing yours for sale, now is the time to do it! With this new city ordinance in place, demand for short-term rentals is only going to go up – Which means good news for sellers and buyers alike. So if you want to make the most out of this fantastic opportunity, partner with Melina today – A trusted realtor who knows all there is to know about San Diego's real estate market. After all, with over 17 years of experience under her belt, she's the one who can help turn your real estate dreams into reality!

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Having sold properties for more than 17 years and earning various prestigious awards throughout the course of her career, Melina Rissone has more than earned her reputation as one of San Diego's most skilled and trustworthy real estate brokers. Her following of loyal clients is a testament to the level of dedication she puts forth in every transaction she oversees.

Hardworking, attentive to detail, and a strong negotiator when it comes to the financial aspect of buying or selling a home, Melina gives clients a competitive edge when it comes to accomplishing their goals in the best and most lucrative manner.

Passionate about real estate and its possibilities, Melina supports all things "real estate" and, in addition, specializes and is certified in the following:
* Coldwell Banker Global Luxury and Institute of Luxury Home Marketing certified.

*Cartus Network Inventory Specialist and Cartus Network Marketing Specialist since 2015. This means more accurate pricing, shorter marketing times, and higher adjusted sale rates when working with us.

*RCS-D Designation, a Real Estate Collaboration Specialist for Divorce.

*SRES Certification through NAR is a Seniors Real Estate Specialist certification.

Whether clients aim to purchase the home of their dreams, sell a property, or make an investment for their future, Melina's market expertise, proven foresight, and meticulous planning strategy ensure a successful endeavor each and every time. Melina is bilingual in English and German.
Melina has been recognized as the Top 4% of all real estate brokers in San Diego County in 2021 and the Top 3% of Coldwell Banker International. She has been awarded the Coldwell Banker Presidents Elite Award.