Quick home sales lessens rental market | TahoeDailyTribune.com

Quick home sales lessens rental market

Booming real estate sales are making it harder for South Shore renters.

“A lot of houses that are rental properties are being sold,” said Adele Lucas of The Prudential California Realty. “Tenants have to find another place.”

Property managers are also noticing the trend, which helps their business.

“We have more qualified tenants (applying) to choose from,” said Bobbi Cole, owner of Alpine Rentals.

“But,” she said, “renters aren’t finding what they want.”

“It’s the tightest rental market I’ve seen in 10 years,” said Charlie Hamm, of Mountain View Management. “Usually there are slack months between winter and summer. Not this year. Typically, April and May are slow months and I can’t get things rented.

“What’s going to happen in June, when we get an influx of people for the summer?”

Bay Area residents are turning to Lake Tahoe for comparatively bargain real estate investments. For some, it’s their personal getaway that stays empty when not in use. Others want a rental income. More and more buyers want both and turn their investment into vacation rentals.

“My sense has been that people want a home here that they have access to,” said Greta Hambsch, owner of Accommodation Station.

“It’s nice to see the property values increase, and properties not just sitting in a fallow state. But it’s hard on those looking for a house.

“We need family homes in affordable price range.”

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