Good Intentions, Poor Excecution
After the recent vote to ban vacation rentals in areas of Palm Desert zoned as R-1 and R-2 (single family homes) Palm desert is seeing an uptick of single family home owners selling out. Starting December 31st, 2019 single family home owners in Palm desert will be banned from renting their property for less than one month. In a misguided attempt to reduce the noise and problems that can come from vacation rentals, the ban on vacation rentals will most certainly put a short term damper on Palm Desert tourism as well as the housing prices.
On the bright side, buyers should use the opportunity to buy the property they want at a temporary discount, and condo owners should be able to capitalize on the lack of available rentals in the city.
Take a look at the graph below for the latest market snapshot.