Stubbs Short Term Rental Update | September 2023

LOCAL SHORT TERM RENTAL NEWS

Solana Beach Considers Updates to Short Term Rental Ordinances

The City of Solana Beach council members have been discussing updates to the city’s short-term rental ordinance, which is almost 20 years old. Mayor Lesa Heebner said they will consider potential changes later in September or in October. The city will review making some adjustments and are soliciting feedback from the public. According to city staff, there have been about 250 to 350 STR permits issued each year, equal to about 5% of the housing stock in Solana Beach. The city had 37 reported code compliance violations from 2018 to June 2023, most involving permit issues. A large number of violations occur in unpermitted properties. In addition, The City of Del Mar will discuss a potential STR ordinance in September.

lifeguard tower at sunset in Solana Beach, California

UTILIZING DYNAMIC PRICING SYSTEMS TO
MAXIMIZE REVENUE IN SHORT TERM RENTALS

Dynamic revenue management is a common approach in today’s travel landscape. It takes into account historical patterns as well as daily — even hourly — changes in demand. So, to price dynamically, you need to:

– Constantly analyze the competition: By monitoring similar, local rentals regularly and throughout the year, you get a better picture of how to outperform them

– Keep up with changing market data: Your rates should adjust up or down depending on how quickly properties in your competitive set are booking

– Target historical trends for your area: Demand fluctuates around holidays, travel seasons, local events, and even less-obvious weekends, and your pricing should adjust based on data to get the most revenue

REALTOR REFERRAL PROGRAM

Refer a short term rental property into our program and we will pay you $400 upon signed management agreement!

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