Community Insider Summer 2018 - Page 36

SHORT TERM VACATION RENTALS WHAT IS AN ASSOCIATION TO DO? By Derick Fricke and Keith Ciceron, Esq. S an Diego has become a hotbed for short-term vacation rentals. The perfect weather and proximity to the shore makes San Diego County homeowners associations especially susceptible to dealing with vacation rentals. In fact, San Diego is the fourth busiest short-term rental market in the Unites States according to AIRDNA.CO: San Diego Short Term Rental Statistics Not counting North County and East County, there are 8,505 available rental listings in SD 81% of short term leases are 6 months or less, 60% are 3 months and less There are 2,705 current single-listing hosts 26% of hosts have multiple listings From 2010-2016 the cumulative listing number was 15,384 From 2016-2017, the number jumped to 22,092 – a one year 50% jump 36 | SAN DIEGO COMMUNITY INSIDER SUMMER 2018 The money to be made in the short- term rental market is staggering. A condo in the San Diego Marina District can earn an average of $232 a night in rent. Further, with a 64% average occupancy, one can earn over $4,400 a month in rental income. Based on these facts, this issue does not appear to be going away anytime soon. The law in San Diego regarding short- term rental regulations is in flux. However, a short-term rental (e.g. Airbnb, VRBO) generally consists of a rental period of less than one month. The San Diego Municipal Code provides that if you rent your property or a portion of your property on a short- term basis, you must obtain a Transient