Tahoe Investment Properties Presents
Tahoe is a dream for many people who come visit. If you’ve been to Tahoe you know what I mean. The thoughts of “I could live here”, “I’d love a house here”, “what if I could work up here?” tempt most people.
Who wouldn’t want to live in Tahoe? We have the best summer’s in the world, and epic winters. Different outdoor activities in the summer, spring, winter and fall. Tahoe is an adventure for anyone who lives here. It’s inspiring to just be outside.
If you’re considering a move to Tahoe, I can answer a few questions around how much it might cost you to live up here. In this article we’ll go over the expenses of living in Tahoe, so you’ll have a better idea of what your new lifestyle would cost.
Average rental price
Rent in Tahoe has been on the rise the past few years, however it’s still surprisingly affordable compared to bigger cities in California. I specialize in the investment side of Tahoe real estate. I’ve sold, and helped purchase a variety of rental properties ranging from multi-family apartment buildings, to luxury lakefront homes in the Keys.
I’ve helped my clients identify opportunities in the market based on what rents could be after repairs. I’ve worked with appraisers, facilitated leases, and I’ve helped make rental ads. So as general as these numbers may seem or be, they’re based on what I’ve seen work in our market. Let’s start with the bachelors, bachelorettes, and couples.
1-2 Bedroom Apartments, Houses, and Rooms.
Rooms rent for an average of $500-$800. Add in your share of utilities and you should be way under $1000 a month in total expenses.
Renting a room in South Lake is one of the cheapest ways to get your life started up here. You run the risk of a dirty house, shared kitchen, dog filled couches and potentially drunk roommates stumbling in late on a Tuesday. BUT. This remains one of the cheapest ways to get started, and if you’re lucky, a good way to start making friends.
- 1 Bedroom Apartments rent for $1500-$1800 a month.
- 2 Bedroom Apartments start around $2000+ a month.
- Utilities for 1-2 Bedrooms (Water/Gas/Garbage/Internet): $150-$200 a month.
Apartments range in Tahoe. They range from the “used to be a motel room” apartments, all the way to family style apartment buildings with plowed driveways and new renovations. The sweet spot for most people is a unit in a duplex or triplex. What are the pros of renting a multifamily building?
Better located. Usually in Al Tahoe near the water, Sierra Tract near bike paths, or Stateline near Heavenly and the Casinos.
Cheaper than a developed apartment building. Why might you ask? There’s not a developer bottom line. The more commercial style apartment buildings are run by businesses, as businesses. Meaning rent goes up consistently. Tenants cycle in and out regularly. Profit for that type of investment is the primary focus, and usually there’s more costs associated with having 10-30 units such as an on site manager, handyman etc.
Landlord’s can be easier to deal with than leasing offices. Most of the multi-family property owners I’ve met in Tahoe are incredibly kind and care about their tenants. They share a love for Tahoe, and understand the grit it takes to make a life here. Their duplex or triplex is a way they can own a piece of Tahoe, and that usually comes with a great sense of pride. They want good tenants, who not only pay rent on time, but who respect and care for their investment. I’ve seen seller’s fight for their tenants during a transaction, I’ve also seen new buyer’s walk around asking tenants what they could do to make their life here better. It’s truly amazing to see people work things out this way.
Bottom line: Go local with your apartment rental. Find a place you love with one or two neighbors, and a solid landlord. Respect gets respect, and Tahoe is a small town. Start building your local relationships with housing.