According to a 2021 study, 65% of single-family homes in North Lake Tahoe are short-term rentals or second homes. Meanwhile, the need for workforce housing is at an all-time high and approximately 200 to 300 households who work in Lake Tahoe are searching for housing at a given time.
In an effort to bridge the gap between homes sitting vacant and the lack of local housing, a pilot program called “Lease to Locals” was approved in July 2022 by Placer County backed by a $500,000 budget. This program launched on August 1, 2022, and offers homeowners up to $24,000 when they rent long-term to locals.
How the program works:
Homeowners earn $2,500 per tenant for a lease that’s a minimum of five months and $6,000 per tenant for leases of 12 months or more in addition to rents earned. The $24,000 grants are reserved for homeowners who house four employees with a 12-month lease. The program also caps the amount of rent a homeowner can charge at $3,500.
Qualified tenants must work at least 20 hours per week at a business that is located within the Tahoe-Truckee Unified School District boundaries and proof of local employment is required.
Landing Locals, a Truckee-based company, has been hired to properly administer and market this program. This is based on the success they have seen in both South Lake Tahoe and Truckee. For example, in Truckee, a homeowner can earn up to $18,000 as an incentive in addition to rents earned when they rent their homes long-term to local employees. Learn more about the Truckee lease to local programs at https://landinglocals.com/truckee/
This does not apply to everyone, but now that kids are back in school and with companies requiring people to come back into the office, now may be a good time to evaluate how much you will be using your second home in the coming months. We like the lease to Locals program as you can lease your home for as little as 5 months so you can benefit from the monetary incentives while providing workforce housing!
Torben Yjord-Jackson – Realtor
CA License # 02050831
WA License # 22013848
Alicia Magdaleno – Realtor
CA License # 02065283