Tourism Growth in Lake Tahoe and Truckee
Tourism Growth Lake Tahoe
Tourism in North Lake Tahoe and Truckee has continued to grow year over year. Lake Tahoe's close proximity to the feeder markets of San Francisco and Sacramento bring many people for day and overnight stays. One of the biggest factors that has contributed to this growth is the diminishing 'shoulder season.' Years ago, tourism would drop during the spring and fall, but today the number of tourists remains consistent all year long.
New Skate Park and Ice Rink
Truckee is proposing a new skate park and an indoor skating rink to capture much of this growth. Projections show that the Truckee Community Pavilion and Ice Arena will contribute $218,000 per year in tax benefits. Transient Occupancy Tax collections between July and December in 2018 were up 15% from the same period in 2017, which equates to an additional $1.4 million.
Tax collected between October and December is up 138% from 10 years ago, while revenue collected between April and June has increased by 183% in the same time period. The North Lake Tahoe Tourism Master Plan is focused on ways to spread out these visits.
Lake Tahoe Recreation
In addition to boating on Donner Lake and Lake Tahoe, the area has 13 ski resorts. The Truckee River offers rafting during the summer and visitors can also enjoy biking on the bike trail adjacent to the river. Many of the ski resorts offer mountain biking and other amenities during the non-skiing season. All of these recreational activities feed the growing demand from visitors attracted to the majestic beauty of the sierras.
Renting Your Vacation Home
Homeowners also capitalize off of the growing tourism industry. 36% of home rentals in the area are three-bedroom properties. This type of property can earn between $30,000 and $41,000 each year in rentals. Four-bedroom homes represent 22% of rental inventory and bring upwards of $41,000 to $59,000 each year in rental income.
Unlike South Lake Tahoe, North Lake Tahoe and Truckee do not have restrictions on rental activity. When you are not enjoying your property, owning a home at Lake Tahoe can become a wise business investment.
Whether you are looking to buy or sell your property at Lake Tahoe, I can help you. Contact me today for a free market analysis and rental report!