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Joshua Tree short-term rental frenzy cools, but community is changed forever

Operators are exiting the short-term rental market in the high desert east of Los Angeles, reshaping Morongo Basin gateway communities as listings fell to 3,449 from 3,606, AirDNA reports.
After the pandemic boom, companies calling employees back to offices and resumed overseas travel reduced demand, while broader economic headwinds: inflation and a sluggish job market added uncertainty to tourism.
AirDNA data show occupancy dropped to roughly 52% last year from 71% in 2020, while upscale and luxury rental segment occupancy rose and investors and private equity trusts used management firms to scale.
Rather than sell at a loss, many property owners in the Joshua Tree area are converting units to long-term leases to offset mortgages, while homes average 121 days on market and listings rose to 715 last month.
Longtime residents such as Myriah Westmoreland face rising rents, with one-bedroom apartment rents in Yucca Valley increasing from $750 to $1,350, while experts say returning short-term rentals alone may not restore affordability.

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Joshua Tree short-term rental frenzy cools, but community is changed forever

By Alex Wigglesworth, Los Angeles Times JOSHUA TREE, Calif. — Many Angelenos dreamed about buying cheap land in the desert during the COVID-19 pandemic. Emmanuel Ruggiero actually did it. On his plot in Joshua Tree, the software engineer built a home specifically as a short-term rental — part of a craze that saw investors seeking to cash in on people fleeing the stress and contagion of cities to isolate in more-remote locales. He equipped his mo…

3 days ago·Norfolk, United States

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