Short Term Rental Condo Statistics
| Average Price | $5M |
|---|---|
| Lowest Price | $235K |
| Highest Price | $30M |
| Total Listings | 72 |
| Avg. Price/SQFT | $3.3K |
Property Types (active listings)
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Aspen Short-Term Rental Zoning
The Aspen STR market is restricted by a permit ceiling, which means that only a certain number of permits can exist at a given time. A new space can only open up if a property is sold—permits aren’t transferable—or if a permit holder relinquishes (an unlikely event). That means that, in 95% of Aspen, buyers must wait for an STR permit. Wait times depend on the zone and how many permits are on the waitlist. Check the waitlist for more details.
The exception to the rule is the L Zone, which stands for lodging. The L Zone is the best place to invest in an STR because there are no rental restrictions. With no cap on the number of rental units, interested renters must simply get a permit, which can be given as long as the property meets the definition of a lodge. Here is a map of the rental zones in Aspen. These are STR-C (Classic) permits.
Another way to benefit from short-term rental income is to apply for an STR-OO (Owner Occupied) permit. These are relatively easy to get—no waitlist—provided that the property in question is your primary residence and that you rent it for less than 120 days per year. STR-OO permits can exist anywhere in town, not just in the L Zone. Individual owners will be limited to the STR-C and STR-OO permits. Managers and owners of condo buildings will use the STR-LE permit.
Aspen Short-Term Rental Taxes
A suite of taxes are attached to Aspen STRs. According to Aspen’s website, the total rates are as follows:
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Traditional lodge property is 11.30% (STR-LE)
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Short-term rental owner-occupied or lodge-exempt property is 16.30% (STR-OO).
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Short-term rental investment / 2nd homeowner "classic" permitted property is 21.30% (STR-C)
Investing in an Aspen Short-Term Rental
Aspen, especially the L Zone, is a great place to invest in a short-term rental for several reasons.
- Aspen is one of the best equipped tourist destinations in the world against disasters or situations that could reduce tourist demand. Climate change? Aspen’s elevation, snowmaking capacity, and excellent infrastructure make this one of the most snow-sure resorts in the world. A pandemic? We’ve already seen Aspen come back far stronger than ever as Covid pushed people out of cities. The list goes on. When volatility strikes, Aspen is a safe haven.
- Not only do Aspen STRs generate excellent revenue, your property’s value will likely increase during ownership. This has been true year after year, decade after decade. The town’s reputation is now so solidified, and supply so constrained, that properties will likely continue to increase in value as long as new markets for owners open up.
- If you're on the fence about whether you can afford a place in Aspen, the STR-OO (Owner Occupied) permit is a game changer that could generate enough revenue to make the Aspen dream a reality for you.
Things To Do in the L Zone
The biggest draw for lodge properties around the L Zone is the Aspen lifestyle, particularly the year-round recreation opportunities. In the winter, most people rent apartments for access to the slopes as well as the lively Aspen downtown—both of which are within walking distance. There are also several hiking trails in the area.
Ski-In Ski-Out At Aspen Mountain
Some properties in the L Zone are directly ski-in ski-out, but all are within a few minutes of the slopes by foot. The Lift 1 development is expected to substantially increase the number of ski-in ski-out properties.
Aspen Mountain is truly a local’s ski hill. It’s small, under 1,000 skiable acres, but it packs a punch nonetheless. The main feature is the steepness; it’s one of the steepest resorts in the U.S. and famous—or infamous—for having no green trails. There’s no easy way down.
The mountain is below treeline, and in addition to the steep groomers on the front side, there is excellent tree skiing on the upper slopes. The shadowy northern aspect, dry Colorado air, and high elevation mean that powder lasts for days after a storm. The views of the quaint mining town while descending into town are iconic.
Hiking and Summer Recreation
Hiking is the most popular summer activity in Aspen, and there are plenty of trails to spread out. The L Zone gives easy access to the Silver Queen Gondola, which can boost you up to 11,000 feet, where you can head out on the Richmond Ridge Trail. For a human-powered adventure, the Ute Trail heads up the mountain’s backside to meet up with the summit of the ski resort.
Further afield, you’ve got excellent sunny-side hiking trails heading to Hunter Creek on the north side of town. Following the Roaring Fork River, the Rio Grande Trail is mostly flat and perfect for families. Wilderness hiking includes the Maroon Creek Wilderness, home to the Maroon Bells, Snowmass Mountain, Capital Peak, and several other 14,000-foot peaks.
Other summer activities include rafting, horseback riding, golf, mountain biking, road cycling, paragliding, and wilderness backpacking. If you can dream it, you can figure out a way to make it happen in Aspen.
Aspen Culture: Music, Arts, Entertainment, and Dining
The music scene in Aspen is incredible, especially for such a small city. The Belly Up is the place to be, with live music nearly every night of the week during the high season. The artists that play here are that unique mountain town blend of funk, reggae, jam band, and good old rock and roll. The iconic reggae band Toots and the Maytals played one of their last shows here before Toots passed.
Aspen is home to a number of galleries and the Aspen Art Museum, a hub of contemporary art starting with the Shigeru Ban-designed building. Another Japanese celebrity who has made a mark on Aspen is Chef Nobu Matsuhisa, famous for his miso black cod dish. Nobu operates restaurants across the globe, but the Aspen Outpost, Matsuhisa Aspen, holds a special place in his heart.
You can finish the night at the historic J-Bar, in the Hotel Jerome, where John Wayne and Hunter S. Thompson once perched on the barstools. The best thing about the L Zone is that you never have to worry about getting home. It’s always just a few blocks away.
Aspen Short-Term Rentals For Sale
If you’re considering investing in an Aspen STR, you will require an expert’s help and guidance. Of all Aspen real estate agents, none has a better track record for success than Ryan Schwartz. For more information regarding Aspen homes for sale and Aspen real estate trends, or to list your home with a premier Aspen real estate agent, contact Ryan Schwartz today via phone or email.
