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Location   Peerless Companies  |  18 Lake Ave Ste 3  |  Saratoga Springs, NY 12866
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AirBnBelmont


We’re thrilled to share that Peerless Companies, your trusted property management firm, has been featured in a recent article in Q1 2024 of Saratoga Business Report to discuss the Short Term Rental (STR) Market in Saratoga Springs ahead of the Belmont Stakes. The article sheds light on the growing impact of short-term rentals and the evolving regulatory landscape in our beautiful city.

Short-term rental websites like Airbnb have revolutionized how people travel and book accommodations. In Saratoga Springs, this has led to a surge in the number of STRs, nearly doubling within city limits over the past two years. As a real estate investment firm deeply involved in managing both short-term and long-term rentals, Peerless Companies has been at the forefront of navigating this evolving market.

Our founder, Mike Scuola, highlights the challenges and opportunities presented by the growing popularity of short-term rentals. We discussed how we manage a variety of real estate investments, ensuring both guests and property owners have a seamless experience. From rigorous screening processes to maintaining top-notch amenities, we prioritize providing a positive experience for everyone involved.

The article also explores the economic benefits of short-term rentals, particularly during events like the Belmont Stakes coming to Saratoga this summer. With room rates skyrocketing, short-term rentals offer a more affordable and personalized alternative to traditional hotels. Additionally, they contribute to the local economy by encouraging guests to explore and spend money at nearby businesses.

However, alongside the economic benefits come challenges, especially regarding housing accessibility and affordability. As Saratoga Springs experiences rapid growth, there’s a need to balance the demands of the short-term rental market with long-term housing needs. Proposed regulations aim to address these concerns by limiting STRs to owner-occupied properties and implementing registration fees and penalties for non-compliance.

At Peerless Companies, we’re dedicated to adapting to these changes and providing innovative solutions for our clients. Read the full article online here to learn more about the evolving short-term rental market in Saratoga Springs.

Stay tuned for more updates as we continue to navigate the ever-changing real estate landscape in Saratoga!

Written by:

for Saratoga Business Report