Skip to main content
Location   Peerless Companies  |  18 Lake Ave Ste 3  |  Saratoga Springs, NY 12866

Author: Command




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!

Read the Full Article

Written by:

Megin Potter

for Saratoga Business Report

Latest Posts

Continue reading

Habitat & WAIT House to debut joint project: 10 affordable apts. on Lawrence St.


Habitat & WAIT House to debut joint project: 10 affordable apts. on Lawrence St.

From left, Wait House director Jason McLaughlin, Habitat for Humanity director Adam Feldman, and real estate broker Lisa Grassi, whose $8,800 donation was “key,” Mr. Feldman said. They’re standing in front of one of the two renovated buildings on Lawrence Street. Chronicle photo / Cathy DeDe.

Habitat for Humanity of Northern Saratoga, Warren and Washington Counties is partnering with the WAIT House in a Glens Falls project on Lawrence Street that will provide 10 affordable rental units catering in part to the youths that are WAIT House’s mission.

A ribbon cutting and community tours of unoccupied units are planned on Thursday, April 6, at 4 p.m. The buildings are across the street from each other, at 37-40 Lawrence Street, with room to add more apartments, local Habitat director Adam Feldman tells The Chronicle.

He says he met Jason McLaughlin, new director of the WAIT House, through a consortium of eight to 10 regional organizations that focus on housing issues.

“There is a desperate need for affordable rental units,” Mr. Feldman said he learned. He says he told the WAIT House chief, “I’m going to build this.”

“I can’t say enough good about Adam and Habitat,” Mr. McLaughlin tells The Chronicle. “This is a perfect fit for us and them.”

As with Habitat’s planned multi-condo project in Queensbury, this new effort is a step beyond Habitat’s traditional model of building one home for one family.

It’s also a step beyond the traditional objective of the locally created WAIT House, which is celebrating its 20th year of providing emergency and transitional housing for runaway, homeless and parenting young people in two adjoining houses in downtown Glens Falls.

“We have our housing program,” Mr. McLaughlin says, “for various age groups, not just teens. It’s called ‘rapid rehousing,’ to provide first month’s rent to get them started in transitional housing.

“Our focus is youth, but when anybody calls we want to connect them to services as quickly as possible.”

That program is in partnership with a STEP grant — “Solutions to End Homelessness,” Mr. McLaughlin spells out.

“The Lawrence Street location is perfect,” he says. “It’s a brand new rental apartment right on the bus line. It’s an opportunity for them to gain confidence, build up finances and save for their own home.” Rather than the fully supported housing at WAIT House, with case managers and programming on site, Mr. McLaughlin says. “This is a way to build independence, and to live self-directed lives.”

“We’ll have case managers as they need. We can still help navigate systems and treatment,” Mr. McLaughlin adds.

“The ultimate goal is to provide a pathway from housing instability to home ownership,” Mr. Feldman says.

“The idea is to have a whole spectrum of affordable housing opportunities, from emergency shelter to transitional supported housing, to affordable housing and eventually, affordable home ownership.”

“This is about adding to our repertoire,” Mr. Feldman says. “Stable housing, stable work, stable life.”

Four of the 10 apartments are already completed and rented, Mr. Feldman said. The other six they hope to have done by mid-April or the first of May, he said.

The City of Glens Falls kick-started the $1.1 million project with a $200,000 grant through its $12.4 million ARPA grant from the federal American Rescue Plan Act. “That opened the door for us to borrow about $800,000 for the project,” Mr. Feldman said.

Read Full Article

Written by:

Cathy DeDe

Chronicle Managing Editor

Published on:

Latest Posts

Continue reading