Homeowner cashes in by renting home for “Coachella”

Lisa Knox doesn’t live in the spacious 5 bedroom home in La Quinta So instead, she’s putting it to good use.

She is earning cash by renting out the place, using the home rental sites Airbnb and VRBO.

“The amount of money you can make, opening your home to people is incredible,” said Knox.

Knox is one of a growing number of homeowners around the desert cashing in on festivalgoers, who are willing to pay top dollar for a place to stay.

The interior designer and animal advocate has five people arriving at her home April 11th, for Coachella weekend one.

She says they’re paying $2,250 a night.

“It’s exciting, but it’s also scary to have strangers in your home, but the prospect is lucrative and it is a service that is really needed,” said Knox.

During non-festival time, her rate goes down to $350 a night.

Knox says since listing the home one week ago, she already has booked $10,000 in reservations.

Based on her experience, Knox says she prefers Airbnb, because of what she calls the site’s “easy navigation”.

She also says it generates for her a “higher number of inquiries”.

If you want to rent out a place, Knox offers three insights.

First, know the rules and ordinances in place approved by the city council where the property is located.

She describes La Quinta’s as “fairly easy to comply with”.

“Definitely check with your city, because every city is different,” said Knox.

Knox also says make sure to have sufficient homeowner’s insurance .. before welcoming renters.

She also says research your market to make sure your price is competitive.

“I’m lucky enough to have a place that is way too big for me, so it works out really nice, and it is centrally located,” said Knox.

Different cities around the desert have different ordinances and restrictions when it comes to operating short term vacational rentals.

Be sure to check with your city if you decide to list your property.