Visitors pay big bucks for short-term rentals during Coachella

It’s hard to go anywhere around the valley without seeing signs of the start of Coachella.

If you’re going to festival you’ve hopefully gotten your tickets, but what about a place to crash?

If you thought $375 was a lot to spend on a festival pass, what about $10,000 for a place to stay?

“On a big weekend like this, when demand is heavy like it is now, you can see homes going up to $50,000 for the weekend,” broker and homeowner Adam Gilbert said.

For three years now, Gilbert rents out homes during festival season.

“These three weekends are our highest grossing weeks without a doubt. A lot of times these three weeks make the entire year for people who choose to use vacation rentals,” Gilbert said.

While some music lovers are choosing to rough it on festival grounds, others are living the high life at properties close to the festival but they’re certainly paying the price.

One home in La Quinta rents for around $10,000 for the weekend.

“We have eight people staying here, so it’s pretty fair and the place is pretty nice so it’s rewarding,” renter Ethan Dong said.

Neighbors in the area don’t seem to mind all the partying either.

“I think its great. I’m waiting for that every year to feel young again seeing all the young people in the stores,” homeowner Gabrielle Prechter said.

Not only are these places good for festival goers, they’re good for the economy.

“Any rental under 28 days you’re going to have to pay TOT taxes and you’re going to have the home registered through the city.”

In 2013 short term rentals generated $272 million for the Coachella Valley.

With the additional weekend and Stagecoach, the extra rentals can only help the local economy.

A study by the short term rental advocacy center reports these rentals created more than 2,000 jobs locally.