Property Owner Requirements:
1) The property must be located in Unincorporated Summit County or Town of Breckenridge Town Limits.
2) The property must be a legally licensed short-term rental unit prior to May 24, 2022 and must be in good standing.
3) The applicant must be the owner of the property or legally represent the owner or ownership group.
4) Property Owners must sign a minimum of a six-month lease with a qualifying tenant (see below for incentive amounts based on lease length and unit size).
5) The property must currently be an active short-term rental (with proof of bookings in the last six months) converting into a new longer term rental.
Below is a breakdown of how the process works for the Lease to Locals incentive program.
- Determine if you are going to rent seasonally (6+ months) or long-term (12+ months) — please note the lease end-date restrictions below
- List the property for rent and start screening tenants
- Sign a lease with qualifying tenants — see below to make sure you understand the tenant qualifications
- Have tenants complete an online application — tenants will need to upload proof of income and an ID
- We will then send you a property owner application via DocuSign — this includes uploading the signed lease, a voided check, and filling out a W9
- At the start of the lease, Placemate will verify the tenants have moved in and submit your paperwork for the first half of the incentive payout
- For 12 month leases only — At the mid-term point of the lease, Placemate will check in with both the tenants and owner to ensure that tenants are still living at the property and they still work within the county
- At the end of the lease, Placemate will check in with both the tenants and owner and submit a request for the second half of the incentive payment
Securing Tenants:
If you haven’t already identified tenants, we recommend you post your property on Placemate.com at no charge to you. We have a database of hundreds of local employees seeking housing and by posting on our site we automatically alert folks in our database that match your property criteria. Ask us and we can share the details on how to post on Placemate.com
Here is language you can use on your listing:
This rental is part of the Lease to Locals program, aimed at unlocking existing new rentals for local employees. To qualify for this property, all tenants must be working at least 30 hours per week for an employer based in and serving Summit County.
Lease to Locals Tenant Requirements
All Tenants must complete our online application and must be working at least 30 hours per week for an employer based in and serving Summit County. For 2 bedroom or larger units: The number of Tenants must be equal or greater to the number of bedrooms. The program will make reasonable accommodation to the workforce requirements for those who are disabled, children, or caretakers.
Incentive Amounts by unit size for a seasonal rental (6-12 months)*
Studio or 1 Bedroom = $5,000
2 or 3 Bedroom = $10,000
4 Bedroom or larger = $11,000
*Currently only available for Fall/Winter 2023
Incentive Amounts by unit size for a long-term rental (12+ months)
Studio or 1 Bedroom = $10,000
2 or 3 Bedroom = $20,000
4 Bedroom or larger = $22,000
Rent Caps by unit size:
Studio or 1 Bedroom = $1,500/month
2 Bedrooms = $2,400/month
3 Bedrooms = $3,600/month
4 Bedrooms or larger = $4,000/month
Lease End Dates:
Leases are not permitted to end between November 1 —March 31
Contingencies:
Tenant Breaks Lease: If a tenant breaks the lease early, they can be replaced with new tenants and the homeowner can receive the second incentive payment. If the homeowner does not replace the tenants within 60 days of the original tenants moving out, the homeowner will be disqualified from receiving the second installment but will not be required to pay back the first installment.
Change of Ownership: If a homeowner sells the property during the lease period, the selling homeowner is disqualified from receiving future incentive payouts from the program on the sold unit. The new owners can potentially qualify for the second installment (the 50% balance) of the incentive program if they rent to the existing tenants for the remainder of their lease.
Failure to Comply with Lease: If the homeowner does not meet lease agreements at the midway or final mark, we will work with the homeowner to rectify the situation. If an agreement cannot be reached, the homeowner will be disqualified from receiving the second installment but will not be required to pay back the first installment.
