PG Vacation Rentals Bring Big Bucks - Central Coast News KION/KCBA

Pacific Grove, CALIF- Pacific Grove said a plan to bring in extra cash seems to be working. The town is allowing vacation rentals for less than a month.  Central Coast News found out the change came just in time for some big tourist events.

The Pacific Grove Chamber of Commerce told Central Coast News that some homes in town will rent for upwards of $10,000 for the week of the U.S. Open.  That's a lot of money for homeowners, but it's also a lot of money for the city of Pacific Grove

The city gets a 10% tax on each rental. So far, the town licensed 40 homes to be rented, "Just the transient occupancy tax were going to collect from those properties is close to $200,000 a year," said Moe Ammar, President of the Chamber of Commerce.

Ammar expects 10% to15% of residents to try and rent their homes for the U.S. Open in June, "We need it in this economy so many unemployed people and with all the depression. People need the financial help and this is a great way to generate that," said Ammar.

One property management company expects so much business it even opened an office on Lighthouse Avenue. The city expects more to follow because special events bring in big bucks, "Things can generally rent on a weekly basis what you would get in a month," said Frank Gallagher with Monterey Bay Property Management.

Ammar says it's a win win situation, "More likely you know second home owners are going to rent their homes and your going to see more foot traffic down town and more people shopping at visitors stores an more people dining at our restaurants," said Ammar.