The Rental Season is Strong and Properties Are Filling Up!
Renting a Home on Long Beach Island New Jersey
The rental season has been very strong on LBI! There has been a lot of interest in renting on LBI for summer 2014 and the simple fact is, there are not enough rental properties to go around! The rental season on LBI consists of 10 prime weeks, usually the last week of June to Labor Day, and “off season” weeks in June and September. While the rental season has been strong all around, the weeks of August 2-9 and August 9-16 have been particularly popular! So popular in fact, LBI is running out of summer rentals!
The 2014 Rental Season on LBI
The 2014 rental season on LBI is showing some interesting trends:
- Rentals are up about 60%-80% over 2013
- Rentals are up about 10% over 2012
- LBI is seeing a combination of repeat tenants and new vacationers
2013 was clearly a unique summer since the impact of Hurricane Sandy was still being felt. There were many homes that were still under construction, and therefore not available to rent. Therefore, it is understandable that there are so many more leases being written in 2014. The problem is, there is more demand than supply! Interest in the summer rental market on LBI has been so strong, many tenants have been unable to find a suitable property, especially in the prime weeks of summer!
A strong rental season has a number of benefits for the LBI economy. Summer tourism is the basis of the economy so with more tenants coming to LBI this year, local businesses should see a profitable summer. After the slow season in 2013, this is essential to helping keep attractions, stores and restaurants open on LBI. A strong rental season also helps the LBI real estate sales market as it makes investment popular and profitable. A strong rental season can make homes on LBI more affordable to buy since the income generated can help offset the costs of ownership
Renting a Vacation Property in 2014
While the rental season has been very busy and many of the prime weeks are rented, there are still some homes available in early July and late August. For some LBI homeowners, this could be a great chance to open your home up to summer rentals and generate enough money to pay the taxes for the year by renting only a few weeks. For more information about the LBI real estate market and summer rentals, feel free to contact me and I will be happy to help!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com