The LBI Real Estate Market and the Summer 2013 Rental Season
Summer 2013 Rental Season on Long Beach Island NJLong Beach Island NJ and Hurricane Sandy
Hurricane Sandy, which impacted the Long Beach Island New Jersey area at the end of October 2012, caused widespread damage to the LBI area. The amount of damage created by Hurricane Sandy left many wondering what the future of Long Beach Island and the LBI real estate market would look like. The good news is, by the start of Summer 2013 the vast majority of homes and businesses on Long Beach Island were up and running! Construction crews worked with local and federal agencies to restore Long Beach Island and make Summer 2013 as close to “business as usual” as possible. One of the key measures of this success can be found in the Summer 2013 Rental Season on Long Beach Island NJ.
Summer 2013 Rental Season on Long Beach Island NJ
It is difficult to determine exactly how the Summer 2013 Rental Season on Long Beach Island NJ was on Long Beach Island however there are some general conclusions that can be made.
- Summer 2013 Rentals in the LBI real estate market were down about 20%
- May and June were slow months partly due to the weather (unseasonably cold and rainy)
- Oceanside, oceanblock and oceanfront properties showed the strongest rental numbers with most of the homes being mostly rented
The bayside homes on Long Beach Island were the hardest hit by Hurricane Sandy (as contrary to what most would believe, flooding comes from the bay and not from the ocean) and therefore had the weakest rental numbers. Initially, there was substantial doubt (fueled by false rumors) that Long Beach Island would not be open for Summer 2013. This caused some renters in the LBI real estate market to look elsewhere for their summer rental. The truth is, almost every business on Long Beach Island (including the staples like Fantasy Island) were 100% open for business and helped to contribute to the success of Summer 2013 on Long Beach Island.
An interesting trend that many real estate agents on Long Beach Island noted was there were many “new faces” on Long Beach Island. From what can be gathered, many of the vacationers to LBI in July helped to spread the word back home that Long Beach Island was very much alive and open for business. This caused some who had never before rented on LBI to visit the area and stay for a week or two. This helped greatly to contribute to August 2013 showing almost the same rental numbers as August 2012 and reports that local businesses witness a “normal” amount of summer traffic in August. From this information, it would be easy to understand why many feel the the LBI real estate market and the Summer 2014 Rental Season on Long Beach Island NJ will be very busy!
LBI Real Estate Transactions on Long Beach Island NJ
With the overall data of a strong Summer 2013 Rental Season on Long Beach Island NJ and the promise of an even stronger Summer 2014 Rental Season on Long Beach Island NJ, many potential buyers have begun to eye the LBI real estate market as a good investment. It is not uncommon to be able to find a property in the LBI real estate market that can meet the expenses and even turn a profit when rented aggressively and purchased at the right price. This is very appealing to both buyers and sellers in the LBI real estate market and is a contributing factor to the recent sales activity and LBI real estate transactions on Long Beach Island. For more information about the LBI real estate market or Summer 2013 Rental Season on Long Beach Island NJ please do not hesitate to contact me, Nathan Colmer, with any questions! You can also click here to search all homes for sale in the LBI real estate market on Long Beach Island NJ.
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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