The Rental Market on LBI
Summer 2014 Rentals on Long Beach IslandNathan 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
The LBI Real Estate Market and Summer Rentals
A major part of the LBI NJ real estate market is summer rentals. With the average price of a single family home on LBI around $1,000,000, the ability to rent a home makes the dream of owning a home on Long Beach Island a reality. A weekly rental in season can run anywhere from $1,000/ week to over $15,000/ week so a substantial amount of money can be generated during the season. Summer 2014 Rentals on Long Beach Island have been very active and early signs point to a very buys rental season!
Summer 2014 Rentals on Long Beach Island
Hurricane Sandy caused a slower than average rental season in 2013, however as word spread that Long Beach Island was up and running, the rental market on LBI grew in activity. June and July were slower months for summer rentals in 2013 however August showed substantial activity and new interest. This has held contribute to a few important changes in the LBI rental market:
- Hurricane Sandy helped to introduce many new summer renters to the LBI area since some areas to the North of LBI were damaged far worse than LBI
- Some long time LBI renters decided to vacation elsewhere when the Summer 2013 season was in question for LBI and decided to return “home” for summer 2014
- There have been a large number of repeat tenants who have already booked their vacation for Summer 2014
There are seemingly more people interested in the LBI rental market than there were in the past several years. Rentals at The Van Dyk Group are up substantially over 2012 which is an encouraging sign for homeowners, buyers, sellers and business owners in the LBI real estate market. With an increase in traffic comes a better economic climate for the entire Long Beach Island and Southern Ocean County area. For buyers who are looking to make an investment in the LBI real estate market, stronger summer rentals can help to offset the costs of ownership on Long Beach Island.
Long Beach Island New Jersey Real Estate
Regardless if you are looking to buy or sell in the LBI real estate market, it is important to understand how the summer rental market impacts the value of the Long Beach Island real estate market. A stronger rental season tends to coincide with a stronger sales market. It is important to remember when buying in the LBI real estate market that renting a home is a business and it is subject to highs and lows in the market. Therefore, it is important to remember not to overextend the purchase of a house as if a slow rental season comes, you must make sure you can still afford the house without the summer rental income! For more information about Summer 2014 Rentals on Long Beach Island feel free to contact me, Nathan Colmer, with any questions and I will be happy to help!
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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