NJ Summer Rentals Already in Demand
The frigid temperatures, biting wind and recent snow have many New Jerseyans dreaming of warmer days in a beach chair with their feet in the sand and a beverage in hand. In fact, realtors across the state are already beginning to field calls from vacationers who are looking to rent a house at the Jersey Shore this summer.
"I think people get cabin fever and booking a rental home gives them a glimpse of hope that the summer is going to be forthcoming. I also think you have savvy shore renters who are looking to grab a great deal when landlords may be vulnerable during the winter time. Unfortunately, some of those landlords were affected by Sandy and may be more incentivized to rent their properties out early," said Amber Noble-Garland, licensed New Jersey realtor with Keller Williams Realty-West Monmouth and co-author of "Keep Calm, It's Just Real Estate."
While the market for summer rentals is not quite what it was before Superstorm Sandy, there has been a steady increase over the past two years. According to the Monmouth/Ocean County Multiple Listing Service, rentals at the Jersey shore showed an increase of 2.6 percent from 2013 to 2014 for rented listings and a 1.3 percent increase in the number of new listings.
Noble-Garland has a list of more than 100 investors most of whom are cash buyers who want to purchase summer shore rental properties for investment purposed, but there is not enough supply to meet the demand.
"I have gotten into situations as the listing agent on properties in Asbury Park near the boardwalk where we've literally had a knock down, drag out bidding war. I've also taken clients to look at beachfront properties and before we could even write up an offer, the property was snatched from beneath us. I even have people looking in South Amboy, which may be further north, but it still puts them by a body of water and a beach nonetheless," she said.
Once the weather improves and the spring season approaches, Noble-Garland expects the calls to increase.
"I think the interest and the commitment to spending summers at the Jersey Shore is still there," she said. "I think there is a lot of history and nostalgia that goes along with it. While we may have a long way to go since Sandy in terms of recovery, I am very confident that the Jersey Shore is going to be thriving when it comes to rentals."