Weehawken, NJ · Member since 2017 · 30 posts · 5 votes
Hey BP,
I was wondering if anyone has had success in cabins/lake homes in Northern New Jersey and if there are any towns/developments/associations that are more amendable to services like airbnb or vrbo.
The company I work for manages vacation rentals and ours are along the jersey shore. However the price points for those high. The other place we see a lot and are considering expanding to are in the Poconos - lots of airbnbs out there that do well.
I am sorry that nobody answered your question yet. Unfortunately, I cannot answer it because I have the same one! I am looking at buying a cabin on a river in Northwest NJ to run as a STR, mostly for water activities & fishing. Were you able to find out any information since you asked here?
No luck since I originally posted this but to be fair I was just sending out feelers for additional information from the BP community. I've only, on occaision, scanned some online listings in Northern NJ but I havent done any substantial research.
The company I work for manages vacation rentals and ours are along the jersey shore. However the price points for those high. The other place we see a lot and are considering expanding to are in the Poconos - lots of airbnbs out there that do well.
The company I work for manages vacation rentals and ours are along the jersey shore. However the price points for those high. The other place we see a lot and are considering expanding to are in the Poconos - lots of airbnbs out there that do well.
Thanks @Lindsay, I know the Poconos is always a destination for outdoorsy folks all year round. I suspect there is a group of folks that would prefer a less touristy location that is less of a drive from the NYC area but offers much of the same amenities. Especially with some good marketing to get the word out on sites like HipCamp.
Real Estate Agent · north jersey · Member since 2018 · 49 posts · 45 votes
4y
I am by no means an expert on this but If your looking to go north west NJ I think just crossing to the pocanos would be the way to go. If your taking 80 from the city to keep on it to get to the pocanos is comparable to getting off 80 and heading to north western NJ. if your set on NJ I would look into green wood lake. It’s a large lake that does a good amount of events. If you have an area in mind I would just do this. Look at the rental ordinances for the towns your looking at. Most anti Airbnb town just make an ordinance stating that the minimum rental length is 30 days. You can find this right on there website. Then if you have a town or two that don’t have any restrictions in the area you like. I would make a Airdna account. You can purchase that towns report. It will give you all Airbnb and VRBO rentals in that town. What they grossed. what there availability was. What there occupancy rate was and what there average nightly rate was. Look at the gross income of a home that is comparable to one you would want and available the amount of days you would have yours available. Then take 20%-25% of the gross for operating expenses. Figure out the average sales price for the size and type of home you would be looking at. Then take the gross income minus operating expense and minus mortgage and other typical home ownership expenses and you should get what your net profit would be. This is assuming your managing it yourself. If the numbers work in that scenario I’d pull the trigger. Sorry that was long I was just thinking out loud on how I would go about it. Wish I had a more direct answer for you instead of just a suggestion.