Rental Property Investor · Lisbon, CT · Member since 2008 · 120 posts · 29 votes
Here in New England, beach rentals are a hot item. City folk love to come to our touristy beaches and immerse themselves in the environment. Beach rentals can be nearly 3 times normal market rents just to be within the mile radius of the sand.
Little 2 bed cottages on the strip will rent for $2400 a month. In town a similar place might be $900.
Does anybody have niche property like this? Any insight into the pros and cons? It can probably be rented to locals in the off-season (Sep - May) at normal rates but I speculate its a tough business model.
I own a beach property. I have actually stayed away from seasonal rentals because of A) the work involved and B) the people who are transient and only care about the week they are staying. I like year round people because my place is nice and I want it to stay that way. I have a friend that rents up in Maine and does very well with their seasonal rentals however did find that last year was the first year he couldn't get a winter rental so it was a wash for what he made.
I think the economy is hitting everyone hard, EVEN transient beach goers. The house I own if I were renting back in the late 90's would have a line around the block to get in, now I might get two or three applicants for the year round rental. It's tough.
I think it's a GREAT business if you have the time and energy and if you don't HIRE A PROPERTY MANAGER to collect deposits, rentals, get cleaning scheduled etc.
You can make double the money than just renting it year round but be prepared for double the work.
Makes perfect sense. I know exactly what you mean - trolling the beaches as a kid looking for parties I encountered many family vacationers who would stay 2 or 3 weeks.
Where is your beach property if you don't mind me asking?