Real Estate Agent · Jersey City, NJ · Member since 2015 · 110 posts · 53 votes
Hey BP Fam,
Came across a multifam in Asbury Park. I plan to owner occ it and do a mix of STR/LTR /live there. Anyone have experience in airbnbs in the surrounding area and what people do in terms of pricing strategy in off-season? Looking on pricelabs and others, seems the consensus with top 10% do 30-60K gross yearly. I'd be doing full-blown reno on the place as well.
Trying to assess the best strategy on what people are typically doing whether its 2-4 night min stays during off-peak with lower occ or is it typically MTR / 28+ day stays until summer? Trying to get a general sense of the shore towns and how they structure their airbnbs & if its profitable. Thanks all!
Hey @William Kwong, so you didn't say how big the place is but there are some restrictions on STRs in multifamily there.
For example -
Not more than two separate units in any multifamily residential dwelling, where one other unit in the same dwelling is occupied by the owner and identified by the owner as his or her principal residence, as that term is defined herein;
So it appears, if it is more than a 3 plex, you can only STR 2 of the units in total. There are other regs as well. Here is the PDF.
Your best bet is to check local Facebook groups to find out the local strategies for market specific things. This is more nationwide/overview things unless its a major market such as Orlando, Smokies, etc.
Your best bet is to check local Facebook groups to find out the local strategies for market specific things. This is more nationwide/overview things unless its a major market such as Orlando, Smokies, etc.
Thanks man! Great advice. I’ll definitely check on those. I’m sure there’s something out there in FB group world. Appreciate the direction assistance!!
Your best bet is to check local Facebook groups to find out the local strategies for market specific things. This is more nationwide/overview things unless its a major market such as Orlando, Smokies, etc.
STR rental demand is sky high in Orlando market and tourism is down SLIGHTLY, which is just enough to have tanked STR market in Central Florida in the last 6 months. Lots of Airbnb owners converting to LTR in Orlando area rn
Hey @William Kwong, so you didn't say how big the place is but there are some restrictions on STRs in multifamily there.
For example -
Not more than two separate units in any multifamily residential dwelling, where one other unit in the same dwelling is occupied by the owner and identified by the owner as his or her principal residence, as that term is defined herein;
So it appears, if it is more than a 3 plex, you can only STR 2 of the units in total. There are other regs as well. Here is the PDF.
Hey @William Kwong, so you didn't say how big the place is but there are some restrictions on STRs in multifamily there.
For example -
Not more than two separate units in any multifamily residential dwelling, where one other unit in the same dwelling is occupied by the owner and identified by the owner as his or her principal residence, as that term is defined herein;
So it appears, if it is more than a 3 plex, you can only STR 2 of the units in total. There are other regs as well. Here is the PDF.
Hey Michael! Thanks for the great info! It’s a 2 fam with a carriage in the back so hopefully I’m good with 2 units being STR from what I’m hearing / based on the doc. Really appreciate the insight and the help man!