Little Neck, NY · Member since 2015 · 3 posts · 1 vote
I am looking to purchase a short term/vacation rental property in Eastern Long Island. I intitally was only looking into Hampton bays but there seems to be a cap on how much you can get for a summer rental (I was told 35k for the season). I would be open to going further east where properties are more expensive but the rental incoems seem to vary quite a bit. Does anyone currently have properties that they rent and could give insight into what I could REALISTICALLY expect to make for summer season?
Rates vary of course dependent on location, number of bedrooms, is there a pool.
The market is changing out east, keep an eye on occupancy as well. Our colleagues who have owned and rented in Montauk for many years have switched to year round because the competitiion is so great that they now have frequent vacancies. Lots of summer vacancies also in East Hampton. Market has been flooded with investors past 10 years. There is also a relatively new (last couple of years) very strict and enforced regulation on short term rentals in East Hampton which includes Montauk that only allows a couple under 30 day rentals in one year, so everyone is now renting monthly or longer which just increases the competition.
Not to say it can't still be a profitable situation...but you may have to have the best house at the best price to assure occupancy.
I came across your post and wondering if you pulled the trigger on the short term/vacation rental property in LI? I've been researching this and would love to hear how you made out.
Hi Maura, do you find that not having a pool is a deal breaker for summer rentals? Also, have the counties continued to be strict with the short term regulations?
@Maura Paler Sorry, I missed your reply from earlier.
I was inquiring about the pools since your earlier post mentioned rates vary based on several factors, such as pools. We just started looking around and the ones we've liked so far don't have any. We can add one, of course, but was just curious if having a pools drastically ups the rates. Would appreciate your POV. Thanks!
I have a number of ideas one is buy a lot and sit on it for appreciation while putting container style homes on the property to make the money back on the lot to eventually build out there.
Is anyone experienced in permitting out in East Hampton/ Montauk, Unsure of permitting on 'temporary' container style homes. Would need eelcgric and sewer of some sort.