Investor · Ridgewood, NJ · Member since 2012 · 113 posts · 10 votes
9y
I already have some MFH there so I am familiar with long term rentals but trying to assess the feasibility of short term rentals and if there is demand for that in the area.
Rental Property Investor · Long Island, NY · Member since 2015 · 490 posts · 301 votes
9y
I don't think there's much demand for short term rentals and given the type of renters you would have i wouldn't risk renting something for less than a year at a time. You definitely want to have a security deposit up front and turnaround is the biggest killer of rental profits. I just don't think its a good idea to have such a high turnaround.
Investor · Ridgewood, NJ · Member since 2012 · 113 posts · 10 votes
9y
Thanks for feedback Allan but wanted to confirm - do you own any properties in Newark and if so any vacation rentals? I figured the only way to get a sense of this market is from someone who is in it. I know there are short term rentals there as you can see them on airbnb.com so it is an existing market.