Hey everyone, I own a 3 family building in Jersey City and am considering trying to airbnb one of my units that will be vacant in the next month. Jersey City passed a law making airbnb illegal, however you will see some posts on airbnb in Jersey City.
My question is for anyone in Jersey City who actively hosts guest on airbnb. Does it still makes sense, is there a lot of demand, and does it produce more income than market rent? Hope to hear from your experiences!
You need apply str permit from city.
Right now, you will not make more than long term rental. When pandemic is over, you will. But, it comes with much more work. The good thing is the rental arbitrage out of market due too the new ordinance and pandemic, there is much less competition.
@Hui Song are you saying there is rental arbitrage in Jersey City or outside of NJ? If so, what is a good market in your opinion.
@Dror Refaeli There were tons of rental arbitrage in JC 1 year ago before Covid. I personally run many Airbnb units by renting other people’s apartments. Right now I only run Airbnb in my own properties and neighbors owner occupied duplexes. We do not make more than long term rental last year, and do not expect to have better business this year. We keep the Airbnb in order to keep our relationship with cleaning crew and handy man.