Anyone do Jersey Shore Summer Rentals?

18 Replies

Patrick, the shore has a long history with short term rentals. Platforms like Airbnb are always an option as well as Jersey Shore specific sites by local vacation rental managers if you aren’t looking to manage the bookings yourself. This market books pretty quick and also has repeat business year after year. Are you an ocean view listing? If you need any assistance feel free to reach out.

We've used VRBO and Homeaway when we've looked for places to stay on the shore; but they've adjusted their business model and make both the owner and renter pay a fee.  Depending on where your condo is, you may have a local website that you could use; but may not get as much exposure.

If you plan to list with a property manager with rentals, call around and get rates. They are far more than the more talked about 10% property management fee that long term rentals encounter.

Another thing to consider is if looking into condos, make sure you can rent them. There is always some condos where they only let Owner Occupied and no rentals, Though this is probably more common in Florida where its more long term.

I would love to buy a home on LBI that pays itself off with rentals. But I believe in science and have a huge fear that the entire island will be underwater within 50 years.

Originally posted by @Chris Connery :

I would love to buy a home on LBI that pays itself off with rentals. But I believe in science and have a huge fear that the entire island will be underwater within 50 years.

That gave me a good chuckle. Thank you. 

 

I have a condo in LBI that I rent out for a good chunk of the summer, but do use it personally as well, so we’re not looking to completely book up.

We started using VRBO and transitioned into VRLBI, which lets me directly communicate with the renter.  VRBO has a bunch of restrictions on communication.

I believe VRLBI has started to set something similar in wildwood, but is not available for the whole jersey shore.

@Patrick Martone

Another thing you need to be aware of that so many aren’t is that the governer passed a short term rent tax last October, but I’ve heard he’s considering rewriting it. However it is still on the books and it requests that all homeowners that are renting their homes for 90 days or less to register with the state. The law also states there is a 10% tax on the rental if you don’t use a realtor.

If you use Airbnb they are required to take care of this tax for you. If you use craigslist (which most for rent by owners do) you are required to pay it yourself.

As a realtor on the Jersey Shore who is also an owner in our rental market here. If you have any more questions I’d love to help. My commission is negotiable for rentals because I believe home owners have the right to rent their property and shouldn’t be taxed for it but Gov Murphy feels differently.

@Joe Crupi

Thanks for the laugh!!! Feel free to shoot me a PM with property specific questions in the area. There are so many nuances block by block and property by property. I’m looking at one now for example that would work as a long term rental and not as a vacation rental. I know where most section 8 renters are located in town and also have connections to the code enforcement office if you need any specific questions answered.

For my own piece of mind, I start my search at BFE and higher to make sure my flood insurance won’t be eating too high into profits