Investor · Harrison, NJ · Member since 2016 · 18 posts · 6 votes
I'm looking at a new property in Jersey City and am considering using one unit for short-term rental on AirBnB/VRBO. I'm curious, is there a significant down season in the AirBnB market for the Greater New York City area?
I'm looking at a new property in Jersey City and am considering using one unit for short-term rental on AirBnB/VRBO. I'm curious, is there a significant down season in the AirBnB market for the Greater New York City area?
Why not rent the one unit instead of doing Airbnb? You will have a choice of quality tenants to choose from.
Jersey City is prime and if you are near the Hudson River it's a score.
Investor · Harrison, NJ · Member since 2016 · 18 posts · 6 votes
7y
Because the AirBnB monthly income estimates are around $3k/mo vs. $1,800/mo for the unit. Obviously, there's additional risk involved, which is why I posed the question about a down season.
Rental Property Investor · Jersey City, NJ · Member since 2017 · 3 posts · 2 votes
7y
Jersey City has new restrictions on AirBNB effective january 1, 2020. There are attempts to block it but if they are unsuccessful you won't be able to rent your apartment on a short rental basis for more than 28 days a year.
Investor · Harrison, NJ · Member since 2016 · 18 posts · 6 votes
7y
I appreciate the input, but I'm not looking for advice on Jersey City AirBnB regulations, as I've done my hw there and it doesn't appear that they apply to this particular investment situation. However, I would greatly appreciate any feedback from folks in the Greater-NYC area that have run AirBnB listings and whether or not there are down seasons. And, if there are, how bad are they and when?
Astoria, NY · Member since 2019 · 6 posts · 8 votes
7y
Agree with @Juan Cabrera. My experience has been that AirBnB rates in January, February, and March are very low. You could mitigate that if you cater to a variety of guests, not just vacationers.
The beginning of December is slow, xmas and new year are jackpot times. January and February are dead slow. If you compare what you charge to a standard NYC hotel it's a no brainer for tourists.
Depending on your location, the rest of the year should be pretty steady. When i was involved in the east village one could charge up to 180-190 a night for a studio but when it was slow around 110 just to get your occupancy rate up in the slow months.
The risk isn't if you'll make money, you will. The headaches come in other forms. Shoot me a message and i'll be happy to share my experiences.