Tuesday, May 09, 2006

The Rental Market at the Shore Looks Good

According to this article, the rental market at the Shore is looking pretty strong compared to last year. As you can see from the other article that I posted, despite a strong rental market, the real estate market at the Shore is pretty weak. I wonder if the strong rental market is reflecting some sort dynamic on the home purchase market that I don’t quite understand.

“At this point last year, Manzoni Realty Inc. was still looking at a 15 percent to 20 percent vacancy rate among its rentals for the summer season.

This year, Joyce Manzoni, broker/manager at the
Cape May firm, said the number is more like 5 percent to 7 percent.

The same is true farther north along the
New Jersey shore. Prudential Zack Shore Properties in Stafford Township is seeing a booming rental season on Long Beach Island. The total dollar amount of signed leases is up 12 percent to 15 percent this year compared to last year, and the firm has also netted a 3 percent to 5 percent increase in signed leases, according to Vincent McAuliffe, senior vice president of the firm.”

full article


Blogger Gorobei said...

Based on my own family, here's the simple dynamic:

Given two parents, two children, two in-laws, a nanny, and various visitors, we can vacation nicely at the Jersey shore for well under $200/person/day.

For this family from Manhattan, that's about 50% the price+hassle of an equivalent vacation in other considered vacation spots.

We're economizing (don't like the current economy) so we're buying twice the NJ shore rental that we did last year.

Our increased consumption of rental property in NJ is based on the view that renting is very cheap relative to other options (e.g. owning property, chartering transport to far-flung destinations)

Tuesday, May 09, 2006 11:09:00 PM  
Blogger Little_Silvered said...

Thanks gorobei. What you said makes sense.

Wednesday, May 10, 2006 6:42:00 AM  
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Thursday, May 18, 2006 4:38:00 AM  
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