LAURA'S LBI JOURNAL: Real Estate News & Issues Effecting Long Beach Island

LBI Summer Rental Season Looks Promising

Strong Start to 2007 Rental Season

The island has seen a busy rental season so far, busier than in the past couple of years. Renters are committing to properties earlier and choice weeks and properties in choice locations are booking up quickly.  This is the way it used to be; at least it was when I began renting properties on the island ten years ago.  Back then, the majority of properties where booked by early spring.  However, during the last 3 years, the rental season (by this I mean the time when people search for and reserve rental property) has extended into the summer months. In May, June and July rental customers were visiting me looking for rentals that were available the following week and sometimes the same day! 

Renters want properties with modern amenities like air conditioning and well equipped kitchens. They are less willing to rough it on vacation, especially when it comes to air conditioning.  Many people say it is because “years ago”, it was cooler at the shore and you did not need air conditioning. It may be getting warmer but I think more people want air conditioning now because more people have air conditioning in their own homes.

Renters generally prefer properties that are bright and with décor that makes them feel that they are at the shore.  Of course properties that are clean and well cared for are in demand as are ocean side locations. On LBI the boulevard, the main thoroughfare running north to south, is the mark that is commonly used to separate oceanside and bayside homes. Property that is located east of the boulevard is considered oceanside, property located on the west side of the boulevard is bayside.  Some areas of the island are wider than others. In Beach Haven for example, there are certain sections where there are 5 blocks between ocean and bay, in other areas the ocean and bay are separated by two blocks. What some people don’t realize though is that depending on what area of the island they rent,  they can be closer to the beach choosing a home that is located “bayside” than in some “oceanside” locations where the island is wider. Confused?  That is why it is important to consult an experienced real estate professional when searching for a summer rental.

While ocean side locations are preferred, many people will sacrifice location for a nice home that is located on the bayside because properties on the bayside tend to be less money compared to property on the ocean side. Renters who chose bayside locations are wise to the fact that besides getting more for their money on the bayside,  bayside locations can be quieter. 

There is an increasing demand for properties with internet access. It seems that more people can not get away without being in touch with their work place. Can you remember the days when families would rent a home for the summer and Dad would leave for the week to work and return to the island to spend time with the family on the weekends? Now people are lucky they can get away for one week and I get more requests for 3 and 4 day rentals. Children’s sports, camps and other activities extend into the beginning of July and students often must return to classes or sports practice before the end of August leaving a small window for families to get away. This is one of the reasons why the last two weeks in July and the first 2 weeks in August are the most popular weeks for rentals and are requested most often.

Properties that take pets are also increasing in demand. No one wants to leave their beloved Fido or Boots at home anymore – after all they are part of the family. 

Along with the sale prices of homes, rental prices have risen steadily each year. Though many owners who have rented their properties for years, try to keep the increases to minimum or offer special rates to tenants who have rented in the past to encourage the return of loyal tenants.