From the Press of Atlantic City:
Shore rentals heat up as home sales cool off
Fewer people may be buying a piece of the shore, but more are renting part of it.
Real estate businesses are reporting a surge in rentals even as home sales decline along the coast. An increase in rentals as high as 40 percent has been recorded by some real estate companies. Most are seeing a jump in the 10 to 15 percent range.“We’re up about 10 percent from this time last year and up another 10 percent from the year before that,” said Frank Shoemaker, of Berger Realty on Asbury Avenue.
Shoemaker said the company did about 9,500 rentals last year and has a full-time rental department manned seven days a week.
It used to be that the same agents who sell homes did all the rentals. But now many firms are establishing separate rental departments in which the agents do only rentals and are extremely responsive to their clients’ needs.
Many firms are finding the rental business keeps them afloat as home sales lag. Rentals are up 15 percent for Farina & Boeshe Real Estate Co. in Sea Isle City, and David Farina said it has been a blessing.
“The strength of our rental business is an oasis any time you get a down market with sales,” Farina said.
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Better rental properties and improved services could be part of the upswing. There could also simply be more vacationers renting as shore hotels, motels, bed & breakfasts and other accommodations get replaced with condominiums. Some say the most recent upswing may be as simple as warm weather at the start of this winter.