But this year is vastly different… simply because—it’s true!
I have a theory.
My theory is that over the past few years—since the Great Recession—these rental websites have been coming east like the brown tide.
When consumer spending was a the lowest rates since the Great Depression, our tenant demographics were a mixed bag of international as well as
The usual New Your City crew. Tenants from all four corners were bargain hunting.
It was clear though, spending the entire summer in Manhattan was not an option.
That sentiment remains!
People got real creative when money was tight. We saw 2 families share a home, multiple people splitting off weeks, monthly rentals take the lion’s share vs full season rentals.
And for the first time, we saw a demand for weekly rentals.
Real Estate Brokers would attempt explain that weekly rentals are non-existent out here.
Then came the brown tide…. The rentals sites took over and weekly rentals are now abound.
What does that mean ?
To the tenant: you pick your week or 2, and hopefully you get nice weather—then it’s over—bye bye!
To the landlord: you turn over your keys to one of your most valuable possessions for a fraction of what it’s worth and pray they take good care of it
And you’re back there every week or 2 to clean, inspect and repair and hope it’s ready for the next rental.
Oh and remember those difficult security deposit conversations—now you have multiples of same.
To brokers: your rental income is reduced, but when you look at the liability involved in these weeklies,
you do the happy dance down Main Street.
Further, rental income has always been a very small portion of your annual income,
yet takes a tremendous toll on time, staff & expense to generate.
To the hamlets of the East End: it’s an accident waiting to happen
To traffic: it’s a nightmare!
You know why?
If these renters only have a week or 2 to get all their summer fun in, then they most certainly
will invite their friends, family and neighbors
To join them ‘for a few days’
And everyone has their own car!!!
How we all long for the days when tenants wanted to rent their own place at the beach, with a rare occasional guest.
That’s one family, one set of people, one or 2 cars, some weekends no one comes out and a few weekends maybe a friend or family come here.
If the weather wasn’t great one weekend, so you don’t come out—there’s always next weekend.
Less wear & tear on the homes.
More a sense of responsibility.
AND LESS TRAFFIC!