Home Buying in Cape May>Question Details

mgvrmark, Home Buyer in Ocean City, NJ

WTB single family to rent out, what things are most important in Cape May?

Asked by mgvrmark, Ocean City, NJ Mon Sep 30, 2013

My wife and I are just beginning to think about buying a single-family home in Cape May. We would rent it out during the summer months, and use it ourselves in the off-season. Budget will probably be roughly $1M - 1.5M. What are the most important factors for renting? I'm thinking 1) proximity to the beach; 2) number of bedrooms; 3) condition of house ... do Cape May renters prefer newer homes, or do they tend to like the old Victorians? Is proximity to downtown important? We are leaning toward a newer house in the East End -- will we have any difficulty renting it out? What's the average high-season rent for a nice 4-bedroom on, say, Maryland or New Jersey or New York Ave? $3000/wk -- or maybe more?

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4
Good Morning,

You are wise to consider other factors in building a successful rental property here in Cape May. While the owner focuses on the location, occupancy number and time of the year in setting the rate schedule, the consumer is looking for a property that does not have any less amenities than at home and if those amenities are not a part of everyday life...they are required when on a vacation.The Cape May experience being closer to town and the charm of a Victorian is generally the request for a visitor who has never been to Cape May. Once the rental search criteria is discussed, many will opt for clean, modern loaded with upgrades.For those that come to Cape May regularly, the call is for updated property along with close proximity to the beach realizing that you can walk to town so easily. The City provides a trolley shuttle into town easily accessible from points in the East End.

As you position yourself to enter the market it is critical to work through the details with a Realtor to insure you have worked through all the factors in building a successful rental property and making good business sense. Please know I am here to assist and willing to share my professional talent and skills to assist you in achieving your goal.

Patricia Gray Hendricks
Cape May County Association of REALTORS® (CMCAR®) 2011 REALTOR® of the Year
CRS, GRI, ABR, RSPS, SRES & SFR
BROKER-ASSOCIATE
Wilsey Realty LLC.
direct: 609-333-3153



Director, Cape May County Association of Realtors
NJAR Education/Professional Designations Committee
Cape May County Association of Realtors Education Committee Co-chair
NJAR Circle of Excellence 2010 & 2012
0 votes Thank Flag Link Tue Oct 1, 2013
the first factor in renting is proximity to beach...
Second would be number of bedrooms.

New house is nice but people renting in cape may would prefer renting an older home with old time cape may charm but still with modern conveniences. That doesn't mean newer homes will not rent, just an older home with modern conveniences holding that old cape may charm will definitely demand higher rental values and lots of appeal.

3-4 bedroom home would rent $3000 to $4000 per week. on avg. and more depending proximity to beach and down town. Cape May is very desirable for vacationers. It has become increasing more popular with both young and old vacationers, still maintaining its family values.

Larry Sarlo
RE/MAX Preferred
609-868-1171
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes Thank Flag Link Mon Sep 30, 2013
There are a number of homes for sale in that area within your budget and with solid rental histories. For example, we have one in our system, 4 BR, 3.5Baths, sleeps 16, upside down design which is typical for that area. It rents for 5900/week during peak season. I am very familiar with many of the homes in that area for sale and their rental histories. Please contact me directly if I you would like discuss further. Thank You.
609-675-5347
Lloyd Sellers
Century21 Gilmartin & Co.
0 votes Thank Flag Link Mon Sep 30, 2013
The East End of town does command a higher weekly rental, even though it is not close to the town center. We have a number of rentals, both townhomes and single families that rent in the $3500 to $12,000 per week range.

The rate will be determined as you have noted, by the proximity to the beach and newness of the home,...As well as amenities included.

Our agency has had success in renting premier properties in the East End of town.

Please call me directly to discuss further at (609) 513-0355

Chris Ohrenich
deSatnick Real Estate, LLC
0 votes Thank Flag Link Mon Sep 30, 2013
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