The Rental Summer?

For the past few weeks I've gotten a number of calls or emails asking about summer rentals. This time year, when winter has turned to spring (at least down in the city), its not unusual to get a few calls from folks looking for a summer rental. This year, the number of calls seems much greater. (Of course, it could be that against a backdrop of a smaller volume of calls about buying a summer place, the calls about renting could just seem much greater.) No, I really think it is greater.

The increase in rental interest is another sign of the uncertain sales market. Some callers start out saying, "We're thinking about buying a second home, but would like to rent for a season to try the area out before we decide to buy," while others are more direct, "We'd like to rent for this summer because we're just not comfortable buying anything right now." The bottom line is that the interest in having a place for the summer is there, but the interest in making a long term financial commitment isn't. A short term rental is the equivilent, risk wise, of short term lending.

The problem is that we don't have a large inventory of available rentals, and no real organized way to access them. Some brokers here do handle a few rentals, but you have to go from broker to broker to find out about them. There's no clearinghouse, and no large property management companies handling them like you have in the Hamptons or at the Jersey shore. We have only one small property management company to my knowledge that focuses on rentals — Red Cottage  Rentals at  http://web.mac.com/grimesproperties/Grimes_Properties/Home.html, and they only have about a dozen most non-lakefront properties. There's no single source, for example, for someone looking for a lakefront rental.

Rental demand is definitely there, and every summer it outstrips supply. One result we may see this summer is that owners who have been unable to sell their homes, or think the market may be better in a year, may decide to rent for the short term. That could keep sales inventory down at least through the summer. But 3 months of a summer rental typically doesn't come close to covering the annual carrying costs of a house here, and faced with carrying a house over the winter until another summer rental season, many of those reluctant landlords may put their houses on the sales market in the fall.

Comments

[Mary Ellen]

David,

My rental farmhouse is completely booked for the summer;this is the earliest people have called and booked. They have been very adamant about getting me the deposit, and getting on the calendar. I also have a winter renter for the off season. You are right about 2008 being the 'year of the rental.' FYI-it's $1200. per week.
The best place to list your property, or find one, is on VRBO.com or cyberrentals.com. Very good search features. The listing is about $150. per year, and works great.

No, it doesn't cover all the costs and taxes, but it reduces it to a few thousand dollars. That's just taxes and maintenance, not a mortgage payment. I use neighbors and local handymen for problems. As you know, I live in Texas.

[JL]

Another couple of websites for rentals:

1) http://www.catskillsbyowner.com

2) http://www.ahousearoundthebend.com

[TR]

Here are two riverfront rentals in Narrowsburg.

One is a 2BR cottage that sleeps six with 100 feet on the river and the other is a cabin with open floor plan, cathedral ceilings with 150 feet on the river.

TV, Broadband internet, linens, BBQ grill, etc - all you have to do is show up - and relax!

Please click:
http://www.catskillriverhouse.com

for photos, rates and availability.

Sincerely,
Tony Ritter
Narrowsburg, NY

[TR]

Good morning!

Bloomberg today -

http://www.bloomberg.com/apps/news?pid=20601109&sid=ahgWx1z6LFxE&refer=home

New York City Real Estate Market Slows as Wall Street Cuts Jobs

By Sharon L. Lynch

March 31 (Bloomberg) -- New York City's residential real estate market is showing the first signs of fallout as U.S. banks and securities firms cut the most jobs in seven years.

Manhattan apartment sales fell in January and February from a year earlier and new properties came to the market at the fastest pace since at least 2000, according to data from New York-based real estate appraiser Miller Samuel Inc. Transactions slid 6.4 percent to 3,250, while the number of condominiums, co- operatives and townhouses for sale at the end of last month climbed to 6,225, 15 percent more than at the start of the year.... continues at:

http://www.bloomberg.com/apps/news?pid=20601109&sid=ahgWx1z6LFxE&refer=home

[Susie]

Very interesting and thanks to commenters for the rental links. We've some friends who've just rented the house down the road from us for 3 weeks this summer. We are very excted to say the least. They did look to buy in Sullivan about two years ago but the prices were too high. Now they just know they ike the area and found renting is a great deal for an extended laid-back vacation.

[TR]

Susie,
Your Spring Break is great. URL is below for folks.

Dave - sign her up for your fill in when you're in The Bronx.

Tight lines - it's Opening Day in NY!
TR
Narrowsburg
http://www.gonefishingguideservice.com

==============

http://www.trutv.com/shows/party_heat/dumb_spring_break.html

[Mary Ellen]

The 'spring break in the Catskills' in the above comment is the funniest thing I've seen in a long time.

By the way, if anyone is stuck for a farmy rental house in April, May or June, my winter renter is out now (surprise!). See www.vrbo.com/51831

Mary Ellen

[Susie]

Thanks for the nice comments about the photo gallery that you found. I appreciate it! But want to add that I have a home in Sullivan and I kid becuase I love. I am a comedy history groupie and visiting those sites was thrilling for me. But though I poke fun, I also always blog about what's awesome there and inspire friends to visit (small house means many friends go to rent houses or stay at Ecce, Carriage House and more).

[Stephen]

Maybe you're right, David. We've had a lot of success renting our house for this coming summer, and many of the rental arrangements were made in January. We've already booked most of July and August with weekly rentals, with some other weeks available in June.

http://www.homeaway.com/vacation-rental/p168229