A trend I’ve seen firsthand: long-time seasonal renters who have been renting year after year in desirable and predominantly oceanfront condo buildings are stepping into home ownership.
With the uncertainty of securing the same unit each year in the same community and in their desired location, the options have become slimmer and the process has left renters deflated and frustrated in the process. For one, the majority of buildings have stringent rental restrictions that require a renter to stay for a minimum of 6 months making to challenging for renters who only want to stay 2 to 3 months difficult to find. Condo hotels have no rental restrictions but most are expensive or not equipped with full kitchens and small which does not accommodate families. There are a handful of buildings that allow 30 day minimum rentals but most owners want to have a guarantee of 3 months income so that they do not lose revenue during peak season and finding those properties are like searching for a needle in a haystack. Therefore, I am finding more of my repeat seasonal renters are opting to purchase a vacation home which offers stability and control. They have the ability to rent out there units during off season, the summer months, which can offset their carrying costs.
Buildings located on the water, either oceanfront or bay that offer great amenities, walkability to restaurants shops and places of interest, units with water views are still seeing consistent activity.
If you’ve been renting and are curious about buying in your current building or exploring other areas, or want help evaluating if it’s a smart investment—send me an email or give me a call and let’s explore your options.
