Residental rentals

By: GeraldB
8/28/2016 5:10 PM

What is driving up the cost of residential yearly rentals. Is it the bridge work crews causing more demand then supply. Seems like anything available is 1200 to 1500 a month. For the locals that can be 50 % of their monthly pay.

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By: hoi toide
8/28/2016 7:32 PM

Thinking out loud here, Irene inundated a lot of soundside downstairs units that may not have been "legal."

There are many who add on later, sometimes for storage, or just to cover up the space under the main house. The town code reads something like "Not to be a permanent living area" but for things such as game rooms, laundry, storage, etc.

We built in downstairs on Bay Dr. but didn't put in a kitchen or bathroom. An outdoor shower can be handy April-November. I feel quite sure that unit was flooded from Irene after seeing the pics of the nearby neighborhood.

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By: Fishinbum
8/30/2016 5:55 PM

Low supply,high demand and increased cost of ownership(rising insurance,taxes,etc...)......I noticed the supply of rentals REALLY tightening during the burst of the housing market,where former homeoners began snapping up the existing supply rentals.Then of course you have Irene,which wiped out many of the illegal downstair apts,displacing those people and an increase in the yr population.Combine all of that and there you have it!

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By: home*sweet*home
1/16/2017 2:39 PM

As mentioned, Irene was the big one - we never fully recovered local inventory after that. But Sandy also contributed, and just recently I've been receiving calls from people flooded out during Matthew - maybe 1-3 feet of water - and they just don't want to live in a flood zone anymore.

They were paying rents in the $450-$800 range for years, and now they are looking at much higher rents.

I can tell you costs have gone up for sure. Storm damage is a big one and not fully covered by insurance (deductibles double with a named storm!) and wind insurance is out of sight. You might pay $500 Homeowner and wind will be $1500 on a little beach box.

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