Updated almost 9 years ago on . Most recent reply
Cape Cod Rental Strategy
Hello,
I am evaluating the purchase of a property in South Chatham, Massachusetts. The property is a single-family, 4 bed / 3 bath, ~2400 sq ft, and is in excellent condition. The closest beach is a 5 minute drive and there are several beaches within a 15 minute driving radius.
To this point, I've only evaluated/invested in multi family properties in the Boston area. The assumption has always been that rental income will be received in the form of fixed monthly rental payments.
My thought is that a Cape Cod rental would perform better using a different rental strategy, or at the very least, other strategies should be considered.
One thought I had is to do week-to-week vacation rentals in the summer and target an off-season tenant for the rest of the year. Another idea is a 9 month off-season lease and a separate 3 month summer lease at a higher rate, giving the tenant an option to stay for all seasons.
I'm interested to hear what others have found to be successful (or unsuccessful) rental strategies on the Cape!
Regards,
Eric