Housing Notes: Amazonification of summer rentals
My parents owned a home on Shelter Island, on the eastern end of Long Island, for years. And each year they would rent it out for the season (Memorial Day to Labor Day) to one tenant, or in two-week to one-month increments, and move back to their 300-square-foot Upper West Side Manhattan co-op studio, thinking of it as a summer getaway. As “reverse-commuters,” their rental income over the summer paid for the costs of homeownership for the rest of the year for both residences. Quite often, they would get the same tenants, and by the third year, the tenants bought […]
This article originally appeared on The Real Deal. Click here to read the full story.
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