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Old 10-01-2018, 08:14 PM
 
2 posts, read 377 times
Reputation: 10

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I am thinking of buying condo in Jericho . Initially my plan to stay in it for 2 years and then rent it out . when looking for condo rental in trulia/mlsli website, rent is showing around $4.5-5k in Jericho for 3b . I know 5k rent is little higher for average person to pay but at the same time I don't see lot of inventory available for rent . Do people prefer condo over single family house for rent? 5k rent seems very reasonable because of condo fees and higher taxes . My question is that how easy is to give condo for rent in Jericho. are they in higher demand because of school district ? are people ready to pay $5k in rent ? I would appreciate some advice .
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Old 10-01-2018, 09:44 PM
 
Location: Long Island
9,038 posts, read 18,355,935 times
Reputation: 4745
Quote:
Originally Posted by janine may View Post
I am thinking of buying condo in Jericho . Initially my plan to stay in it for 2 years and then rent it out . when looking for condo rental in trulia/mlsli website, rent is showing around $4.5-5k in Jericho for 3b . I know 5k rent is little higher for average person to pay but at the same time I don't see lot of inventory available for rent . Do people prefer condo over single family house for rent? 5k rent seems very reasonable because of condo fees and higher taxes . My question is that how easy is to give condo for rent in Jericho. are they in higher demand because of school district ? are people ready to pay $5k in rent ? I would appreciate some advice .
During the last 12 months, 14 3-bedrooms condos were rented in Jericho. Of these, eight were rented for less than $5,000/mo, five at $5,000/mo and one for $5,200/mo

During the same time period, 11 single family homes (3 bedrooms) were rented in Jericho. Of these, 10 rented for less than $5,000.

In addition, three condo rental listings and 5 other rental listings (3 bedrooms) expired (seven below $5,000).

So on average, two 3-bedroom rentals per month took place in Jericho. You have to decide if you like those odds.
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Old 10-02-2018, 10:34 AM
 
8,141 posts, read 12,506,027 times
Reputation: 3954
You can rent a 3br house for less than that price. Granted probably not in Jericho but if you are open to other areas, I don't see why would rent a condo @ that price when you rent an entire house for less ...


Also I am confused ... are you trying to rent or buy? B/c your first sentence says buying but then you are talking about renting ...
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Old 10-02-2018, 12:21 PM
 
Location: Huntington Station
210 posts, read 124,421 times
Reputation: 164
Quote:
Originally Posted by janine may View Post
I am thinking of buying condo in Jericho . Initially my plan to stay in it for 2 years and then rent it out
Just make sure the condo board allows you to rent it out. Not sure if Nassau differs, but I know first-hand that some in Suffolk don't permit it, and charge a stiff penalty that would negate any income you be looking to make from it.
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Old 10-02-2018, 04:07 PM
 
2 posts, read 377 times
Reputation: 10
@Elka Mariotti, thanks for posting last year jericho rental statistics and comparing it with single family home. it seems like people are willing to pay somewhere near $5k as a rent . It will really help us making a decision .

@jdawg8181 , I am planning to buy and thinking to rent it out in near future ( after 2 yrs.) I know this is not really a good investment but if I am able to even out that will work for me. I am not thinking to making money out of it but at the same time I don't want to loose money if possible

@1174Sixer , thanks for pointed out about renting restriction. we have asked Real estate agent and according to her , there is no restriction . I'll check will condo board as well .
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Old 10-02-2018, 08:00 PM
 
Location: In the basket
9,584 posts, read 11,167,117 times
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Rental rules vary by development. Need to check with any of the places you look at.
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Old 10-02-2018, 08:45 PM
 
Location: Long Island
9,038 posts, read 18,355,935 times
Reputation: 4745
Quote:
Originally Posted by janine may View Post
@Elka Mariotti, thanks for posting last year jericho rental statistics and comparing it with single family home. it seems like people are willing to pay somewhere near $5k as a rent . It will really help us making a decision .

@jdawg8181 , I am planning to buy and thinking to rent it out in near future ( after 2 yrs.) I know this is not really a good investment but if I am able to even out that will work for me. I am not thinking to making money out of it but at the same time I don't want to loose money if possible

@1174Sixer , thanks for pointed out about renting restriction. we have asked Real estate agent and according to her , there is no restriction . I'll check will condo board as well .

janine may, I am surprised to read you are currently working with a RE agent - why couldn't she provide you with the statistics I posted?
Was it too much work for her or does she not know how to do this? As a Realtor myself, I'm puzzled You obviously mentioned your future plans to her as she stated there are no restrictions.

And as hotkarl and 1174Sixer already pointed out, different developments have different rules, including options of renting a unit you own. One of the more common rules is restricting the number of units that can be rented at any given time, usually stated in percentages, for example no more than 10% (insert any number here) of all units can be rented at any one time. If the unit you are buying has a stated limit and the time comes when you want to rent out your unit but that limit has been reached, it doesn't matter if there is a tenant willing to rent such unit, because the rules say you can't.

Ergo, caution is advised. Be careful whose advice you take before you commit!
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