Gary Elliott & Sandy Elliott
Weekly rental condos on the island are popular with investors. Last week 72 weekly rental condos were listed for sale. They range in price from $134,900 for a two bedroom one bathroom inland condo to $1.3 million for a three bedroom, three bathroom condo on the beach.
Although most weekly rentals can be rented 52 times a year there are exceptions. Some condos allow weekly rentals but only 3 times per year or 12 times per year or 36 times per year. Of the 72 condos listed for sale only 41 of these listings allow weekly rentals 52 times per year.
Popular one bedroom weekly rental condos can be found at Apollo, Anglers Cove and Riverside. The Apollo is directly on the beach with 504 sqft under air and range in price from $425,000 to $489,900. Angler’s Cove condos range in size from 717 sqft to 1,060 sqft and are priced from $192,500 to $259,900. Riverside one bedroom condos are all 800 sqft and range in price from $299,000 to $389,900.
Two bedroom weekly rental condos can be found at Seawinds, Somerset, Marco Villa, Essex, Grandview and Angler’s Cove. Beachfront condos include The Seawinds with 992 to 1,136 sqft and two bathrooms, and The Somerset with 1,288 to 1,580 sqft and two bathrooms. Prices range from $669,000 to $1,050,000 for these beachfront condos.
Inland two bedroom condos include Marco Villa, Essex and Grandview. These range in price from $134,900 for a two bedroom, one bathroom 732 sqft condo at Marco Villa to $401,500 for a two bedroom two bathroom Grandview with 1,084 sqft across from the beach.
The only water direct two bedroom condos listed last week are at Angler’s Cove with two bedroom, one bathroom units listed for $289,900 to $309,900 and ranging in size from 802 sqft to 854 sqft.
Three bedroom condos that rent weekly include the Esplanade and Somerset. Somerset is on the beach and has two three bedroom condos listed for $1,069,000 and $1,300,000 with 1,672 sqft and 1,877 sqft. The water direct Esplanade has 3 three bedroom units for sale ranging in price from $695,000 to $965,000 with 1,812 sqft to 2174 sqft.
Depending on the condo’s location, upgrades, view and amenities one bedroom condos rent in season for $900 to $1,500 per week; two bedroom condos for $1,400 to $2,400 per week and three bedroom condos for $2,600 to $3,100 per week.
Off season rents are generally half of the in season rates. Condos that have been renovated and are closer to the beach with better onsite amenities enjoy better rental histories in the slower summer months.