One thing we all love about Montclair is it’s close proximity and easy commute to New York City, so it’s no wonder that many of it’s residents are transplants from Brooklyn, Manhattan, and Queens. And many of these transplants choose to rent homes and try out the area before they commit to the suburbs. I get a lot of questions from clients about the rental market here in town and one thing pretty much remains consistent; there usually aren’t very many rentals on the market and even fewer single family rentals. Every once in a while there are furnished and short term rentals (usually 3-6 months), like this fully furnished single family home on Grove Street that is available until the end of August.
As I’ve gotten to know and love this community I believe this may be a trend that stays consistent for years to come. First off, many of Montclair’s residents work in Manhattan for bi-coastal companies. This creates the opportunity to work and travel for long periods of time. Many residents are also in Entertainment and Journalism, which give way to a more adventurous way of living and opportunity for travel. And in order to keep their mortgage paid and their homes warm, residents are renting out their houses for the short term. Tamima Friedman, a colleague of mine at Keller Williams NJ Metro Group recently helped a client rent her condo in the Siena that is fully furnished, for over list price. Tamima said, the landlord (owner of the condo) was taking a few months to test out another city and be foot loose and fancy free. The cost of doing that and maintaining her condo was high, so she decided to see if she could rent it out for a few months and cover her costs. The family that rented it were being relocated to another city and needed a short term furnished situation while they shipped their belongings south. I also had a client last year that rented her home to a woman who needed to stay local while doing renovations to her own home.
Whether it’s a decision to stay local during a renovation or a chance to get a taste of life in Montclair, short term rentals can be a great opportunity for both landlord and tenant. It’s a wonderful way for residents who want to spread their wings to come back to this town and community they love and call home.