Will Super-Storm Sandy Ruin You Jersey Shore Plans This Summer? [AUDIO]
Super-storm Sandy ravaged the Jersey shore. The beach erosion was devastating. Properties were damaged or destroyed. Come this Memorial Day, Sandy will be a distant memory for many, but they could be reminded just how horrific the storm was if they can’t find a place to rent at the shore this summer.
“Memorial Day is a long way off and a lot can be done before then,” says Rutgers economist Joe Seneca. “It just depends on the extent of the damage, particularly the infrastructure, the roads, the bridges, whether the electrical system really has been significantly damaged and how long that repair will take.”
Seneca says whether the shore rental market will be the same as in a typical summer will depend on the recovery of the structures.
He adds, “I think there will be the demand to go to the shore. It’ll be warm. It’ll be hot. People have short memories and people will want to go. The demand will be there.”
Other states with shorelines have condos and high-rises to rent. Seneca says in New Jersey it’s people renting out the bungalow or the upstairs apartment. He says how quickly the owners can recover and get those structures ready to rent again will depend on the amount of financial aid they can get. There could also be a shortage of workers and supplies for rebuilding because demand will be so high.
New Jersey has another issue says Seneca. He explains, “One of the constraints may be you’re not rebuilding in Florida or Mississippi. You’re rebuilding in New Jersey in winter……A lot depends on the winter months and whether you can have decent building time then. It’s probably not as likely, certainly.”