Property Information 414 Lark Lane Summer Winds Condominiums Unit #105-D Ocean City, MD 21842 Built in 1974 792 Square Feet 2 Bedrooms 1 Bath First Floor End Unit Open Floor Plan Off-Street Parking Community Pool Dining Room: 10 x 14 Living Room: 11 x 10 Kitchen: 7 x 8 Bedroom #1: 16 x 11 Bedroom #2: 13 x 11 Summer Winds condominiums are used as owners and/or tenants as primary residences, vacation homes, summer seasonal rentals, weekly summer rentals and other combinations. While recently in Ocean City, I gathered some current information from several condo association members about some of the more popular rental strategies and rates. Seasonal Rental – leases typically run from May 15th to September 15th and current rates are around $9,000/season. Summer Weekly Rental – most units rent for about $1,200/week on average, but if you choose to rent to high school students after graduation, those rates can approach $2,000/week in June. Annual Rental – Our last tenants in this unit paid $700/month, plus gas and electric. Most current annual leases are approximately $700-$750/month. Off-Season Rentals – It is not difficult to find a tenant for the off-season from about October 1st to May 1st for $700-$750/ month. Conservatively, a unit like this could produce $14,000/year in gross receipts. We honestly only choose the annual rental because my father died and we wanted to keep the paperwork and logistics for our properties to a minimum. Neighborhood Description Diverse Neighborhood. Great Location. Friendly Neighbors. Helpful Condo Assocation. Most Affordable Downtown Ocean City Location.
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