How to lock in a good deal for summer vacation shore rentals, as weather and economy impacts the market
From the beautiful beaches to the boardwalk filled with shops and restaurants, it's what keeps drawing Abby Miller back to Ocean City.
Miller and her family have been making memories in Ocean City for decades, and they lock in their summer vacation rental far in advance.
"We try to find a house we like and stay there for as long as we can, and we usually book a year in advance, so the summer before we will book for the next year, and we stay for about seven days," Miller said.
Experts say that trend is changing. At Fox Real Estate, Clay Rossiter told CBS News Philadelphia that many people are now booking last-minute, and especially this season, he said, many rentals have vacancies during prime weeks in the summer.
"Some people's 401Ks took a hit over the winter, it's real cheap to go to Europe right now, cruises are very cheap right now, I think people are doing some different things," said Rossiter, managing broker at Fox Real Estate.
Rossiter added that the rainy weather earlier in the season and economic uncertainty are also factors.
Now, many property owners are offering deep discounts on rental homes during weeks with no reservations.
"A $6,000, $7,000 rental is now available at $4,500 or $5,000, that kind of thing. You can find yourself a good find at this point," Rossiter said.
In Brigantine, real estate agents say some owners are also offering 20-30% off, or even 50% off in some cases, to fill vacant homes during the weeks still open in August.
Experts also say that rental rates have increased by about 25% since the pandemic, and many families now prefer to rent for less than a week.
In Wildwood, the Greater Wildwoods Tourism and Improvement and Development Authority says rentals are down mid-week compared to the weekend, a trend happening in many shore points.
"We have noticed a shortening of our length of stay. A full week's stay has been shortened down to three or four days," said Louis Belasco, executive director of GWTIDA.
Some hotels are also offering specials, buy two nights, get one night free, especially during mid-week.
Rossiter said if you want to rent a home this summer and it's still open, don't be afraid to negotiate. If you see a price and it seems high, make the owner an offer and see if they take it.
"There are some great deals out there," Rossiter said.
