Thoughts on 2023 Rentals

In the fall of 2022, we had strong demand for the summer of 2023. Repeat tenants were ready to confirm reservations and regular visitors were activity searching to secure their rentals.

Yet the flurry of activity did not continue into the new year.

In talking with other agents also active in the local rental market, there are several theories:

  1. The pandemic created a captured market. Now families feel more comfortable traveling, and can consider other options for vacations.
  2. Rate increases pushed some tenants to look elsewhere for a rental.
  3. With all of the new construction, our inventory has evolved. Large homes with pools have become the norm- therefore increasing the median weekly rate across the board.
  4. Schools, sports and camps are back to pre-Covid schedules. Families have to work around these commitments, which in turn reduces the number of prime rental weeks.

So this may be a transition year that will force us to look realistically at the market.

In the meantime, we are thankful for the procrastinators to help fill the empty weeks!

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