My observations regarding the status of our vacation rental season:
In the fall of 2022, we were busy confirming the 2023 reservations for repeat tenants. These are the families who return year after year (often to the same home) and are not hesitant about planning a full year in advance.
For many tenants, it’s more practical to commit to vacation dates after discussing with family members over the holidays. In January, we expect rental inquiries to ramp up to fill in our open weeks.
Unfortunately, this year was different.
After a few years of travel restrictions, summer vacations can now be defined with a broader view.
So is this a blip? Probably. The nostalgia of a traditional beach vacation remains strong.
Yet property owners should be aware that pricing is a factor with vacation decisions. Tenants expect value for their hard earned dollar. We will face that head on as we discuss rates for 2024.
And one last note: the rental market is rarely in sync with the sale market. It’s 2 different business models. There have been years when rental rates remained steady, while property values climbed considerably.
I’ve been fortunate to handle Avalon and Stone Harbor vacation rentals for 40+ years. As always, we will adapt and move forward together.
