Sunday morning, I was walking with a baby gate to one of the rental homes I handle. The tenants have small children and expressed concerns with the steps in the house. So I brought over a gate from my house to provide a solution.
This sums up the “what do you do all day” question!
In the past week, I worked on issues with appliances, electronics, and an elevator. Sometimes the problems are “user error”, so I try to diagnose before calling in the professionals!
AND, in between, I’m showing /selling homes on the island! Busy summer schedule 🙂
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.
Get a flair for Olde Avalon. The Avalon Historical Societies sixteenth annual Olde House Tour will be held Friday, June 23 from 1 to 4 p.m . This is an exceptional walking tour that shows early Avalon homes that the owners have taken great pride in preserving to meet their needs. The society hopes to raise the consciousness of others in preserving these lovely homes that are so much a part of the island’s history.
This summer, four houses will be featured dating from 1904 thru 1929, and an 1892 church will be opened. See how these early homes are brought into the twenty-first century, with their unique transformations. The charming features of these homes will not be found in the houses being built today. Chair Rose Marie Chew refers to early homes as the “Treasures of Avalonâ€, and the homeowners are happy to own one of them. For tickets/information call the History Center at 609-967-0090, or stop in at the History Center at 215 – 39th Street in Avalon.
Occasionally, rental property owners ask why I include pictures of stairs on our website.
Because the majority of tenants are making their selections online (in person visits prior to renting are rare these days), the details are helpful in determining if a home will be suitable for their family.
Can they gate off the stairs for the safety of young children?
Will a family member with limited mobility be able to navigate the entrance, and interior spaces?
Our beach homes tend to be elevated off the ground (and multi-level) so access is a legitimate concern.
My familiarity with our inventory helps too-I can share my perspective based on their specific needs.
Every year, Memorial Day weekend arrives “suddenly”. Spring weather at the shore can be iffy- so it’s hard to think about summer while still turning on the heat 😉
Yet here we are…days away from the official start of summer.
Our vacation rental business is quieter compared to recent years- with inventory available for prime weeks. We are counting on the last minute planners to help fill the properties!
This situation is not unique to Avalon and Stone Harbor, or just Jersey shore communities. Personally, we are experiencing similar vacancies with our South Carolina rental condo. And the agency there is allowing bookings for less than one week (unheard of for July and August). I also talked with a friend who owns a beach house in North Carolina- same issue with open weeks.
After 40+ years of handling summer rentals, I know that change is inevitable…and we will adapt!
Rental property owners and agents are frustrated with the number of prime weeks not yet rented this summer. A few have reduced their rates in order to stand out from the crowd.
For prospective tenants, we are sharing the message that it’s not too late to book! AND, that tenants can save significant money by booking with a local agency rather than a social media site.
My knowledge of the area and the properties in our inventory adds value, too.
Info for owners who need to purchase the new trash and recycling cans to be in compliance with the Borough of Stone Harbor regulations: for your convenience, Seashore Ace on 96th Street will deliver new cans purchased to your local property.
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:
The pandemic created a captured market. Now families feel more comfortable traveling, and can consider other options for vacations.
Rate increases pushed some tenants to look elsewhere for a rental.
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.
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!
