After a surge in short-term rentals last summer, some Jersey Shore rental properties are vacant, even in the last weeks of August.
“I call it a return to normal. Things have kind of returned to how they were pre-COVID,” said Duane Watlington, the founder and owner of Vacation Rentals Jersey Shore. “In the past, we’ve just had too much demand for the supply of vacation rentals; everyone wanted to come to the Jersey Shore,” Watlington said.
“The rental market is still very strong. But overall I would say, for us there’s probably around a 10% reduction in rentals this year. Other brokers I’ve talked to are around 20% to 25%,” said Perry Beneduce, executive director of Diane Turton Realtors. Increased international travel, among other factors, has also dampened the demand for Shore rentals.
“You might have to lower your price to make sure you’re getting that booking, and make sure you’re pricing competitively,” Jamie Lane, chief economist for AirDNA, said.
