is there anywhere that some one can point me to as to how rentals are going this summer? Given $4.00 gas prices I am wondering how the rental market is going this summer. If it is not going well this could be the next leg down in property prices as those who depend on rentals to pay the mortgage could be in a bind if this summers rentals do not materialize. Thanks in advance for your information.
2008 Summer rental
- Thread starter jwscfa
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Unfortunately there are no official numbers. One thing that can be used is the bed tax receipts. However this isn't fool proof as rates go up and it's not 100%. None of the rental companies around here are going to volunteer rental stats either. If you are with a rental company tell them you want a current year vs. last year comparison and you'd like to see the same for the same or comparable property. This isn't way out there and they should be happy to comply.
Most people I have talked to say that they are up on advance reservations due to the absence of hurricanes over the last couple of years. However, the trend is also for shortened vacations due to the cost of gas. On the up side it seems that for every vacationer lost due to gas prices we actually gain one due to the same issue. For instance a lot of people are discovering this area when they have traditionally vacationed further south in Florida. I don't think it's the end of the vacation rental market just yet.
Most people I have talked to say that they are up on advance reservations due to the absence of hurricanes over the last couple of years. However, the trend is also for shortened vacations due to the cost of gas. On the up side it seems that for every vacationer lost due to gas prices we actually gain one due to the same issue. For instance a lot of people are discovering this area when they have traditionally vacationed further south in Florida. I don't think it's the end of the vacation rental market just yet.
Seems to be going well.
I just added this thread about gas costs - How much more (gas $) to SoWal and back? - SoWal Beaches Forum
I just added this thread about gas costs - How much more (gas $) to SoWal and back? - SoWal Beaches Forum
We're totally booked all summer. About the same as last year, but the bookings were made earlier.
We're almost all booked for the summer through August this year (for some reason, we have the week of July 12 still available at both of our cottages), but we haven't raised our rental rates in 2-3 years, so you may want to look at your pricing. Also, advertising on VRBO, rather than relying on the rental agency for rentals, seems to be how we get most of our rentals. Overall, this year seemed to book up faster than the past two years. Knock on wood regarding hurricane season. If we get another year without a notable hurricane/storm in SoWal, that should do well for rentals next year as well. Note that even with solid bookings in the summer and some fall/winter bookings, the rentals don't cover all the mortgage/expenses related to the cottages - and it will probably be that way until we can raise our rates which probably won't be for a few years. But the rentals sure take the edge off.
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Article in the FWB Mullet Wrapper:
http://www.nwfdailynews.com/news/emerald_8391___article.html/coast_industries.html
Wow, don't they run those articles thru a spell/grammar checker?