From the Press of Atlantic City:
Atlantic and Cape May counties generally finish first and second, respectively, in terms of tourism dollars spent, hotels and homes rented, and other spending indicators measured each year.
And based on early reports from South Jersey Realtors, business indicators point to another strong year for the state’s shore economy.
“The average lease percentage is higher, and I think the length of stay is longer this year. We are writing a lot more two-week leases,” said Diane Bauer, a sales and rental agent for Jersey Cape Realty in Cape May. “I think people are actually feeling positive about the economy.”
A weeklong rental in Cape May can range from $700 to $14,000, depending on the number of bedrooms, the house’s location, the amenities and the time of year, Bauer said. The most popular weeks to rent summer homes are the last two weeks of July and the first two weeks of August.
The demand for summer rentals in Avalon and Stone Harbor has increased year after year, and this year is no exception, said Holly Rennie, a sales associate for Ferguson Dechert Real Estate who has been involved in the summer rental business for 26 years.
More commitments are being made to book summer vacation homes earlier in the year, Rennie said.
“People are recognizing that the ability to find the property that they want has become more and more challenging because our available rental properties are decreasing,” said Rennie, who has about 800 properties for rent in Avalon and Stone Harbor.
Summer rental bookings in Ocean City are up over the same time last year with relatively steady prices as the family-friendly resort continues to be a popular destination for people who live in Philadelphia, said Frank Shoemaker, general manager at Berger Realty in Ocean City.
“The prime weeks are going to fill up. … I’m not saying they are going to fill up tomorrow, or next week, but as we get closer to summer, they will be really, really sparse,” Shoemaker said. “If you want to come in an off week, we will have plenty of properties.”