SOUTH JERSEY (KYW Newsradio) — Thinking about renting a vacation house this summer? Book it now.
Shore rentals are going fast in New Jersey this year, and, like just about everything else right now, costs have gone up.
Clay Rossiter, managing broker at Fox Real Estate in Ocean City, expects renters will have to pay a little more than in years past due to the combination of increased demand and rising home sale prices.
“Prices have increased. Owners have started charging a little more, but frankly, the average cost of these properties has gone up about 20%, so it’s kind of warranted, in my mind,” he said.
Rental rates have long been tied to sale prices, Rossiter said, and he’s seen the market enter a few similar cycles in the last 30 years.
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Rental inventory is also suffering a bit from people buying houses at the shore with no plans of renting them out.
“Inventory is kind of low at this point, although there are still properties to rent,” he added. “If you’re seeking a rental property down here at the shore, I’d say give us a call or your realtor a call immediately and at least get your name on their list because sometimes cancellations occur and new inventory crops up.”