Despite soaring rental prices, summer vacationers continue to visit the Jersey Shore. Beachfront properties with full amenities can command rents of $20,000 or more per week. However, unlike previous years when properties were fully booked before the season began, there are still options available for August.
According to a realtor in Ocean City, rental prices have stabilized this year following a 10% increase in 2023. The shift in the vacation rental market is not unique to the Jersey Shore. Popular summer vacation spots across the country, including Cape Cod, Massachusetts, Maui, Hawaii, Santa Rosa Beach, Florida, and San Diego, California, have all seen a decline in occupancy compared to last year.
The change in the rental market is attributed to an increase in international travel and the introduction of new rentals, providing renters with more options and leading to fewer bookings per host. Despite the high prices, the Jersey Shore remains a popular destination for summer vacationers.