If you’re looking to book a Cape rental this summer, you could be looking at a double-edged sword.
There’s a lot of homes ready to be rented, but you may be paying a bit more for your summer vacation.
The market has returned to a more normal state since the pandemic, but what is high in demand always becomes more expensive.
Jim Reese, the chief operating officer of WeNeedaVacation.com, said this year feels closer to normal.
“If you’re looking back through the couple of years in the pandemic, that is when the frenzy was so hectic that there was very little availability as you reached the summer months,” Reese said.
Vacationers flocked to the Cape throughout the pandemic, increasing the demand for rental properties.
Bookings are down 9% compared to last year and up 19% compared to the pre-pandemic year of 2019.
Experts say what’s happening with vacation rentals in the Cape is mirroring what’s happening in the real estate market. Sales are down, but prices are high.
“Occupancy levels are getting back down to 2018/2019 levels but the prices are still high,” said Ryan Castle, CEO of Cape Cod and Islands Association of Realtors. “You’re seeing overall 18-20% more occupancy, but also 18-20% more prices. That’s where we’re heading for the summer.”
With the turning market, some people may find it better to go abroad.
“You’re seeing actually people looking around,” Castle said. “I’ve heard stories of people trying to cancel because they say, ‘well I found a good deal on a trip to Europe.’”
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