While information about this recession is blaring all over the news, I wanted to give you an honest look at how our current economic situation is affecting vacation rentals on Martha’s Vineyard.
The fall of ’08 lost booking momentum with the turn of the stock market. It coincided with the usual post-season slowdown, but, of course, because of the official ‘we are in a recession’ news, that slowdown was, well, slower than usual.
We typically have a strong January/February with bookings. And, true to form, this year we are seeing a lot of activity, but tenants are being cautious and looking for affordable vacation homes where in the past the affordability piece was not nearly as prominent.
Owners are doing their part by offering some price adjustments on their rental fees and, it’s important to note that the higher end of the Vineyard rental market is not as active as it has been.
I anticipate a lot of last minute bookings this season. This has been becoming a trend, and isn’t necessarily recession-induced, but I think there will be more inventory than previous years.
- For owners, this outlook calls for them to be more negotiable and competitive with what they can offer their tenants to have a great vacation.
- For renters, it’s a great time to explore new options on the island and even hop on some of these great deals.
- For vacationers in general, it’s the perfect time to try a house rental – leaving the costs associated with luxury hotels behind!
