We all know the economy has been funky since last fall 2008 – that’s not news. And while it hasn’t been all good, it hasn’t been all bad either – especially in the Martha’s Vineyard real estate and vacation rentals market. Last fall, when the market first dropped, we saw a slow down in bookings. But by January through to the summer, things have gone at a normal pace.
Still, that drop last fall, has left us with some nice availability of rental houses across the island and we’re experiencing a strong buyer’s market. It began with home sales, but has now filtered down to the rental market.
Renters are also taking advantage of last minute bookings. And while the renters are eager to negotiate rates, many of the landlords are taking them up on their offers as the season marches forward. Renters are looking to get the most they can for their dollar and the owners are showing flexibility in the range of 15-20% adjustments – depending on their property.
If you’ve been thinking about a beach vacation this summer, but didn’t think you could afford it, I encourage you to give me a call or send me an email. Depending on your budget, I’ll help you find the right house…and with these last minute rentals, it might just be 20% more house than you thought you could afford!
Image credit: jazzylolo