Tag Archives: recession

Economic Trends for Martha’s Vineyard Vacation Rentals


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!

Vacation Rentals: the economical choice


Image by sgibbons

While the economic forecast for 2009, has many people tightening their belts, movie ticket sales are still going strong – and so are our vacation rental bookings. What we’re seeing is that people are re-prioritizing, and for many, a summer without the Vineyard, just isn’t the summer.

One of the best features of going the route of a renting a vacation home on the island is that it supports a low-key vacation expense-wise:

  • You can save money by cooking at home in your vacation rental kitchen. You can even bring bulk food from off-island, though we’d love for you to support local business and you’ll definitely want to get your produce from our farmer’s markets.
  • The average rental costs $4,500/week (that’s $571/night) which is the equivalent of two hotel rooms on the island. So the rental saves money for big families – plus, the hotel room won’t have a kitchen – so you’ll be going out for every meal. (Note: There are less expensive rentals if you don’t need a waterview, for instance, that run from $1800-2500.
  • You can bring bikes and equipment from home and your rental house will have plenty of room to store it all so you won’t have to rent.
  • You don’t even need a car! Depending on where your rental is on the island, you can ride your bikes everywhere. One family even rode their bikes onto the ferry and then straight to their vacation rental carrying their packs on their backs!
  • With miles of beach, bike trails, ponds, hikes, nature reserves and the arboretum, you can spend your days fully entertained by the natural habitat of Martha’s Vineyard for free!