I have many customers who every season around this time ask, "Why aren't my summer rental weeks booked up yet?"
I thought some ideas from a local Realtor may be helpful for current homeowners who rent and buyers who are looking for a good investment property.
The first thing I do want to mention is that our rental market has not suffered through these hard times. Many of the vacationers that love Ocean City always find a way to come back. Our rental numbers have increased every year, despite the struggling economy.
When I say this to people, they often say, "Well, how come my property is not fully booked then?"
Many tenants through these harder financial times have, in fact, waited for the last minute in hopes of negotiating a deal. So we have seen many homes with numerous weeks available up until the last few weeks. They will come, just be patient and make sure your rates are competitive.
I asked around and thought hard to come up with a few things that are important when it comes to what makes a tenant favor one particular home over another. If you want to catch some more attention from prospective tenants, take some of these ideas into consideration.
If you already own a rental property think about:
- Competing rates on similar rental homes
- Offering beach tags
- Getting wireless Internet
- Putting a TV in every bedroom
- Providing a BBQ grill
- Fully stocking the kitchen
- Supply them with beach chairs
If you are looking to buy an investment property look for:
- Proximity to the beach
- Deck/outside space
- Outside shower
- Off-street parking
I have experienced summer tenants asking about many of these items. If you have anything that you have looked for in a shore rental and/or if you are curious about any other ideas that might help, please feel free to comment!