Fewer Summer Rentals At Jersey Shore
By Phil Gregory, WBGO News
Jersey Shore. May 21, 2013
Jersey Shore towns hard-hit by Hurricane Sandy are concerned about the summer rental business.
Lavallette Mayor Walter LaCicero says many rental units damaged by the storm have been repaired.
“I’m sure that there are people who are reluctant to sign leases because they’re not certain that the houses are going to be ready for occupancy. They want to go away for the summer. They want to rent a week here. They’re going to go somewhere else if the word doesn’t get to them that we’re ready to go.”
Jeff Childers is a broker at Childers Realty in Normandy Beach. He says the rebuilding process is causing some people to avoid a shore rental this year.
“Will it be a construction zone when I get down? Am I going to be sitting on the beach and hammer and nails going off the whole time? People got to rebuild, and they’re going to be doing it all summer.”
Childers says there are fewer rental units available.
“We have about 40 to 50 percent of our typical inventory. We’re getting more each week. Homes are getting fixed up and getting put on the market. Demand is down quite a bit though. We only have about 30 percent of our typical occupancy this time of the year.”
That drop in demand is pushing down the price of some rental units.
As the rebuilding continues realtors are optimistic the rental market will return to normal next summer.