Vacation Rental Market Booms in Ocean City

Vacation Rental Market Booms in Ocean City

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This rental home at 875 Brighton Place is offered through VROCNJ.

By MADDY VITALE

With just a few months until summer, there is one very strong indicator that people are eager to take their vacations in Ocean City.

The rental market is busy, to say the least, according to area realtors.

“We are seeing that the market has become quite brisk,” noted Joseph Orazzi, president of the Ocean City Board of Realtors.

The expansive, sandy beaches, the bay and ocean, a Boardwalk with stores and amusements and shopping galore in the downtown, may be the main attractions.

But there is another reason that the rentals are going fast, Orazzi an associate broker at Long & Foster Real Estate in Ocean City, explained.

“In 2020, some people missed out on rentals as a result of the COVID-19 pandemic,” Orazzi said. “So, in 2021, we are finding people are renting earlier and the rental market continues to be very busy.”

He said that anyone interested in a vacation getaway in Ocean City should book it sooner than later. To visit Long & Foster go to www.longandfoster.com/Office/LongandFosterOceanCityNJRealty-102387

“People are finding that there is not as much availability this time of year because people have booked earlier,” Orazzi said. “We are definitely having a lively rental season.”

He said that homeowners are following safety and health protocols when offering their properties for rent.

“We know that the owners are taking special precautions to sanitize their properties,” he said, adding that some units have a notice posted noting everything that the owners have done to ensure the property meets all safety guidelines.

The second flood of this north end home, center, is for rent at 127 E. Atlantic Boulevard offered by Goldcoast Sotheby’s. (Photo courtesy Goldcoast Sotheby’s)

Pete Madden, broker-owner of Goldcoast Sotheby’s International Realty at the 34th Street office, said there are some important reasons why people should find their rental homes for their vacation getaways to the shore soon.

“Each year people are buying more homes to use and less to rent,” Madden explained. “It is causing an imbalance in the supply of rental properties. The demand remains strong, even during the pandemic.”

He also pointed out what the lower inventory in the rental properties has done. To view properties from Goldcoast Sotheby’s go to https://www.goldcoastsir.com/eng.

“It has created a busy and vibrant rental market for us. People are really booking for the summer,” Madden said. “People feel very safe and secure being in Ocean City and continue to want to rent and own in town.”

Like Orazzi and Madden, Duane Watlington, founder of Vacation Rentals Jersey Shore LLC, said the rental market has been phenomenal heading into the summer of 2021.

Watlington, who has rental sites in Ocean City, Long Beach Island and the Wildwoods, said it has been extremely busy.

He said his vacation rental website for VROCNJ at  www.vacationrentalsoceancitynj.com has seen explosive growth over the last year since it was launched.

“The Ocean City rentals are hot,” he said. “We need more owners who want to rent.”

The website gives homeowners and realtors a site to showcase their listings for a low fixed annual price, and vacationers a site to find the selection that best fits their family’s needs for that dream getaway, with no booking fees or service charges.

“As of today, owners on VROCNJ, on average, only have two to three more summer weeks to book,” Watlington noted this past week. “At this time in 2020, before the pandemic hit, the average owner still had six weeks to rent. The amount of available inventory right now is less than half of what it was a year ago.”

This home in the 800 Block of Fourth Street in the north end is available for rent on VROCNJ.