A rental property in Brigantine, NJ on Tuesday, July 9, 2024. Some shore property owners have lowered their rates to try to fill the empty weeks.That’s the buzz, or rationalization, among some renters, Realtors and homeowners at the Jersey Shore, who are seeing another summer of a softening market with vacant weeks, price drops and a rising chorus of people who say they can go to other destinations — Aruba, North Carolina, Italy — for less money than they’re being asked to pay down the Shore.
Keith D’Amore has owned a rental property in Ocean City, and said this was the first year he’s had two weeks open heading into prime summer season. Listing with Berger Realty, he said he’s discussed a new “30 day out discount plan” where rental prices automatically drop when a week is open within the 30 day window.
But will families of more modest means be able to reclaim the Jersey Shore? Or is it lost to all but the wealthiest? Some realtors say a correction may be on the horizon. “Last summer, I had the whole place rented,” he said. “People were reaching out left and right. I upped my rates slightly, the highest at $3,500 to $3,750. It’s a lot of work. I’m not making a lot of profit. I thought I’d have just an easier time filling it.”