Snag your vacation rental early or pay the price
You'll need to start looking now if you want to find a summer vacation rental that suits your needs and budget. In recent years, waiting until the last minute to book a property often yielded good results. Many rentals were still open, and realtors, desperate to fill their properties, didn't raise rates and sometimes reduced prices. But the same is not true for 2004: Vacationers are booking earlier and are paying more.
| Renting in Europe: Steenie Harvey, author of European Vacation Rentals, answers questions about renting in Europe this summer. Q: When should you book? A: Book as early as you can. The longer you leave it, the harder it is to find exactly the kind of property you want. Q: When is peak summer rental season? A: July and August, particularly for coastal regions and countryside areas like Tuscany and Provence. Q: When are good times to rent if you want good weather but lower rates? A: May, June, and September. The weather is also usually good in October in places like Malta and Greece. Q: What regions are likely to have more availability and be more affordable this summer? A: If you enjoy mountains and lakes, consider Austria. For a seaside destination, I’d say Greece probably offers the best value in the Mediterranean at the moment. Q: Why chose a vacation rental over a hotel? A: It’s as close as you’ll get to living like the locals. On a more practical note, it’s usually far more affordable than staying at a hotel. And if you have children, they might be happier with a home-away-from-home environment. |
However, this growth has varied by region. In the Hamptons, minimal rate increases reflect more cautious renters. "Home owners who raise prices are going to be disappointed," said Diane Saatchi, a broker at the Corcoran Group in East Hampton. "People aren’t willing to pay more this year; they're just booking earlier."
Nevertheless, real estate agents across the country indicate that customers are more confident about their finances and are willing to put down money early to lock in an ideal affordable rental. Thus, realtors recommend booking as soon as possible if you’re set on specific dates or want a place with a great view.
But, if you’re somewhat flexible about dates and location, there is still time to shop around. And, there are numerous ways you can find a good rental for less, even at the last minute. Here are some suggestions:
- Avoid peak summer weeks. If you can vacation in the early or late
summer, you'll have more rental options with lower prices than in
mid-summer. Each destination experiences slightly different peak weeks,
depending upon the region's climate, local holidays or festivals, and
local school break schedules.
For example, Greg Flaherty, President of the San Diego-based Penny Realty, said that lower-priced rentals can be found in the San Diego area in May and early June, before the main summer crunch. Jeff Talmadge, co-owner of the Cape Cod-based WeNeedaVacation.com, sees Labor Day week as a good opportunity for savings because many children are already back in school: "In the past ten years, some Massachusetts schools have been starting up earlier—before Labor Day—so you can get some great deals that week."
- Pass on waterfront properties. While a house on the water may seem
ideal, prices are often double the cost of similar rentals without the
view. Research by WeNeedaVacation.com, which specializes in rentals on
Cape Cod, Martha's Vineyard, and Nantucket, and the Gulf Coast of
Florida, shows that waterfront homes cost on average 49 percent more
than other properties, and homes within walking distance of the beach
cost about 23 percent more than those farther away. "The moment you see
a glimpse of water, the price goes up," said Jeff Talmadge.
- Book a house with only as many rooms and amenities as needed. The
more complex the floor plan and the more amenities there are, like pools
or air-conditioning, the higher the price.
- Look outside the "hot spots." Michael Sarka, Executive Director of
the Vacation Rental Managers Association, suggests that desirable but
lower-priced properties can be found in areas just outside popular
resort destinations: "[For example], rather than staying on Hilton Head
Island (off the coast of South Carolina), you could stay in nearby
Bluffton, SC, for less; or, instead of staying in Myrtle Beach, stay in
North Myrtle Beach." Other benefits of staying outside the in-demand
locales include less crowding and a more peaceful atmosphere.
- Consider off-season destinations. According to Sarka, "rentals
during the shoulder- and off-season offer the best value." Many popular
U.S. winter destinations experience a lull in visitation over the summer
months, which translates to increased rental availability and rates
reduced by as much as 50 percent. And, some regions that attract fewer
visitors in the summer months still offer good weather and plenty to
do.
Sarka recommends summering in ski resort towns, such as those in Colorado or Vermont, or in hot-weather destinations, such as Arizona or southern Florida.
For this reason, renting through a vacation rental manager rather than an individual property owner may be preferable, despite the commission fees. "A rental company will look at their inventory and try to find a property that fits your needs and budget, whereas an individual owner will try to make you fit their property," said Sarka. To find a reputable rental agency in a specific area, contact the local chamber of commerce, or browse the Vacation Rental Managers Association's member directory.
However, don't rule out vacation rental websites such WeNeedaVacation.com, which list rentals from individual property owners. These websites often feature special off-season rates and homeowner specials that highlight discounted weeks or last-minute cancellations.
As with any travel product, shopping around and comparing different options for your rental are key to getting the best deal.
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