Struggling to find a place to rent on the Jersey Shore this summer? Don’t expect it to get any easier, as some experts believe it could become even more difficult in 2023.
Demand for next summer’s rentals is already on the rise as fall sets in – even as some try to take advantage of the good weather in the last official week of summer 2022, soaking up all the current season has to offer before freezing temperatures hit.
“We took advantage. The children are studying at school – the daughter is in the senior year, the son is in the first grade. The little guy got to school safely and we decided to go out and enjoy one last day at the beach,” said Keith Williams of Williamstown.
Clearly, many are starting to vacation next summer at the Jersey Shore, booking accommodations months earlier than they might have done before the pandemic boosted demand.
“People have been making plans for 2023 since July. It continued until August and continues now,” said Dwayne Watlington, who owns online home rental sites in Ocean City, Long Beach Island and Wildwoods.
“A lot of people are buying the same property for the same time next year,” said real estate broker Douglas Griesbaum.
Griesbaum believes that the demand for rent next year is higher than it was this summer.
“I would secure a place to rent now,” he advised.
Rental inventory in Ocean City has declined since the start of the pandemic. Griesbaum said it will shrink further in the summer of 2023, at least for now.
“We’re seeing a lot of people buying real estate in Ocean City and other coastal markets, keeping it, but not renting it out. They use it as a second home for the family,” he said.
Both Watlington and Griesbaum said they will pay slightly more in 2023, when rents are already up about 5 to 10 percent.
“We try to tell everybody not to go out too much. But you know everything else costs more, house cleaning costs more, rates go up a little bit as well,” Watlington said.