Jersey Shore rentals suffer as vacationers go elsewhere

Is the “Shore crowd” in Italy? Again?

That’s the buzz, or rationalization, among some renters, real estate agents and homeowners at the Jersey Shore, who are seeing another summer of vacant weeks, price drops and a rising chorus of people who say they can go to other destinations — Aruba and Italy among them — for less money.

And in those far-flung places, they don’t have to bring their own sheets and toilet paper, a time-honored practice at many Jersey Shore rentals.

SLOWDOWN LAST SUMMER

The cracks began to show last summer.

And the panic started setting in this season, with owners offering discounted weeks and incentives for last-minute bookings.

Facebook groups like Main Liners Shore House Rentals are filled with vacancies.

After a couple years of heady economics — with the pandemic sending people to the Shore in droves, buying up real estate, moving there year-round and forgoing fancier vacations — a new reality is settling in.

‘THE WORLD CHANGED BACK’

Rental properties are vacant during prime weeks, and real estate websites are showing pages of discounted properties. This summer, it has paid to play the waiting game.

Keith D’Amore owns a rental property in Ocean City, and he said this was the first year he had two weeks open heading into prime summer season. Listing with Berger Realty, he said he discussed a new “30-day-out discount plan” where rental prices automatically drop when a week is open within the 30-day window.

Berger’s page of discounted Shore weekly rental openings show discounts ranging from several hundred dollars to more than $1,000 for a big property.

“The world changed back to what it used to be,” said Tara Cruser-Moss, an agent with Berger. ”Internationally, people have the options they didn’t have three years ago.”

PANDEMIC BUYING SPREE

With the pandemic buying spree, property values have ballooned to the point where a typical family can no longer afford a house in some of the Shore towns that have always nurtured robust local communities. School enrollments have plummeted.

Will families of more modest means be able to reclaim the Jersey Shore? Or is it lost to all but the wealthiest? Some real estate agents say a correction may be on the horizon.

People who bought at high prices and high interest rates, assuming they could make money on rentals without much effort, are getting a reality check.

Maria Sacco Handle, a real estate agent in Brigantine and head of its Chamber of Commerce, has been counseling her clients since before the summer, when their rental bookings were 60% off. Her advice? Reduce minimum stays to three nights and lower weekly rental prices by 20%.

She also suggested including linens and towels and allowing pets, considering year-round tenants and, as a last resort, selling.