Cape Cod vacation rentals were gangbusters again for us in 2023 and we attribute much of this to our satisfied returning guests who comprised 50% of our 2023 bookings and 66% of our 2024 bookings thus far. We look forward to working with our repeaters each year and thank you for being valued customers!
1. Bookings are down Cape-wide:
From one of our local advertising partners, weneedavacation.com, bookings are down almost 11% compared to 2023. However, the vacation rental market is also up 20% compared to pre-pandemic levels so a small correction after COVID is not only expected but also helpful to normalize the pricing and expectations for both owners and renters.
2. More rental availability:
We have seen incredible growth in rental inventory these past few years and the trend continues. Again from weneedavacation.com, inventory is up 8% from last year which was up from the previous year as well. Many owners who bought during the pandemic are eager to cash in on the rental potential of their second homes.
3. Renters have a lot of options:
Because of the increase in inventory, renters have many options to fit their needs. Additionally, more homes are offering services or accommodations like linens and air conditioning to attract tenants. This means Cape Cod renters can have an excellent experience, without an enormous price tag, while they vacation on Cape Cod. Furthermore, Cape businesses are eager to extend the "shoulder season" and so more businesses are open before school ends in June and after Labor day in September than ever before. All of our vacation homes offer better rates during this season as well.