Open Thread - Recession takes toll on summer rentals

[webmaster]

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[TomC]

I have a rental property and I have seen at least the same number of inquiries about it. Bookings are slightly behind the pace of last year - certainly not 15-20% off so far.

I have noticed two things: One is that my repeat families who historically took two weeks have dropped to one, and the other is a much greater tendency to try negotiate a lower rental rate.

I think that while the recession has caused affordability problems for many, this is partially offset by the fact that a lakes region rental for New Englanders can be a lower-cost alternative to a trip to a more distant destination that would require airfare, rental car, etc

[AC2717]

I have a rental property and I have seen at least the same number of inquiries about it. Bookings are slightly behind the pace of last year - certainly not 15-20% off so far.

I have noticed two things: One is that my repeat families who historically took two weeks have dropped to one, and the other is a much greater tendency to try negotiate a lower rental rate.

I think that while the recession has caused affordability problems for many, this is partially offset by the fact that a lakes region rental for New Englanders can be a lower-cost alternative to a trip to a more distant destination that would require airfare, rental car, etc

I too rent my cottage out for at least 70% of the season and while I booked up all that was open for June July and Half of August, by first of March, I usually have all of August and September booked by now, we did have a price set for this season back in November but decided to drop it closer to last years price and that has helped out, usually by this time I am fully booked. Oh well what can you do, just have to take more time from work and use it myself on the days I planned to have it booked -oooh Darn!!!:rolleye2:

[tis]

We have a family camp (not our house) which we rent out also and have a week open this year. Usually we are all rented by now too. We had someone who usually comes for two weeks cut back to one.

[Chris Exley]

We usually have no problem renting the 8 or so weeks that we need to. Unfortunately, most of our regulars have other commitments this year..weddings and such, or have been laid off and can't commit. I have 5 open slots.

Hoping it gets better

[Grant]

Last year, I noticed a slight drop in boat traffic compared to recent years, which I attributed to the insanely high fuel prices. This year, it could be due to lower rentals and fuel prices (which are surely going to rise just in time for summer travel).

It'll be interesting to see how the rentals along our shore are impacted.

[Parker21]

We've rented the past 2 years for two weeks periods, and are doing so again this year, and the house is actually $600 more per week. My income will be down down 20-30% this year, but vacations with the family are one area I will not cut corners.