People are still looking for property in Rehoboth
By reading the news these days one would think the state of the U.S. housing market is about as depressing as The Cure’s “Disintegration” album.
However, those in the Rehoboth Beach rental market aren’t feeling quite as gloomy. With the cost of flights and gas getting higher by the minute, more people are renting short-term properties that enable them to have a good time without raiding their children’s trust funds.
Jo-Anne Bacher, rental manager for Jack Lingo Realty, said weekly rentals have been very strong so far this year, although seasonals are a little off.
“Traditionally, when sales are off, rentals go through the roof,” Bacher said. “They are not through the roof but we are ahead of last year.”
Sharon Palmer, rental manager for Coldwell Banker in Rehoboth, also said early indications point to weekly rentals doing very well this year. She said rentals have been coming in later than usual, although part of that is due to there being more properties available. Palmer said five to six bedroom rentals in the ocean block have been in high demand, mostly because they can be split among several people or be used by families.
Palmer said she thinks one reason rentals are doing so well is because of Rehoboth’s geographic location within easy driving distance of major cities like Philadelphia, Baltimore and Washington, D.C.
“With gas prices being what they are, people will want to stay closer to home,” she said. “That’s an advantage we have over other resort areas like the Outer Banks (in North Carolina).”
Michelle Esposito, rental manager for Prudential Gallo in Rehoboth, said the rental business for that firm has been steady, although there are still a lot of properties available for rent. She said her rentals have been up 14 percent compared to last year, even though most rental units do not get booked until just before summer or at the beginning of summer.
Esposito echoed Bacher’s comments, saying that weekly rentals have been doing the best, while seasonals have been lagging a bit. She attributed this to the fact that seasonal rentals tend to be higher in cost. Esposito said most rentals are focused on downtown Rehoboth, although she said beach houses without newer amenities, such as new carpets, high speed Internet capability and new TVs, among others, are not being rented. Properties located outside Rehoboth and off Route 1 generally do not get booked until around summertime, Esposito said.
She said most of her renters have come from Pennsylvania, Maryland, Virginia and Washington, D.C., with a few from New York.
As for the much-debated housing market, Henry McKay, a Realtor with Jack Lingo Realty, said sales have not been great but are relatively steady. He said many of the houses that have been sold lately are concentrated around the ocean block.
“Properties listed along the ocean are selling for good prices,” McKay said. “People are still looking for property.”
Despite the ups and downs of the sales market, those on the rental side are optimistic business will continue to stay strong.
“It looks like it is going to be a great summer,” Esposito said.
source: capegazette.com
