Washington

Condo and home rental market booming on Eastern Shore – Washington, District of Columbia

Washington, District of Columbia 2021-05-25 04:02:03 –

The COVID-19 pandemic has hit the local and national economies, but for those renting homes and condominiums along the East Coast, the desire for social distance has led to an increase in bookings.

The COVID-19 pandemic has hit the local and national economies, but for those renting homes and condominiums along the East Coast, the desire for social distance has led to an increase in bookings.

Kim Rooney of Century 21 New Horizon, Ocean City, Maryland, said:

She said the phone started to come in when they were allowed to rent real estate when the business was depressed at the start of last year’s pandemic, and the phone hasn’t stopped ringing ever since. For this summer, people who haven’t booked yet will have a hard time finding something, Rooney said.

“It was booked very quickly,” Rooney said.

Heather Knowles, rental manager for RE / MAX Realty Group, said a similar story is happening at Rehoboth Beach, Delaware.



According to Knowles, the 2021 summer season has been extended and people are booking stays starting as early as March and April and as late as September and October. She also said they booked longer stays, including some throughout the season.

“Everyone didn’t take a vacation last year and I’m tired of it, so I’m spending a little more money,” Knowles said.

Ocean City was flooded with cancellations during the COVID-19 outbreak in the middle of last year, but things turned around rapidly and began booking a stay in the 2021 beach season last October.

“Sure, it’s going to be a great summer for vacation rentals,” Rooney said.

According to Rooney, most rental properties usually stay for a week or two, but it’s unusual for someone to book a five-week stay.

According to Knowles, Rehoboth Beach’s revenues are up 170% from last year and its share is up 62%. The stay-at-home order had a slight impact on last year’s numbers, but she said their homes were removed from the rental market as homeowners also chose to spend the season on the beach.

“They were able to come with their families, and they enjoyed it so much that they decided not to borrow,” Knowles said.

According to Knowles, it’s also a hot market for sellers, which is also causing problems. “Many owners have listed and sold their units, and new buyers are not listing them for rent at this time,” Knowles said.

Rooney said her company does not consider the impact of such owners to be significant. So far this year, her company’s revenue has increased by about 25% compared to last year.

Both Knowles and Looney said COVID-19 restrictions have been relaxed while providing more cleaning services among lessees. From cleaners wearing PPE to air cleaning for an additional fee, there are far more cleaning solutions available to renters. Both said the additional steps are expected to continue until the 2021 season.

Condo and home rental market booming on Eastern Shore Source link Condo and home rental market booming on Eastern Shore

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