Shore vacancies in Ocean City, high rental prices to blame
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- Опубликовано: 11 июл 2024
- If you're among those still longing to secure some time at the beach, there's good news.
Even now at peak season, there are still higher than normal vacancy rates, and prices are coming down.
Action News spoke with a local realtor who said the week of July 6 used to always sell out, but he has 260 places open this week.
"People are going other places. It's a great time to fly. A lot of people are going abroad and going other places other than Ocean City. We do mostly one-week rentals. People do one week here and then go other places. Where we used to do two weeks or a month, now it's down to one," said John Greiner, a salesman with Berger Realty.
Shore renters are noticing sky-high prices this summer.
6abc.com/post/summer-2024-sho...
For the price of a shore rental in NJ, you can go abroad
Going to italy for 1 month for 1/4 the price of a week in Ocean City.
come africa
Thailand 20k you can fly 1st class and stay a month
$20k a week..... NO WAY -- soo many other places to go
It was the same in the mid 90s, we'd beg our grandparents to rent a shore house for a couple of weeks. They'd end up going to visit family in France and Italy for a month in the summer for the same price.
$20K a week for NJ, or 3 Months in Europe.
Hello Germany, Spain, and Southern France.
Agreed!
You won't get 3 months in Eurooe for $20k.... but you can score a month there.
20k is perfect for 3 months if it's 1 person and you aren't doing luxury. And it depends on the country. Greece, Italy, etc you can do even longer
@@dangerzzzone2925
Yeah, I don't need 5 Star places. but I'm not sleeping in a sack at $20K either. lol!
Also Turkey, and the Czech Republic is Amazing!
Exactly 💯 Greece 🇬🇷 Italy 🇮🇹 Jamaica 🇯🇲 Nigeria 🇳🇬
20,000 for Jersey? No way!
Absolutely!
$20,000 is insane for the Jersey shore. You have to deal with the people, the drunks, the cops and Teri me parking and shitty food.
The food in Ocean City is DISGUSTING!
So true!
Boy you said everything I was coming to say!
@@marylouisemele7257 Randazzo's? I don't know, this will be our 22nd year at OCMD, we go after Labor Day. The lure is for families that can walk the boardwalk and not have to pass bars, teens throwing up, the X rated Tee shirts.
I think the OC she was speaking of is OC new jersey...yes I agree OC Maryland is fantastic especially after Labor Day. It's quite pleasant and affordable. 🥰
20k a week is insane. I'm going to Europe in September. Probably spending 2k max for 3 weeks
How are you going for so cheap? Are you staying in hostels or something?
@johnsnow145 Fortunate enough to stay with family so I guess you can say I'm an outlier
@@slyman9185 makes totally sense, cant believe I didnt think of that. Next time I’m spending a few days w/ my aunt and uncle, haha. Save some $
greed!!!
Stop going.
Actually, most vacation rental owners are far from the heartless Scrooge McDuck sort of multi billionaires that are currently increasingly monopolizing the long term rental market and whose only concern is the Almighty Dollar, those vacation rentals are owned by people who are not much wealthier than the guests renting the property. They usually only have one or two dwelling units to rent out and unfortunately, due to runaway inflation and increased taxes, they have to charge more than they would have in a healthy economy with little or no inflation and lower taxes. Not to mention, the vacation rental business comes with a low profit margin, so the the overwhelming majority of the money collected from renting out these houses and condos goes to maintaining the property and paying the taxes on it.
$20k for a week in Ocean City, NJ or $20k for a week in the amalfi coast. LOL
An adjustment period.
Translation: No one wants to pay high rental fees anymore.
Oh no! Now landlords are gonna have to get a job and work for a living!
To pay the taxes and insurances.
Real Estate GREED is a national occurrence .
What NJ can offer you? Gray dirty sand, muddy cold ocean, really bad restaurant service, terrible parking and old people strolling around. Nothing to see there. For the fraction of a daily rent I can go to Caribbeans and enjoy white sand, blue turquoise ocean waters and lower prices at the restaurants as well as warm welcoming people.
What do old people do in the Caribbean? Do they fly around? Because that would be neat.
Who in their right mind pays $20K a week to stay in Ocean City NJ? 😂 It’s a joke
Breaking news: Some realtors told people that their shore house is worth millions ….. but now reality is setting in.
Given the amount of CORPORATE GREED in America right now, this just follows suit because who really are the true behind the scenes owners of these rental homes but the OFFICERS and senior management people of those GREEDY corporations who can afford to buy those homes in the first place? The greed mentality is just what they are used to.
Absolutely!!! 💯
I went to Scotland and London last September for about $8200 for 10 days!
That’s what they get.
Like that woman said it makes no sense.
I hope it stays barren for years to come.
lol prices are ridiculous for just the Jersey shore 🙄. We go on real vacations for those prices to Europe and the Caribbean. The shore is just a day trip or weekend thing to me. A week at the Jersey shore is boring.
I wish more people would follow suit. The greed is real. I hope no one rents until they lower their prices.
The greed is real bc there is a market. If demand wasn't there then market prices would adjust.
Americans need to stop spending
Greed !!! Totally disgusting!
Absolutely!
For $5,000 a week I can rent a beachfront villa in the Caribbean
$20,000 a week? The average person needs to save $20,000 for a down payment to buy a house. Housing prices, property taxes & mortgage rates are through the roof & these people want $20,000 a week for a rental? 😮 um no thanks!
What do you know, high rent prices are too much for people. 😅😅😅
I could go on a 20 day cruise to the Caribbean for less than $20,000😅😅😅😅😅
Your comparing cruise ship studio to 5+ BR oceanfront house lol
@@supportmytroups7 all you can eat and drink, stopping at exact places to a 5+ BR house on the Dirty Jersey shore loaded with crime and drugs from NY and Philthy, yeah no comparison, huh?
@@supportmytroups7But the ocean is just the name. Grey sand and muddy waters. In Miami it is much much prettier!
@@drewskij2175 exactly
@@supportmytroups7 they're just fancy condos please stop I don't care what it is it's still not worth $20,000 a week I'd rather go on a cruise for less than that all you can eat ports in the Caribbean way better than some luxury condo that's overrated
People just don’t have the disposable income these days . It’s not rocket science.
My friend’s family bought a beach house there in 2022 for 2.2million! So 20k a week for a rental is about right for a place like that , but no one has that much disposable income nowadays.
20k a week x 52 weeks in a year is over $1m.
I disagree, $20k is outrageously greedy.
@@sct4040 It doesn't work like that. The $20k figure is for a "peak week" (i.e., the most popular weeks of the year in July and August.) In Ocean City you are lucky to get 5 or 6 weeks at your peak rate. This property is listed at $3,695 a week in the off season, and you generally can't even rent in the off season at any price. As the realtor says in the video, the property does $140,000 in rental income, not $1 million. After taxes, utilities, insurance, realtor fees, maintenance, etc., it is not nearly as profitable as you apparently think.
20k I will go to Zanzibar for one entire year ! No thank you
The tide has turned.
Oh no.... The poor landlords and real estate corporations...
Fuck em.
Thanks Channel 6 for putting this out there you just let a whole lot more people know not to go down to Ocean City the rentals are insane $20,000 for one week hahaha thanks for letting us aware😅😅😅
For $20,000 I could spend about six months in the UK backpacking and staying in hostels.
I wouldn't let any of that New Jersey ocean water get in my, or my kids mouths. Beaches all up and down the East Coast are being shut down because of e-coli
Long beach island has become insane, even more than it was lol. 400-500 a night for a hotel on weekdays, you're $1k+ deep before you even do anything on the island!
Good. These beachfront mansions can go
Go where? Is someone upset they can’t afford one?
@@johnsnow145you have small pp energy
Someone please help me- $20k per week to experience overcast weather and dull shoreline while less than $5k a week including a round-trip flight and stay at a 5 star all inclusive hotel in the Caribbean with endless food, drinks while experiencing a varibrant culture and pristine beaches...what should I do???🤔🤔🤔
Seriously, you could go to Europe for those places. OCNJ is not that nice. Crazy.
New Jersey weather can be cool and rainy in the summer, and the ocean can turn freezing cold without warning. You are not guaranteed good beach weather and there isn’t much to do in bad weather at the shore. $20,000 a week is way too high under the circumstances.
Wow who would spend that kind of money at the Jersey shore ? Like why the hell
I go to the Caribbean for a week air, resort, meals, drinks and transportation ,blue clear water, and clean Uncrowded beaches cheaper than the Jersey shore.
Congratulations NJ…you played yourself
We go to OCNJ the week after Labor day, the prices are half, which is where they should be in the summer. 2k beach houses over the season became 4k beach houses. Not only were property owners trying to capitalize on the end of Covid, the cost to own a beach rental in OCNJ is staggering. NJ property taxes are crazy high, and the homeowners that rent their places pay insane fees.
once people get together......and boycott the rich people doing this....o yea it will STOP!
Uhm... do they think 🤔 most of us have unlimited funds?
This economic system makes absolute no sense. Smh! 😳
People need to quit being so greedy.
Families can’t afford groceries and gas. How could they afford a 20k house for a week ?
We paid like 3K for a town home this year w/ dock. I noticed that there’s a LOT of places vacant some not even that expensive... Last year it was all rented just like the year before. Big change
To be fair, the cost of maintaining a property is rising quickly (especially thanks to runaway inflation and increased taxes) and rental owners have to raise prices to break even and gain a microscopic profit. By the way, profit margins with vacation rentals are quite low, and the majority of vacation rental owners are far from these heartless Scrooge McDuck sort of multi billionaires that are currently increasingly monopolizing the long term rental market (that is, the homes that tenants rent so they can have adequate housing, rather than because they want a relaxing getaway), people who own vacation rental houses and condos are usually just wealthy enough to own and maintain their second homes, and they typically have just one or two vacation rental properties.
20k a week, hell no, not worth that amount of money.
20k - ✌🏼
Keep paying for someone else’s college tuition, mortgage, and their vacation NOT at the Jersey Shore
I’ve never understood the allure of the Jersey shore. Awful people, expensive, mediocre food, lame beaches, dilapidated boardwalks, gimmicky… I’d rather drive half a day to get to the Carolinas than a few hours to get to Jersey
Thank you Action News 6. This is letting everyone know in OC to slow down a little. If people pay it, then they’ll keep those charges sky high.
I live 1hr away from OC and for that kind of money I’m going to Vegas!!!! Lots to do with money to spare!
Who is going to there for a week instead of Hawai’i or Cancun 😂😂😂
Robbery that's what this is. It is criminal.
I can go to Brazil with my whole family stay at amazing resorts for 3 weeks for less than $20,000!!!! US$1 is equal to $5 reais. So 20,000 is equal to $80,000 reais that is what people make for a whole year! NJ? Really? Not amazing beaches!
For that price you should have chefs around the clock, body guards, concerts tickets and a free month stay in the winter with an on duty chef and guard and maid
USED to get a week every year....NOW it would be equal to a 5 STAR CRUISE around the CARRIBEAN! RIDICULOUSLY EXPENSIVE!
Does it come with free beach tags? I don’t go to jersey beaches just because of the beach tags.
20k!?!?!!? Wow!
It's cheaper to visit outside the United States now. I just found out two buddies of mine spent 10 days in France and that trip was just under $5 thousand.
Those prices are crazy high. You can get twice the house in outer banks.
$20k a week!!! come on. ridiculous.
That is ridiculous. I owned a 6 bedroom oceanfront property on the Outer Banks in Kill Devil Hills and never charged more than $5000 a week. It is probably because they overpaid for the homes when the prices were sky high and now need to cover a very expensive mortgage.
As long as these homeowners continue with these exorbitant high prices, vacancies will continue until the prices get lowered to a respectable level.
Jersey that’s a joke, Ireland than Italy here I come
Who would habe thought that $400-$800 million a DAY in gas price increase alone taken from household budgets and sent to countries that chant for our demise… was actually a bad thing. Boggles the mind.
I’m glad they are realizing it finally… that the prices were too damn high!
This is why we have a bad real estate issues this is insane NJ needs caps on rentals
I live in this state and that is absolutely absurd for one week. I'm going down to Cape May in a one-bedroom condo for just over $1,000. I'll have a saltwater heated pool on one side and the ocean on the other. Looking forward to it.
3 of us just got back from Paris, London, Amsterdam 4 days each went to a TS concert in Amsterdam and then 6 days in lake como Italy. $15 k. Ate and drank the best.
That's crazy. They should want to make it affordable for working class families that are going to keep them filled and spend money on food, outings and souvenirs. This will affect the shops and businesses that depend on tourists.
It’s getting gross at the shore-the appearance and behavior of beach goers has deteriorated to the point where it’s not worth the money anymore.
The Realtor looks sleazy !!!
How about new high rental taxes from OC
Cruises are cheaper and more fun...
$20,000 a week or $80,000 a month! Nuts!
These high rental prices and the houses are vacant it must be some loophole these property owners are get for having vacant properties.
$20,000/week!!!🤯🤯
20 k for ocean city
1 week is available? That’s a problem at 20k a week? Guess I’m broke.
Cross shopping against the South of France 😂
Pray that the overpriced houses on the market and the overpriced rentals also sit empty. Only in "real estate" can sellers say their price is the highest and brag about it. In every other realm of existence, consumers walk away.
I rather go to El Salvador- surf city for $1000 a month all included than new jersey 😂
Maybe Jersey shore should invest in fun things to do. It's so boring there
and they get a free commercial on top of the 150 k a year
😂😂😂maybe this will humble those landlords price gouging everything
I’d rather go abroad Spain Back to Italy France
I have some nostalgic memories of the Jersey shore from my childhood but it’s not somewhere I would choose to vacation these days. The bars and restaurants are dated, they lack quality service and they cater to assholes. Once the sun goes down the boardwalks become filled with scumbags. There are much better vacation options for a fraction of the price and I’m not someone to penny pinch when it comes to enjoying myself.
No thanks…I’ll head out on my paddleboard and find some secludes beaches.
$20k a week? If I had that I’m not going to freaking Ocean City I’m going to out the country and it will still be cheaper.
That same amount I can take to abroad for a better value of my money for 1-2 months vacation.
140k says the car salesman
Greedy homeowners and rental agents.
Four thousand is a deal?
ITS OCEAN CITY'S FAULT. Years ago. the council was discussing passing a local ordinance involving getting a license to rent and a license to solicit a rental. Owners, private and corporations, would be required to get a rental license. Realtors and property management companies that lease or sublease the rentals on behalf of the owners would be required to get a solicit to rent license. Then all rental prices would be required to be approved by the new rental board and the price would be protected by having a formula in regards to recent rental price trends, requiring the rental price to be capped to a certain percentage of the property value divided into how many units, and also not allow increases per year over a certain percent.
Well, they threw that idea in the trash can and look at where we are now...
Screw that big government approach...the market has a way of self deprecating these owners, it is what it is...
@@superseal717 They get away with it because there are no protecrions or controls !
“Why pass laws that don’t benefit us ? “ - OC city council
That kind of oversight is not what you want…..
Knock knock,recession coming.
Your kidding me That’s greed 20 grand I can go to Europe 3 times over
Market adjustments guys.
20k price gouging
These people r insane
Sun 🌞 isn’t even shining there