Vacation Home Renters Won’t Find Bargains This Summer
From $1 million-a-month waterfront mansions to condos on the Outer Banks, prices soar as more owners work from their retreats.
Homes along the ocean in Southampton, N.Y.
Photographer: Johnny Milano/Bloomberg
In April two of the megamansions in Bridgehampton, N.Y., that hadn’t yet been rented for the summer were listed with eye-watering price tags for the month of July: one at a “reduced” rate of $1.25 million and the other at $1.65 million. The inflated prices tell a story of supersize demand from the well-heeled for coastal digs.
People on more modest budgets also face a competitive and expensive market. According to data from AirDNA, which tracks the short-term rental industry, daily rates for US vacation properties are up 25% on average from 2019. Inventory remains uncharacteristically low, according to AirDNA, with remote work allowing owners of vacation homes to use them more frequently.