FOR IMMEDIATE
RELEASE
Contact: Jeff Talmadge
Phone: 888-281-8660
E-mail: jeff@weneedavacation.com
Website: www.weneedavacation.com
WELLESLEY
- January 29, 2003.
Despite a
tough economy and an overall downturn in the travel business, homeowners on the
Cape and Islands appear to be cautiously
optimistic about the pending rental season, according to a new study by the
website company, weneedavacation.com. The study was conducted by Jeff and Joan
Talmadge, the owners of the website catering exclusively to the region. They
found that Nantucket has clearly emerged as
the premier vacation destination for rental homes, charging 60% more than the
average rent of similar homes on the Cape.
Furthermore, according to Jeff Talmadge, "the days of
high percentage rent increases from season to season are gone."
Overall, rents for the 2003 summer season are up 5.4%, with Vineyard homeowners
the most cautious and raising rents only by 1.3% this year. On Nantucket, rents are up 6.4%
after the 2002 season when homeowners, wary of the market after 9/11, raised
rents by only 3.4 percent.
Average weekly rental prices for the upcoming season are $2,346 for the Cape, $2,627 for Martha's Vineyard, and $3,687 for Nantucket. Looking at the numbers
another way, the average weekly rental for a Nantucket home is 57% higher than
the overall average, while renting for a week on the Vineyard, at only 12%
higher, is now comparable to a week's vacation on Cape Cod.
"Part of the change is certainly supply and demand," said Joan
Talmadge. "The truth is there are fewer homes for rent on Nantucket, which creates a
premium. At the same time, construction on the Cape and the Vineyard has
created a bigger supply in summer rental properties, from the high end to low
end."
On the Cape, the Talmadges found
that different regions commanded different price changes. The greatest
increases for 2003 were in the Upper and Mid-Cape which went up 8.2% and 7%,
respectively. And with the Lower and Outer Cape up 5.3% and 6%, those
towns nearest the bridge are beginning to match the prices commanded further
down Route 6.
Among all the rental properties, waterfront homes still bring the highest
rents, often 50 to 60 percent higher than the average. Nonetheless, the
Talmadges have found that, first and foremost, vacationers using their website
want to walk to the beach, not drive.
"Our most popular search feature on the website is the ability to walk to
the beach," said Jeff Talmadge. "We were surprised to see that it
outweighed the criteria of 'water view' or 'on the water.'" Talmadge also
noted that the ability to grab the bag, blankets, and kids and simply walk to
the beach costs vacationers about 30% more than the average rental.
Generally, said the Talmadges, the price increases, even the modest rise on the
Vineyard, demonstrates a certain optimism about the
economy. "Certainly, one way to look at the travel industry on the Cape and the Islands is to ask homeowners
about rental prices," said Jeff Talmadge. "And, clearly, our
homeowners are not showing any signs of deep concern. While the days of the big
rent hikes may be gone, which is good news for vacationers,
the five percent overall increase is still higher than the consumer price index
and bodes well for the coming season."
All Seasons’ www.weneedavacation.com
is the premier website for vacation rentals on Cape Cod, Martha’s Vineyard, and Nantucket. The website’s unique
and user-friendly search engine allows vacationers to select homes based on
preferred dates, location, price range and size. Founded in 1997 by Jeff
and Joan Talmadge, www.weneedavacation.com
now lists nearly 1,000 vacation homes, which are viewed more than two million
times each season.
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