Martha's Vineyard Real Estate : For rentals, it's slow but steady; more properties and some price flexibility give renters an edge
By Susan L. Silk
The worst of times may well be the best of times for summer rentals on Martha's Vineyard. An unscientific survey of local real estate agencies renting properties reveals that for potential renters there will be more options available and more room to negotiate.
According to Carol Shore, rental manager at Coldwell Banker/Landmark (Vineyard Haven), "quite a few" new home owners " people who have not had to rent in past" are listing their properties for this coming summer season. Inquiries by potential renters have picked up a bit in the past week, but early signings are a"bit down, but not as much as you would expect, and there are a lot of repeats already."
Another trend, Ms. Shore noted, is that potential tenants are beginning the negotiation process earlier than in past years. In the past, tenants might try to negotiate a better deal in May or June, "the last minute shoppers", but now, she says, the negotiations began as early as January.
What has not changed, according to Ms. Shore, is the price. "Homeowners have not come down on their rates. The majority are holding steady."
Ms. Shore says she remains optimistic about the summer rental business, although at this time there are fewer inquiries than in past years, but she is still booking daily, and that is "encouraging."
"I feel that it is going to be a late booking season; people are afraid to book early," she said.
Tea Lane Associates' (West Tisbury) associate broker Leslie Pearlson describes her business as "very active, however repeat renters are scaling down. People who would rent for four weeks are booking three weeks; three week rentals are down to two weeks. People are a lot more conservative and budget oriented."
Ms. Pearlson confirms the trend of potential renters negotiating earlier. "So many people are sitting in their cities, where they are witnessing layoffs, and they have a bleak feeling. It is doom and gloom elsewhere" and that is impacting their decision making, according to Ms. Pearlson.
The rental rate property owners are charging is flat compared to last year. "Now owners are more appreciative of a good fit" with potential tenants, Ms. Pearlson said. However, some owners "have been surprised by not having the rental schedule that they would have had by now. And there are some homes available now that they could not get before," Ms. Pearlson added.
According to Ms. Pearlson, the average rental fee by the week in August (considered the peak of the summer season) ranges from about $2000-$7,000 for a home to accommodate a family of four and "of course we still have the $10,000, $15,000 and $35,000 a week places too."
At Priestley, Smadbeck & Mone Real Estate (Edgartown), Deb Davis reports that "some homeowners have been dropping their prices to fill their houses" and "homeowners are willing to negotiate more than in the past." At Ms. Davis' firm, the commission is "still fifteen percent however, and some are charging eighteen or twenty percent."
Ms. Davis' regular renters have returned, but new, potential renters do seem to be "waiting until the bitter end to get the best deal."
