When a new home owner recently asked Jersey Shore real estate agent Mike Contino if she should list her Ocean City property on the summer rental market for $7,200 a week, he balked at the price. A rate of $5,500 was much more reasonable and would be scooped up immediately, Contino told the client. A rental agent agreed.
"Just list it at $7,000, see what happens," Contino recalled his client saying. He relented, and the property quickly rented for all seven weeks it was available.
Philadelphia-area residents looking for summer rentals at the Shore this year have found limited options and unprecedented rates — sometimes upwards of $10,000 per week and often more than 10% higher than last summer's average rental rates, the Philadelphia Business Journal reports.
Contino himself, who owns a beachfront property that sleeps up to 14 people in Ocean City, increased his weekly asking price this summer from $12,000 a week to $14,000. It was the first time in five years he upped his rates and not one person seeking to rent negotiated the price, he said.
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