Despite Economy, Seasonal Rental Market Strong

With the arrival of spring, it won't be long before the beachfront is once again crowded with seasonal residents.

As gas prices continue to soar and the repercussions of long-term economic woes continue to affect would-be vacationers, more and more people may be opting to spend their summer at the Jersey Shore rather than splurge on a pricier vacation.

While residents are just getting into the swing of warmer weather, area real estate agents have nearly wrapped up their summer rentals for the season.

Mary Jane Pierce, the rental manager at Ward Wight Sotheby's Realty in Manasquan, says that her office is nearly 85 percent booked for the season.

"We're ahead of last year," Pierce said. "We have many more leases than we did last year."

Carol Fleres, a representative for Prudential Zack Shore Properties in Sea Girt, echoed these sentiments.

"We have surpassed last year," Fleres said, explaining that at a recent company function, president Kevin Thomas reported that seasonal rentals were past last year.

Pierce explained that her office has already surpassed last year's numbers by $70,000 and eight leases. 

"It says a lot considering the economy is so bad," she added.

On average, Ward Wight will sign between 70 and 90 seasonal leases in Manasquan, often to young singles.

"A lot of them are from Manhattan or North Jersey," Pierce said. "They like to come down here and unwind."

The typical seasonal home, a three-bedroom, one-bath cottage meant to sleep six in Manasquan's beachfront costs between $15,000 and $16,000 for a Memorial Day to Labor Day rental. Ward Wight also will sign hundreds of weekly leases with a three-bedroom, two-bath home going for an average of $2,800 per week.

"Years ago we would be done by the end of January," Pierce said, noting that in the last five years it has taken the office into April to rent all of their properties, a likely indicator of recent economic turmoil. Another sign of the times is the introduction of half-season rentals.

Many renters who can no longer afford a full season at the Shore choose instead to rent a half season, either from Memorial Day to mid-July or mid-July to Labor Day."

"A lot of people are coming and don't have enough money for the whole summer," Pierce said.