Key Takeaways
- Jersey Shore weekly rentals are up more than 53 percent from last summer
- Higher property values, taxes and insurance are pushing owners to raise prices
- Travel costs are rising too, with gas helping drive a 31.4 percent jump in the overall travel category
Jersey Shore weekly vacation rental prices just posted the biggest spike anyone tracking this market has seen in years.
Short-term rental costs are up more than 53 percent over last summer in vacation hotspots like Asbury Park, Point Pleasant, and Seaside Heights, according to Affinity Federal Credit Union’s new research.
This cancels out the 5 percent average decrease in prices beachgoers got the prior season.
The rental surge led every category by a wide margin, with researchers pointing to rising property values, tax increases, and insurance costs as the structural forces pushing owners to charge more.
The squeeze isn’t limited to short-term rental costs
The cost pressure isn’t limited to the real estate side.
The cost of a day at the shore was also up 11 percent year over year, according to the data.
Travel costs are also compounding the pressure on the New Jersey hotspot’s summer visitors.
Gas prices jumped significantly since last summer, sending the overall travel category up 31.4 percent.
According to AAA, the national average for gas on June 14 was $4.07, while the average in New Jersey was a few cents higher at $4.11.
Meanwhile, food and drink rose 6.74 percent, with pizza up 28.8 percent, while leisure activities, including mini-golf, aquarium admission, and a sunset cruise, had a 5.23% increase.
Related: Hudson, New York delays Airbnb and Vrbo short-term rental decision
“The Jersey Shore remains a meaningful and often non-negotiable part of summer for many of our members,” said Grant Gallagher, Director, Financial Wellbeing and Brand Communications at Affinity.
“Increasing financial pressures won’t change the connection so many feel to the Shore. We’ve observed significant price hikes from businesses and see it as an indication that they are feeling the financial strain that consumers feel as well. Even as costs rise, families are looking for ways to hold onto those experiences. Our role is to provide the guidance and tools that help them balance meaningful getaways with real financial considerations,” he added.
