A chief economist says an uptick in international travel and the introduction of new rentals have given renters more options, which has led to fewer bookings per host.
For over two decades, Rory Steinel and his wife have rented out their beachside home along the Jersey Shore during the busy summer months. The property has always been highly sought after, with bookings typically filled for the summer by February.
and until last year, demand for vacation rentals soared, enabling owners like the Steinels to raise prices and fully book their properties for the summer. But this year, there is a decline in occupancy at popular summer vacation spots across the country. "We want to make sure that we're able to make some money too, you know, not just cover our overhead," he said.
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