Short Term Rental Trends

New Jersey Airbnbs & STRs

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RedAwning offers vacation rental property management for busy vacation rental owners and Airbnb hosts. Starts at 10% of revenue.
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Current Vacation Rental Performance in New Jersey

Market Overview

The vacation rental market in New Jersey is experiencing a mix of trends and challenges. Here are the key points:

  • Demand and Occupancy: Despite high demand, especially in coastal areas like Ocean City and Cape May, there are higher than normal vacancy rates, particularly during peak seasons. This is partly due to elevated rental prices and a shift in traveler preferences, with some opting for international destinations or shorter stays.

Seasonal Variations

  • Seasonal Fluctuations: Occupancy rates vary significantly by season. Summer destinations like Ocean City, Seaside Heights, and Wildwood see peak demand during the warmer months, while areas like Vernon attract winter sports enthusiasts.

Pricing and Revenue

  • Pricing: High rental prices, especially for beachfront properties, are a significant factor in the current market adjustment. Prices in the range of $12,000 to $16,000 per week for beachfront properties are seeing a decline in demand.
  • Revenue: Investors are advised to maintain or lower prices for the next year to attract more renters. Despite some vacancies, realtors are still expecting better performance than the previous year.

Economic and Regulatory Factors

  • Economic Influence: The economy plays a crucial role in the performance of Airbnb rentals. Economic upswings increase travel and occupancy rates, while downturns may require more competitive pricing strategies.
  • Regulations: Local regulations vary by municipality, with places like Jersey City having clear rules for short-term rentals, including permit requirements and safety regulations.

Investment and Financial Considerations

  • Investment Opportunities: New Jersey remains a financially attractive market for vacation rental investments, particularly due to high demand from tourists and the proximity to major metropolitan areas like New York City.
  • ROI and Tax Considerations: Investors need to calculate the potential ROI, considering purchase prices, operational costs, and projected rental income. Understanding tax implications and deductible expenses is also crucial.

Consumer Behavior

  • Booking Patterns: Travelers are increasingly booking closer to their travel dates, which impacts demand forecasts. Last-minute bookings can often result in significant discounts.
  • Amenities and Preferences: Properties offering essential amenities like Wi-Fi, fully equipped kitchens, and laundry facilities tend to attract more guests. Luxury properties with premium amenities also command higher rental rates.

Current Airbnb & VRBO Trends by City

No state available.

⇤ All Airbnb & Vacation Rental Locations

FAQ

What does your pricing structure look like?
Our prices start at 10% of revenue. You can check out our pricing page for more information.
What types of vacation rental properties do you manage?
We manage a wide range of vacation rental properties, including single-family homes, condos, apartments, and luxury villas. Our services are tailored to meet the unique needs of each property type.
How do you handle guest support?
Our team provides 24/7 guest support, handling all inquiries, booking assistance, and any issues that may arise during a guest's stay. This ensures a seamless experience for your guests.
What is included in your damage waiver?
Our damage waiver provides $3,000 in coverage per booking, protecting you from accidental damages without the need for security deposits. This coverage is automatically included with every booking.
How does the payment process work?
We handle all aspects of the payment process, including processing payments, managing declined cards, and providing chargeback protection. Funds are deposited directly into your account, ensuring a smooth and secure transaction.
Can I still use my own booking website?
Absolutely! We offer a direct booking website service that allows you to showcase your property and accept bookings directly, bypassing the fees charged by major booking sites.
How do I get started with RedAwning?
Getting started is easy! Simply contact us for a free consultation, and our team will guide you through the onboarding process to ensure a smooth transition to our platform.
Why is RedAwning better than other property management companies?
RedAwning sets itself apart from other property management companies with a technology-driven, cost-effective approach that offers both full-service and partial management options, catering to vacation rental owners who value flexibility and control. Unlike competitors like Vacasa or AvantStay, which focus solely on full-service management with fees ranging from 25-50% of income, RedAwning provides a choice: comprehensive oversight including marketing, reservations, guest support, and maintenance, or a partial-service model emphasizing marketing and bookings across 50+ platforms like Airbnb, Vrbo, and Booking.com, potentially increasing bookings compared to narrower-channel options like Evolve. RedAwning's fees start at 10%. Having served the industry for 15 years, RedAwning combines experience with lower fees and rapid onboarding—listing properties in an afternoon—appealing to hosts who want efficiency without losing decision-making power, though it may not suit those needing extensive local support like Vacasa provides. Its scale (20,000+ properties across 10,000 destinations) and data-driven pricing give it an edge over Evolve’s simpler approach, making it a versatile choice for tech-savvy hosts seeking tailored management solutions.