The summer has been a slower-than-normal one for Realtors and people renting
their homes in South County this year – some say the weather is to blame, others
say it’s the gasoline prices and economy.
In Narragansett and Charlestown, last-minute renters can still get a week down at the beach.
“It’s busy now, but it hasn’t been leading up to this point,” said Jim Durkin, owner of Durkin Cottage Realty in Narragansett. “I think it’s been the weather.”
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
Durkin has a variety of cottages and summer homes for weekly rates ranging from $350 per week to several thousand dollars and he said prices have increased over the years.
As for availability, Durkin said, “We can help anybody pretty much at anytime now. If you wanted something for next week, we have something.”
The vacancies are comparable to last year’s summer rental season, he said, but 2001 and 2002 were banner years when, at this time, there wouldn’t have been anything available.
Some homeowners listed their homes too late in the season, Durkin said; others might be charging too much. The summer also started out colder than usual, so vacationers got a late start.
“I don’t think it’s an economy thing, and I don’t think the gas prices have anything to do with it,” he said. “I can’t think of someone not taking a vacation because it costs 50 cents more to fill up the tank.”
Sandra Puchalski, broker and owner of Charlestown Beach Real Estate, said while her more expensive beach houses and homes are booked for the summer, it’s the mid-price properties she’s still trying to fill.
“A lot of our waterfront views are booked pretty firmly, but some of the inland ones are still available, so we’re hoping the phone will ring” on those, she said. The homes and beach houses ranging from $2,500 to $4,000 for a week are booked; the lower half of her price range, $800 to $1,500 per week, still has availability.
“The weather has definitely played a part, and it’s the less expensive ones that we need better weather (to rent),” she said. “Those (renters) are the working people” who might forgo a vacation if the weather isn’t good, whereas the higher-end renters always stay in the waterfront homes, regardless of the weather.
Prices on the waterfront properties go up $100 to $200 every year, sometimes even more, Puchalski said. The mid-range homes are more competitive with area hotels and other rental properties, she said.
There are 32 properties listed on Charlestown Beach Real Estate’s Web site, but Puchalski said the average for summer rentals is 25 properties. Two of the properties are available for $650 and $700 per week, according to the site. People are still listing homes, she said, which has also contributed to the vacancies.
“It seems slower, but I think people are just more settled; it’s not crazy,” she said. “It’s a strong re-book year for the waterfront homes. I think some of it is gas (prices) and the economy. A lot of people lost jobs.”
Puchalski said there are vacancies everywhere in the area; many Realtors have said they have them. She said she’s hopeful that things will pick up in August, when working families might realize they need a vacation, no matter what the cost.
“We have as many openings (in the $700 to $1,500 range) as there are at the hotels right now,” she said. “Families just don’t have the extra money to go on vacation.”
According to the Web site of Narragansett-based Carty Realty, there are 31 properties available for this summer, ranging in price from $800 to $2,950 per week, from $8,000 to $10,000 for the summer season, and $8,000 for a whole month.
Durkin said his Web site, which allows people to view and book cottages and homes online, has helped his business exposure; others in the business are hurting, he said. Puchalski said the Web sites have allowed renters to shop around more, and book online, instead of calling owners and Realtors. It helps planning a vacation easier, they said.
