Cape Cod brokers are anticipating another busy summer for the local rental market. This custom home with a sunroom, deck and outdoor shower in Mashpee’s Popponesset area rents for $3,000 per week.

Cape Cod real estate broker Lynette Helms noticed that her firm’s vacation rental home bookings were down last year. But the news wasn’t too discouraging; her firm’s revenue from vacation rentals actually shot up about 11 percent for the year.

Helms, chief executive officer of a Falmouth-based firm that rents about 300 vacation properties, says revenue was up because vacationers preferred homes near beaches with high-end amenities – homes that command higher rents.

Just two weeks into spring, brokers throughout the Cape are preparing for the annual flock of summer vacationers, and many of them are getting signals that this year’s rental season will be similar to last year’s.

Some are reporting that bookings at this point are on par with last year’s and that renters are continuing to seek upscale waterfront properties with perks like air conditioning, high-speed Internet access and plasma televisions.

Others say business has been brisk, even exceeding last year’s pace. Most brokers, however, agree on one thing: They expect a flurry of last-minute vacationers searching for rental properties – a trend that has emerged over the last four years.

“We’re seeing a lot of people who are waiting, and they’re waiting until late in the season,” said Helms, chief executive officer of Real Estate Assoc., which has offices in Falmouth, Bourne and Mashpee.

Helms said current bookings for rental properties at her firm, which serves the upper Cape, are similar to last year’s. In 2006, actual rentals were down by 7 percent to 8 percent at her firm, but revenue from rentals increased about 11 percent, she said.

A significant number of renters who already have reserved a property are repeat visitors who want the same home they’ve rented in the past, she said.

Waterfront properties and homes near beaches with amenities are the first to go, according to local brokers.

“At this point in time, it looks like the higher-end rentals are moving,” said Doug Azarian, president of the Massachusetts Association of Realtors and owner of Century 21 Dream Homes in Falmouth.

Consumers’ expectations have changed dramatically, with more demanding better-quality properties, according to local brokers. A few years ago, most renters were happy with a simple cottage near the water.

“They don’t want that now,” said Helms. “They want proximity to water, high-speed Internet, air conditioning. They want decent facilities for cooking and decent linens.”

Linda Collins, owner of At The Cape Properties in Orleans, agreed. Waterfront properties with multiple amenities already have been booked for prime weeks in July and August, according to Collins.

Like Helms, Collins – whose firm handles about 60 vacation rentals on the lower Cape – said bookings are about the same as last year.

“There hasn’t been a dramatic increase or decrease,” she said.

‘Very Brisk’
But Jamie Regan, owner of Mashpee-based Century 21 Regan Realtors, said his firm’s rental business is up about 15 percent.

“The direct oceanfront and newer expensive properties are already booked,” said Regan, whose company has about 100 rental properties in Mashpee villages like New Seabury and Popponesset.

At Hyannis-based Century 21 Shoreland, owner Amy Massey said rentals are up by 21 percent.

Wendy Northcross, chief executive officer of the Cape Cod Chamber of Commerce, said she has heard similar success stories.

“What we’ve been hearing from a wide variety of brokers is that it’s been a very brisk spring for rentals,” said Northcross.

One concern for rental agents and property owners is the larger number of available rental properties, which creates competition and can help to drive down seasonal rental rates. Massey said the large supply can be a “double-edged sword.”

“The large supply can be good because the selection for your clients or potential renters is big. But the problem with that is that all landlords are competing for renters,” said Massey. “With all the laws of supply and demand, as supply goes up, the demand goes down.”

Part of the reason there are more available rental properties is that during the housing market boom two or three years ago, many buyers purchased second homes as investments with the intention of renting them at least part of the year.

With home prices escalating over the last few years, some owners sought ever-higher rental rates to cover bigger mortgages.

But property owners’ expectations when it comes to rental rates can be unreasonable.

“They want more than what the market will bear. That’s human nature,” said Helms. She said rental agents at her firm try to explain to landlords that they can’t demand top dollar if their properties aren’t top-notch.

Another factor that has increasingly affected the vacation rental market is the popularity of Web sites that enable owners to market their homes and vacationers to search for a rental without contacting a real estate office.

“The Internet is a huge factor,” said Helms, who noted that her company is revamping its Web site to draw more visitors.

Local brokers say they won’t really know how the season shapes up until summer rolls around because more and more travelers make last-minute vacation plans.

Three or four years ago, most vacationers booked months before Memorial Day and by the end of March, many property owners had their properties rented for the season. Now vacationers wait longer, sometimes booking just two weeks before traveling to the Cape, according to local brokers.

Northcross said consumer habits have changed greatly over the last seven years.

“They wait until the last minute to make a decision about travel and actually book a place,” said Northcross. “That’s been a national trend for the last several years.”

Northcross said some latecomers feel they can get a bargain because nervous owners and brokers who haven’t yet rented a property might slash rental rates.

Another reason renters feel comfortable waiting is because there are more available rentals, according to brokers.

But some are hopeful that reasonable gasoline prices and the mild winter will translate into more business. Gas prices and the weather, as well as consumer confidence, are factors that can affect tourism, explained Northcross.

Last year, the Cape’s vacation rental market got off to slow start, mostly because of the harsh winter and wet spring, said Northcross.

This year, the Cape Cod Chamber of Commerce is launching a media campaign to promote the removal of the Sagamore Bridge rotary. The goal is to entice visitors – most of who drive from the Greater Boston, Worcester, Hartford and New York areas – who in the past have been deterred by the Cape’s traffic backups.

“We’re hoping that will make a difference,” Northcross said.