Some real estate agents are reporting a slower vacation rental market in the Berkshires. This furnished three-bedroom, three-bathroom home in South Egremont is available for rent in July and August for $30,000, or for either month for $20,000.
Vacationers searching for a rental property in the Berkshires may have more luck finding a place this summer than in prior years.
Some real estate agents are reporting a slowdown in the vacation rental market in Southern Berkshire County, with more vacancies this year than they’ve experienced during other summer seasons.
“People are saying that the rental market is slower,” acknowledged Mary White, president of the Berkshire County Board of Realtors.
Joseph L. Carini, president of Wheeler & Taylor Realty Co., with offices in Great Barrington and Stockbridge, said the summer rental season started off slowly in part because of the harsh winter weather and the dreary spring.
Carini estimates that rentals are off by about 10 percent this year at Wheeler & Taylor Realty. Properties that rent anywhere from $2,000 to $35,000 a month are still available in the prime months of July and August.
“The weather was brutal,” said Carini. “It was a slow start [to the season]. We got a rash of activity. Many rentals are in place.”
Carini said it’s hard to predict whether more vacationers will emerge as the season progresses to snap up the available rentals in Berkshire County. “As the weather gets warmer, we might get another rash of rentals,” he said.
A similar scenario has unfolded on Cape Cod. According to a recent published report, reservations for rental properties on the Cape were down anywhere from 5 percent to 30 percent from last year. Cape Cod rental agents have said that homeowners are starting to reduce rental rates and are much more flexible with rental lengths in order to fill vacancies.
But unlike Cape Cod, which has thousands of rental homes, the Berkshires has a limited supply of rental properties to offer visitors. The most sought-after properties are waterfront homes that are close to Stockbridge and Lenox.
“It’s not the rigorous rental market that we see at our ocean-front communities,” said Carini, adding that the Berkshires probably has hundreds of rentals, unlike the thousands available on the Cape and Islands.
However, Pamela Roberts, the broker-owner of Roberts & Associates Realty in Lenox, said the supply of rental properties is rising as more homeowners recognize that renting their properties is “a great way to make money.”
And as the inventory piles up, many of the repeat visitors who like to spend their entire summers in the Berkshires have opted to purchase properties instead of renting.
During the last several years, for example, several condominium complexes have been built. Visitors, particularly retirees from Florida who previously rented homes throughout the summer, have purchased condos, said Roberts.
Driving Factor
William R. Wilson Jr., president and chief executive officer of the Berkshire Visitors Bureau in Pittsfield, said the area has benefited in recent years as more vacationers, concerned about terrorism and safety, have become reluctant to fly.
The Berkshires, a two-and-a-half-hour drive from Boston and New York City, attracts visitors from as far away as Baltimore and Philadelphia because the area is within drivable distance, according to Wilson.
“With the delays in airports, people can drive here as fast as they can fly,” said Wilson.
Wilson said the Berkshires is a desirable vacation destination because it’s “tranquil, peaceful and safe,” and because over 60 cultural organizations have a presence in the region.
“We are where people want to be and we have what people want to do,” he said.
The Berkshire Visitors Bureau, a membership organization similar to a chamber of commerce, promotes rental properties owned by members. Reservations for those properties have been brisk. Demand is up, there are few vacancies and prices have either remained the same or have increased, said Wilson.
Rents are “holding” and are similar to last year’s rental rates, according to locals. But Carini acknowledged that as time wears on, homeowners may start reducing rents to fill their empty units.
Realtor Bob Romeo said his company has fewer vacancies than last year.
“I would say that it would appear to me from all that I know … that our activity is equal [to] or better than last year,” said Romeo, broker-owner of Century 21 Franklin Street Assoc. in Lenox.
That may have something to do with the more aggressive marketing approach that the company is taking to promote rentals, according to Romeo. For example, the company launched a new Web site in September that Romeo said is more versatile and user-friendly.
But Romeo acknowledges that there appears to be “quite a few” advertisements for seasonal rentals in the local newspaper. He’s also noticed that some homeowners are starting to be more flexible with rental terms now that summer is just around the corner.
The owner of a two-family home on Route 7 between Stockbridge and Lenox, for example, recently posted a sign noting which weekends were still available.
Yet unlike Carini, Romeo thinks that rental rates are higher than last year. “The prices have escalated to the point which it may be a deterrent,” he said.
Aglaia Pikounis may be reached at apikounis@thewarrengroup.com.
