'We're Mostly Rented': Summer Shoreline Rentals Already Snatched Up | NECN
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'We're Mostly Rented': Summer Shoreline Rentals Already Snatched Up

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    NEWSLETTERS

    (Published Wednesday, April 5, 2017)

    It may be too late for people who waited until now to start booking their summer rentals on Connecticut's shoreline. 

    It's thanks to sites like AirBNB and VRBO that every weekend in July and August is booked solid for Lynsey Malone’s Mystic rental.

    With a waterfront view and restaurants and shops down the street, it's not surprise that June and September are almost fully booked too.

    "In years past, guests would go on (short-term rental sites), they'd ask a bunch of questions and they would sort-of think about whether they wanted to rent. This year and toward the end of last year, a lot more people would actually just book it right away," Malone said.

    Malone's seen people start renting summer shoreline homes as early as a year in advance.

    Professional real estate agents said they're mostly rented, too.

    Broker Yolanda "Yo Yo" Carroll has rentals in the Groton Long Point area and said all that's left to rent are some of the higher-end homes, or the few homes that just went on the rental market.

    People started snatching them up in January, while others began renting as early as the end of last summer, according to Carroll.

    "Most of them at that point are saying, I'll be back next year. Keep my deposit," Carroll said.

    Buying a shoreline home is even a challenge.

    According to Amanda Lewis, branch leader of Berkshire Hathaway HomeServices New England Properties, there aren't enough homes on the market.

    Right now there are about 99 homes for sale in the East Lyme area, but Lewis said she usually sees up to 160 homes for sale this time of year.

    There's a big demand and it's becoming more of a seller’s market on the southeastern shoreline, Lewis said.

    "Right now, they're not sitting. Houses aren't sitting in the East Lyme area or anywhere on the shoreline," according to Lewis.

    Part of the reason the housing market is doing so well is because of the economy, Lewis added. She isn't seeing many short-term rentals in East Lyme. Many people are using their homes for the summer, she said, and if they're renting it out, it's for at least a year.