Coastal communities are gearing up for an influx of visitors this summer, resulting in rising demand for short-term rentals. According to AirDNA, rental prices during the peak months of June, July, and August have more than doubled. Many homes accommodate multiple families, enabling cost-sharing for vacations. Director Bram Gallagher noted that rental prices are adjusted according to economic conditions and inflation but still remain accessible for renters. AirDNA's data highlights the most expensive coastal markets, with Long Island and Florida's Santa Rosa Beach leading in price.
"I have seen a lot of strength in pricing in coastal areas that we hadn't seen for a little while," Bram Gallagher, director of economics and forecasting at AirDNA, tells Realtor.com.
"It seems to be sensitive to inflation," Gallagher says of the pricing. "We'll see how the economic situation works out. It looks better today than it has, but what a roller coaster we've been on as far as interest rates and all that."
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