OBX Connection Home > OBX Connection Forum > Early Indications for 2023 Rentals
Early Indications for 2023 Rentals

By: PaulZ
6/29/2022 2:13 PM

Are there any early indications of what the rental landscape for 2023 may look like, such as:

- Increased/Decreased/Leveling off of demand?
- Increased/Decreased/Leveling off of rates?
- How early are rentals being scooped up?
- Are renters taking advantage of signing up for the same week next year as this, as many agencies follow this practice?

There are so many factors coming in to play - high rates, supply v demand, gas prices, inflation...curioius what the effects may be.

Thanks!

Like +2QuoteFlag



By: jfalba
6/29/2022 2:27 PM

My problem lately is making plans and then having everything go to s.I used to make reservations a year in advance and I really like the payment plans some offer BUT there are just too many factors with peoples lives to plan way ahead any more. I just hate last minute because Im a planner. I think the rental prices will stay the same. My coworker said that at this point her daughter WILL find another rental this year to not disappoint the kids at whatever price. WHATEVER price instead of having crying kids.

Like +1QuoteFlag


By: John Bull
6/29/2022 2:53 PM

I know nothing of early trends for 2023, but we've already booked a couple of weeks in Avon for May 23 through Midgett. Rarely get a chance to go for two weeks, it will be epic!

Like +3QuoteFlag


By: Beach Farmer
6/29/2022 6:13 PM

Well, as interest rates sky rocket , cheap money will dry up to zero by next summer. This is going to effect everything in a huge way. Demand is going to drop off significantly. Just wait till the Fed raises interest rates 200 more basis points...things are going to be worse than 2008.

Check out guys like Jim Rodgers and Ray Dalio...these guys are heavy hitters.

Click to follow link...

Click to follow link...

and how about the fact that 13 MILLION people are now in Default on their homes! ...and we haven't seen anything yet.

Click to follow link...

People are going to be more concerned about the cost of soup.

Like +4QuoteFlag


By: dandjw2
6/29/2022 6:25 PM

already booked our June 2023 vacation

just spending my time with the countdown now

Like +4QuoteFlag


By: johnbt
6/29/2022 7:22 PM

Beats me what will happen. I know we enjoyed our week in Ocracoke a few weeks ago in a little 2BR/2BA place we tried, so we signed up for the same week next year. My wife suggested we try to find two weeks. Yes dear, twist my arm.

When I called to sign up for the week next year I asked if they had a waiting list or a way to get us two weeks back to back somehow. Her response? "The people last week didn't reserve their week so you can have both weeks."
Dang, everything should be so easy.

We're going back in three weeks and taking our 2 grandsons and their parents. Nice place, new, larger, a block from the harbor. After last year I have the feeling everyone assumes it's going to be a yearly thing. Last week my wife asked the 6-year-old if he would be interested in going to Disney World. He's never been. His answer? "Can we go back to Ocracoke instead?" Smart boy.

Like +3QuoteFlag


By: jfalba
6/29/2022 7:35 PM

Beats me what will happen. I know we enjoyed our week in Ocracoke a few weeks ago in a little 2BR/2BA place we tried, so we signed up for the same week next year. My wife suggested we try to find two weeks. Yes dear, twist my arm.

When I called to sign up for the week next year I asked if they had a waiting list or a way to get us two weeks back to back somehow. Her response? "The people last week didn't reserve their week so you can have both weeks."
Dang, everything should be so easy.

We're going back in three weeks and taking our 2 grandsons and their parents. Nice place, new, larger, a block from the harbor. After last year I have the feeling everyone assumes it's going to be a yearly thing. Last week my wife asked the 6-year-old if he would be interested in going to Disney World. He's never been. His answer? "Can we go back to Ocracoke instead?" Smart boy.

johnbt


Yes smart boy! Let me tell you about my daughters first trip to florida OF lousy weather...on the way home she made arrangements with my money lol to spend a long weekend OF KDH. hotel. So I wasted money driving to Florida. Shw said never again to Florida. We drove past Disney and kept going, lol. What a lot of hype,

Like +1QuoteFlag


By: Bentmtn
6/29/2022 7:47 PM

Beats me what will happen. I know we enjoyed our week in Ocracoke a few weeks ago in a little 2BR/2BA place we tried, so we signed up for the same week next year. My wife suggested we try to find two weeks. Yes dear, twist my arm.

When I called to sign up for the week next year I asked if they had a waiting list or a way to get us two weeks back to back somehow. Her response? "The people last week didn't reserve their week so you can have both weeks."
Dang, everything should be so easy.

We're going back in three weeks and taking our 2 grandsons and their parents. Nice place, new, larger, a block from the harbor. After last year I have the feeling everyone assumes it's going to be a yearly thing. Last week my wife asked the 6-year-old if he would be interested in going to Disney World. He's never been. His answer? "Can we go back to Ocracoke instead?" Smart boy.

johnbt


He's hooked! From the mouthes of babes! In 20 years, he'll be down there catching the big ones! Have fun on your two weeks!!!!

Like +1QuoteFlag


By: vickytown
6/30/2022 10:18 AM

I don't know if this is the "new norm" or not, but the Management company for the house we rented for September 2022 let us know the house owners were not willing to honor the "first choice of the same week for next year" and told us we had to make a deposit and commitment for September 2023 in a few days (this was at the beginning of June). We would also have to pay the first half of the rent (which had almost doubled) by the next week. To sum up, we would be paying for the last half of 2022 and the 1st half of 2023 at the same time. We declined the offer.

LikeQuoteFlag


By: Tim-OBX
6/30/2022 10:36 AM

I don't know if this is the "new norm" or not, but the Management company for the house we rented for September 2022 let us know the house owners were not willing to honor the "first choice of the same week for next year" and told us we had to make a deposit and commitment for September 2023 in a few days (this was at the beginning of June). We would also have to pay the first half of the rent (which had almost doubled) by the next week. To sum up, we would be paying for the last half of 2022 and the 1st half of 2023 at the same time. We declined the offer.

vickytown


Sounds like a new owner changing things. Time to move on and look elsewhere on the OBX. Not all places are raising rates.

Like +1QuoteFlag


By: xobx
6/30/2022 11:45 AM

Pre-reserved the same house for next May and heading back in August. We can back out of next May if the price increases more than 10% which I think is way fair.

LikeQuoteFlag


By: Laszlo
6/30/2022 12:11 PM

I just checked the rental prices of the homes we rented in 21 and 20 for the same week in September 2023. They are basically double what we paid, both over 5K. Sorry but know thanks

Like +5QuoteFlag


By: KelLovesOBX
6/30/2022 1:50 PM

I have a bunch of rates from last year and the year before written down for houses we were interested in for Fall trips. Same houses now are the same rate or more for one week than they were for TWO weeks before.

I'll be glad when this so called bubble bursts for rental rates. Meanwhile, stocking up on food staples just in case things go to s**t with the economy (It can always get worse). Then rental rates will be the least of our worries Serious smiley

Like +5QuoteFlag


By: johnbt
6/30/2022 2:27 PM

It's a good thing my SSA retirement went up 5.9%. Party

One reason I don't know about the 2023 rates is that it doesn't cost anything to reserve a week next year.
Once the the owners sign the contracts in August and the company publishes the rates I'll have to make the first of 3 payments. The rates didn't go up from 2021 to 2022, but they were nosebleed high already.

LikeQuoteFlag


By: PaulZ
6/30/2022 8:26 PM

Great feedback. Thank you all!

Our group is coming next year. No matter what.

As a group, we are (and have been) biennial renters since 1999. But… Covid put a monkey wrench in all of that, obviously. So, we are so looking forward…actually overly excited…to be heading there again. Our first trip since 2018. And, our group has expanded - spouses/SOs, babies Theeth smiley that we can’t wait to make it back again!!!!

My (our) “dilemma” is, how soon do we reserve. We are zeroing in on a couple of homes and do not want
to miss out on that “perfect” house. I suspect I’ll be calling the agencies once we find “that” house, trying to lock it in.

Again, thank you!

LikeQuoteFlag


By: scole
6/30/2022 9:13 PM

The condo we rented this year is 23% more for the same week next year

LikeQuoteFlag


By: obx338
7/1/2022 8:04 AM

The house I was in 2 weeks ago will be 1000 more next year. I have been coming since I was a kid and my wife and I have been coming the last 22 years never missed one, I even had a daughter get married on the beach there because of all the childhood memories. Owners are asking to much, check in’s have gotten to late afternoon. We have never rented big houses, it is only 3 of us now and 3000 is a big ask for a 6 1/2 days 3 BR, no pool or hot tub and not on the beach or sound.We will miss it next summer but I will always have memories.

Like +7QuoteFlag


By: jfalba
7/1/2022 8:23 AM

The house I was in 2 weeks ago will be 1000 more next year. I have been coming since I was a kid and my wife and I have been coming the last 22 years never missed one, I even had a daughter get married on the beach there because of all the childhood memories. Owners are asking to much, check in’s have gotten to late afternoon. We have never rented big houses, it is only 3 of us now and 3000 is a big ask for a 6 1/2 days 3 BR, no pool or hot tub and not on the beach or sound.We will miss it next summer but I will always have memories.

obx338

We are alike about going there forever and seeing the prices. I wish I knew the amount my dad paid in the 50s/60s/70s for the little bungalows or even the motor courts. I asked my older sister and she said dad always paid and she didnt know the price. I remember going down in the eighties and telling my husband OMG Dad is going to be mad at the rental price is $800 dollars!!!!!! Dad gave us a check and said we didnt have to pay half of the rental. Thats the same year my husband locked the keys in the car TAKING A PHOTO OF A SQUIRREL (LOL now...I have that photo somewhere) and we had a baby in tow at the Elizabethian gardens...he took a taxi to the rental...got dads extra set of keys and then dad said "Doesnt Joyce remember the hiding place on the outside of the car for the extra set??" .....Good Times. Good Times.

Like +3QuoteFlag


By: scw106
7/1/2022 8:32 AM

I have barely raised my rates for this year compared to last year. I did raise the shoulder months because the nearby hotels were renting 4 suites for more than my 4 BR house. Only seemed fair. My house price for this week is $30 (thirty) dollars more than last years price. So you can see that not all of us NRPO's are sticking it to our guests. Plus, repeat guests get an 8% discount. Next years rates are up about $200 for the same week. These rates are the recommendation of my PM. I am not trying to become a millionaire off the backs of my guests. Taxes, insurance and utilities are going up for all of us.

Like +8QuoteFlag


By: Banks68
7/1/2022 8:35 AM

In 1979 we paid $250 for a 5 bedroom OF just built beautiful home in SNH for our honeymoon. Of course, between the 2 of us we were only making $17,000/year lol!
Then my parents bought in NH and for 30 years it didn’t cost us a cent. Those were the days….

Like +1QuoteFlag


By: Bentmtn
7/1/2022 8:49 AM

I have barely raised my rates for this year compared to last year. I did raise the shoulder months because the nearby hotels were renting 4 suites for more than my 4 BR house. Only seemed fair. My house price for this week is $30 (thirty) dollars more than last years price. So you can see that not all of us NRPO's are sticking it to our guests. Plus, repeat guests get an 8% discount. Next years rates are up about $200 for the same week. These rates are the recommendation of my PM. I am not trying to become a millionaire off the backs of my guests. Taxes, insurance and utilities are going up for all of us.

scw106


I think that is great of you and down the road, your home will not be trashed as so many rentals are. Your repeaters will take more care with your home and treat it as their home with more respect.

LikeQuoteFlag


By: KelLovesOBX
7/1/2022 2:03 PM

I have barely raised my rates for this year compared to last year. I did raise the shoulder months because the nearby hotels were renting 4 suites for more than my 4 BR house. Only seemed fair. My house price for this week is $30 (thirty) dollars more than last years price. So you can see that not all of us NRPO's are sticking it to our guests. Plus, repeat guests get an 8% discount. Next years rates are up about $200 for the same week. These rates are the recommendation of my PM. I am not trying to become a millionaire off the backs of my guests. Taxes, insurance and utilities are going up for all of us.

scw106


There are probably a few nrpo's that are not raising rates too much, few and far between from what I've seen and I've been checking a LOT the last few months. Thanks for what you're doing to keep rates reasonable. Thumbs up

LikeQuoteFlag


By: miinx
7/5/2022 7:25 PM

I hate to say it, but our visit to Corolla last week is likely to be our last for a while. You’re paying far too much these days for far too little, and it’s just traffic, lines, and crowds of cranky people everywhere. You have to micromanage and plan weeks in advance it seems to get a spot on a horse tour or a table at a restaurant these days, which just isn’t my idea of a vacation.

I’m honestly feeling pretty bummed about it. Everyone in our group seemed to agree that things had changed a lot, and not at all for the better.

Like +8QuoteFlag


By: Bentmtn
7/5/2022 8:10 PM

I hate to say it, but our visit to Corolla last week is likely to be our last for a while. You’re paying far too much these days for far too little, and it’s just traffic, lines, and crowds of cranky people everywhere. You have to micromanage and plan weeks in advance it seems to get a spot on a horse tour or a table at a restaurant these days, which just isn’t my idea of a vacation.

I’m honestly feeling pretty bummed about it. Everyone in our group seemed to agree that things had changed a lot, and not at all for the better.

miinx


That is too bad. I understand that area is very nice, but I haven't been there. I know it is much further, but have you ever stayed on Hatteras Island? I am sure it is much different based on the convos I have read on this forum, but it may be a bit less hectic. I am not sure what your tastes are in regards to restaurants and shopping and that type of thing however. The homes are beautiful for the most part and the modest ones typically have all that is needed for a vacay. Nice restaurants...maybe not as fancy as Corolla though, but good food for the most part. You should give it a try perhaps. I am sorry your trip was harried and dense with people. There is something for every taste on HI as well as the northern beach areas, I have found. When we drive even just from Frisco to Hatteras Village, it is a different look. I mean the surf and sound down there to us looks like a different state.
Million dollar homes to modest ones on HI...white tablecloths to plain pine tables with paper placemats. ( we prefer the dives with the paper placemats as they usually have the better food and we don't judge the establishment because of less expensive table linens.) Good luck, Miinx, and I surely hope in the future you will find a niche at the OBX that works!

LikeQuoteFlag


By: beachbumz
7/5/2022 8:39 PM

We're looking around for a place in Sept of this year. There are places avaliable but haven't found one we love yet. We were down in June for 2 weeks and stayed in Avon, a small ocean front house and it was the most we ever paid for a house. We were able to make monthly payment last year and that made it easier. Vacasa bought out the rental company and they don't do monthly payments.
I want to drive out to the west coast next summer but I have to get the wife on board.

Like +1QuoteFlag