Competing in Ocean City’s Beach Rental Market

Competing in Ocean City’s Beach Rental Market

beach rental market ocean city md
Beautiful beach views look inviting

Competition for summer tenants is fierce at the beach. According to the finance department at City Hall in Ocean City, 8,100 rental license renewals were sent out for the summer of 2019.

Then there are those owners who are not in compliance, and rent their units on their own — without a permit. That unknown number, in addition to the 8,100 known rental units available to tenants, adds up to a substantial equation representing the decrease in each person’s rental opportunities to find renters for their condo or townhouse.

What you can do to increase the possibility of rental weeks

Keep your prices competitive

Sometimes owners feel they should increase their prices with each upgrade. However, if just one week is left vacant, it lowers your overall average income. Stay in sync with the prices of other unit owners, especially those in the same building.

Upgrade often

It is much easier to replace item for item rather than allow many repairs or upgrades to accumulate and become cost prohibitive. A number of required upgrades at once may become an insurmountable financial burden.

Think beach

Different owners prefer different types of décor. However,  early American style, for example, is best left in your primary home. 

Renters have visions of beach, sand, sunshine, boats, shells, starfish and boardwalk when imagining a vacation in Ocean City, Maryland. Most tenants scan through pictures of each unit online before they book. By including some wall hangings and throw pillows depicting seashells, sunrises over the ocean, the Ferris wheel, the boardwalk or sailboats, your unit’s attractiveness will be greatly enhanced.

Turn your tenants into repeat renters

People are creatures of habit, and by providing a welcoming atmosphere, your tenants will want to return.

A guest book offers a personal touch. By supplying a few pages for comments, and for tenants to use as a diary, you are providing a sense of “belonging” for the renter. Upon returning, tenants can revisit their trip from the previous year through their notes.

Provide local information

Information on local events, locations of movie theaters, amusements, Assateague Island, and medical centers are thoughtful and appreciated.   Such information may be attached to the guest book or included in a separate spiral notebook. Feel free to include information on local restaurants and be sure to include your personal opinions of each location, like your favorite dish at each establishment.

Supply essentials

Small items, although inexpensive, are strong indicators of your care for your tenants. Here is a list of items that tenants will appreciate and remember:

  • First aid kit
  • Sewing kit
  • Iron and ironing board
  • Sand pails, shovels and beach chairs
  • Adequate kitchen supplies:
    • Spatulas, can opener, serving spoons, pots and pans, coffee maker, toaster, corkscrew, blender. Check your kitchen supplies frequently to be sure they are in good condition and pots and pans are not scratched.

WIFI IS A MUST!

Remember: Renters that receive a generous welcome may become your repeat tenants for years to come.

2 Comments on this Post

  1. Great article Joanna!

    Reply
    • Prices have become unaffordable the past couple of years. Sadly we have been moving further south for summer vacations.

      Reply

Leave a Comment