This summer is shaping up to offer some of the most spectacular vacation rental discounts and deals ever seen since the industry boomed with 16 years ago with the advent of the internet.

According to the New York Times, here are excerpts in store for this summer’s vacation rental industry:

Part of the reason is that potential renters are waiting longer before they commit, agents say. “People are doing more window-shopping,” said Ryan Swaim, general manager of Dunes Realty in Garden City Beach, S.C., near Myrtle Beach. “They’re pulling the trigger much later.”

While that situation is giving property owners a case of the nerves, it appears to be working in favor of renters. Many Web sites devoted to renting vacation homes on or near the Atlantic have long lists of specials, both short term and for the entire summer, meant to lure the undecided.

In Ocean City, for example, a five-bedroom house that sleeps 16 and has a view of the bay has been reduced from $3,100, to $2,995, for the week of July 4; the house is being rented by Century 21 New Horizon. Ocean City also has a significant condominium market, and many condo units are being offered there at reduced rates.

Farther north, in Dennisport on Cape Cod, a six-bedroom house near the ocean is renting for $1,000 a week less throughout July, down from its usual $6,900; the house is being offered on HomeAway.com, which currently lists around 100 special offers on Cape Cod.

A report released last week by HomeAway, which represents 200,000 vacation properties in the United States, found that about 66 percent of its vacation rental property owners had offered special deals or incentives so far this year in response to the economy.

The report, which focused on the first quarter of this year, found that 27 percent of owners had discounted rental rates by specific dollar amounts, while 24 percent had discounted by a set percentage off their normal rental rate.

Owners are also trying to lure renters by offering an additional night with the purchase of a specific number of nights, cleaning services at no additional cost and by not requiring a minimum stay. Mike Butler, chief commercial officer at HomeAway, said there was a $3,000 property in Wellfleet Harbor on Cape Cod that was offering a $500 discount and two dozen fresh oysters.

Once upon a time, the dynamics of summer rentals were simple. The person who wanted to rent would often book six months to a year in advance, even as three or four other potential renters were checking out the property.

“In years past, if a place didn’t rent by March,” said Mr. Swaim of Dunes Realty, “it wasn’t going to rent.”

While this summer’s holiday season will be flat relative to those in the past due to the global economic crisis, it is clear that at least one person will make out from all this, the vacation property seeker and vacation home renter. So enjoy the low prices while they last.

This entry was posted on Sunday, May 31st, 2009 at 2:09 amand is filed under Travel News, Vacation Rental Industry. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.