A Guide to Owning and Marketing a Vacation Rental in Cape May
Get to Know the Area
In order to market your home in Cape May, homeowners definitely need to familiarize themselves with the area.
First things first, it’s important to understand just how much the cities and state invest in this area. Cape May generates a lot of revenue and the revenue is being used to update much of Cape Mays business district. Tax dollars are being spent in the business district and this is important to any owner of rental property in Cape May. The better the historic business district looks the more likely travelers will make Cape May a destination.
While its true that the Jersey Shore is seasonal in many ways, Cape May is different. Cape May is now a year-round destination. Things slow down in January and February but pick right up with the first blooms of spring. This makes Cape May an excellent investment for vacation rental owners.
What rents in Cape May, West and North Cape May?
Cape May has several different types of rentals:
House rentals: There is a huge demand for Cape May House rentals. Many families come back year after year to the same house rental. House rentals often offer a more affordable way for large families to vacation together.
Condo rentals: Cape May condo rentals are located throughout Cape May. Many condos are located in some of the most historic buildings converted for condo use.
Cottage rentals: Cape May is know for some of the most charming classic seaside cottages on the coast.
Pet friendly rentals: Travelers today want to bring their pets on vacation. Cape May has some wonderful pet friendly rentals with large yards for your dogs
Rentals with a pool: Yes we even have pools!
What location to buy in Cape May?
There are many beautiful places to own a rental in Cape May. If you’re looking to rent as much as possible, the beachfront properties will always be in high demand especially close to the historic district. The Washington Street Mall is the central business district in Cape May. Many rentals are near the mall. Many travelers prefer the convenience of being near the mall area. Rentals in this area tend to charge more than further out. The general rule in any coastal location is that the closer to water the higher the rent. This also holds true in Cape May. However some of the most expensive rental properties are the large homes located throughout Cape May. Many have recently been converted from B&Bs to whole house rentals.
How do I rent my property?
Many owners either list with a realtor or rent on their own. There are many realtors in town that offer vacation rentals. For owners who choose to save money and have more control over screening occupants, the rent by owner option is best.
The best way to market a Cape May rental is to list your rental locally on CapeMayVacationRentals.com. Cape May Vacation Rentals offers owners the ability to list their rental and deal directly with travelers who inquire about their rental. Other options are national listing sites like VRBO and Homeaway. However these sites charge travelers service fees.
New Jersey has now passed a law that requires owners of Cape May rentals to collect tax. Owners will now be charging a tax of up to 13.625% on top of their base rental rate. For more details please visit the New Jersey Division of Taxation.