Cape Cod vacation bookings slow for this summer. Prices may begin to drop.
The Cape Cod Chamber of Commerce says vacation rentals are currently slow for July and August. They say now is the time to book as prices may begin to drop.
Brian Calhoon owns Brasswood Inn in Provincetown. Often, guests book for the following year before they leave.
"It is unusual this year that we are seeing some of those folks who rebooked end up canceling, and saying, 'I am not getting to Provincetown this year," said Calhoon. "It's weird for us to have two rooms available for Bear Week right now. Normally, Bear Week is full a year prior."
Lack of price adjustments
The Cape Cod Chamber of Commerce believes part of the issue is due to a lack of price adjustments. After the pandemic, there was a surge in rental activity on the Cape. Prices went up across the Cape and stayed up.
"I think you're going to see some of the prices start to come down a little bit," said Paul Niedzwiecki, CEO of the Cape Cod Chamber of Commerce. "I would start looking right now because they will fill up."
Niedzwiecki says there are 19,000 short term rentals on the cape, and that typically these homeowners react to pricing slower than a hotel.
Political, financial uncertainty
Then, there's the political and financial uncertainty.
"We're certainly seeing some emails from some of our Canadian visitors, that have told us by email at least that they are not going to be visiting this Summer," said Niedzwiecki.
HospitalityMaine is echoing the same fear up north. They are seeing summer cancellations with guests telling some of their members that they will see them in four years. Calhoon believes this isn't a new phenomenon.
"For innkeepers who have been around for decades, they see this every four years. There is a little hesitation, and I would agree," said Calhoon. "On one hand people are nervous to put money toward something in the future if they aren't sure of their financial situation, but on the other hand, we are in the luxury of being something to look forward too."
During the last election cycle, Calhoon saw a surge late in the year.
"Through Labor Day we were packed. September kind of becomes a second summer," said Calhoon.
