Galvesto Beach vacation rental rates hit a record low last year, but the city is hoping the new rental market will help it keep pace.
The rental market has fallen by nearly half since 2010, according to the Galvestoride County Tourism Bureau, which has a role in coordinating vacation rentals and tourism events.
While the overall vacancy rate has remained relatively flat, vacancy rates in certain rental categories have been dropping.
For instance, rates for two-person two-bedroom units are down more than 50% in the past year and nearly 70% in two-bedrooms.
Galvestos median rent for one-bedroom and two-bathrooms has dropped by almost 30% over the same period.
For two-unit apartments, the median rent has dropped nearly 70%.
“People are not moving to Galvestons anymore,” said Michael Henson, director of the tourism bureau.
“The numbers are going down, so we’ve been able to see a shift in the market.
It’s a good thing for us because we’ve had to spend a lot of money on hotels and restaurants to stay in town.
We’ve been saving.”
Henson said the downturn in rental rates has been spurred by several factors.
For one, the city has taken some measures to address a long-standing issue: a lack of affordable housing.
Galvos housing crisis is the highest in the nation, and the city recently launched the first of many housing development initiatives aimed at increasing rental affordability.
Henson said he’s encouraged by the city’s efforts, and expects that the rental market could be stronger in the future.
“We’re getting into a very robust rental market,” he said.
“We’re not seeing the big jumps in rents that we’ve seen in the last few years, but we’re not quite at that level where we’re just losing rent and getting it back to where it was when we were in the recession.
That’s our goal right now.”
For more information on vacation rentals in the Galvez, visit the tourism office website at www.galvezc.gov.
For more information about the vacation rentals that are available, visit www.gonzalesdowntown.com.