Gas Prices hurting the Outer Banks

Every year the media reports that direness of the Outer Banks vacation season.  The articles always convey the same general message,  this year vacationers are going to wait until the last minute to reserve their Outer Banks homes and find the best possible deals.  This invariably leads to many people waiting until the last minute and then finding there is not nearly the choice of homes they thought would be available.  This year is no different. 

     Each year the headlines are different explaining why people are not reserving and that they are waiting around for a deal.  It is often the case of the local media outlets providing misinformation to possible vacationers.  As you can imagine this year's headlines all use the issue of rising gas prices.  Here is the headline from the Charlotte-Observer on Outer Banks tourism, 'Can't afford gas tanks for trip to Outer Banks'.  Here is a headline from newsandobserver.com, Lures at the beach.  Fearing gas prices will spook tourists, owners of hotels and cottages offer deals.

     I do agree the rising price of gas will affect tourism, I do not see it having as great an impact as the journalist like to write.  Chris Burritt from the Charlotte Observer wrote, "Beaches from Oak Island to Cape Hatteras are bracing for the first drop in visitors in six years as Memorial Day weekend kicks off the summer vacation season."  While this could be true, it also has to be pointed out that last year was a record year for tourism in North Carolina with 16.5 billion spent.   

  I can not speak for all the other Outer Banks property managers but my company, Kitty Hawk Rentals, has seen an increase in rentals this year.  Several members of competing companies have expressed the same information.  While I can not verify their information, I can verify mine and we have been up double digits in reservations since December.

     It is true I do not expect a record year for tourism in the Outer Banks.  I am cautiously optimistic that last year's numbers in the Outer Banks will remain the same as last year's if not increase a percent or two.  Tourism like real estate is a localized market.  To group an entire state or several hundred miles of coast together and make generalizations does not accurately present the picture of a local market.

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