Renting a beachfront condo or a lakeside cabin this summer won't be half the splurge (or half as difficult to book) as it was last year with more would-be vacationers opting to stay home in order to save money.

In fact, some rentals in popular vacation spots like Myrtle Beach, Orlando and the Poconos are going for as much as 60% less than they did last summer, according to vacation rental sites. The popular Whelk Resort San Diego in Escondido, Calif., for example, recently cut rates on its rental villas in half from May through September, bringing the price of a one-bedroom unit at the coastal resort to $135 a night.

Quite simply there are too many vacation homes and not enough vacationers, explains Bob Barnes, CEO of Zonder.com, a vacation rental marketplace. Not only are consumers trimming their travel budgets, but some vacation home owners who didn't rent their properties before are doing so now in order to raise some extra cash. Add to that all of the new resorts built during the housing boom and the market is flooded with excess inventory, he says.

The growing competition for vacationers' dollars has forced property owners to slash prices and even offer add-on perks such as free tickets to local attractions, sailings on catamarans or free rounds of golf to sweeten the deal. Vacation rental prices were down 8.5% nationwide during the fourth quarter of 2008, with some markets plunging an average of 20%, according to Hotels.com, whose specialty lodging division tracks vacation rentals, private homes, villas and bed and breakfasts.

To dig up some of the best deals out there, SmartMoney.com spoke with property managers, real estate agents and executives at web sites that list vacation rentals, asking them for some of their best sales and discounts on vacation home sales.

Here are five spots where summer rental bargains abound.