How the local short-term rental market continues to change…
This blog is from our Year in Review series and has been updated as of early February 2022. Read our comprehensive real estate analysis.
Here on Nantucket, it’s not just the sales market that continues to exceed expectations; the rental market is also booming. Prior to the pandemic, short-term rentals (31 days or less) were the norm with one- to two-week rentals being the most common. Now that some families have the ability to work remotely, renters are booking properties for multiple weeks and, in some cases, the entire season. As a result, demand has seemingly never been greater. Team Fisher reports more inquiries than is typical this time of year and most properties are already fully booked for the season.
A shortage of rental homes makes matters even more challenging for those looking to vacation on Nantucket this summer. After a record sales year in 2021, many properties are now out of the rental inventory pool, primarily due to new owners wanting to utilize the properties for themselves in 2022.
The debate about the definition and regulation of short-term rentals continues. Nantucket’s Annual Town Meeting is scheduled for May 2, 2022, and there are presently six proposed articles that could shape local by-laws. These include everything from regulating the number of short-term rentals and where they can or can’t occur, to creating a department for the registration and management of properties utilized in this manner. It’s a hot topic for many reasons and one that is worth everyone’s attention.
We are always happy to help plan your vacation or offer rental guidance so call on us for any questions you may have regarding short-term rentals and view our current inventory here.