Local Company Offers Short-Term Rental Season Forecast

HYANNIS – A local company has provided details on their short-term rental forecast ahead of the summer.

Figures from WeNeedAVacation.com, which matches rental owners with people looking to take a trip to the Cape and Islands, show that inquiries for vacation homes through January have grown from pre-pandemic levels–even as they’ve cooled down a bit from marks in 2021 and 2022.

Though they’ve slipped locally by anywhere from around 8.5% roughly 10% since last year, the company reports that rental bookings on Cape Cod for this year have jumped up by nearly 50% for Cape Cod since 2019.

Martha’s Vineyard and Nantucket have seen jumps of close to 30% and about 37% in that same time, respectively.

COO at WeNeedAVacation.com Jim Reese noted that interest in 2023 vacation bookings has been pent up for quite some time.

“These booking numbers that we’re seeing is evident not just to a strong January–but, really, a strong booking season starting at the end of August through the fall,” Reese explained.

Reese added that there’s been an increase in rental inventory, as the peak 10-week season of the summer has reportedly seen about 5% to 9% more availability.

Reese attributed that rise to a lack of repeat renters for property owners along with more people returning to the region after taking time away.

As municipalities such as Provincetown enact measures to curb practices like warehousing–where buyers acquire several units solely to rent them out for short spells–amid the regional housing crisis and a lack of full-time inventory, Reese said that WeNeedAVacation.com is looking to ensure that a balance can be reached between solving lingering housing issues and maintaining a strong seasonal market.

“We’re certainly in a unique situation where we’re marketing short-term rentals…We’re trying to find ways to work with our homeowners to see how we can help,” Reese continued.

Reese added that the group has met with housing advocacy organizations as WeNeedAVacation.com looks to “utilize (their) homeowner audience.”

About Brendan Fitzpatrick

Brendan, a recent graduate from the University of Massachusetts Amherst, is one of the newest members of the CapeCod.com NewsCenter team. When not on the beat, you'll probably find him watching Boston sports.

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