With Memorial Day and the summer season on the horizon, Vineyard vacation rental agents are seeing an unfamiliar sight: availability in July and August.
With Memorial Day and the summer season on the horizon, Vineyard vacation rental agents are seeing an unfamiliar sight: availability in July and August.
Several agents this week said they have an unusual amount of openings during prime weeks, including the Fourth of July, signaling a shift in the market. They attributed the phenomena to the see-sawing stock market, the high cost of rentals and the growing number of properties being converted into vacation homes, among other factors.
“We have a lot of openings in July,” said Joanna Fairchild, an agent at Martha’s Vineyard Vacation Homes. “I can’t get people to commit.”
The rental market is big business on the Island and can net homeowners tens of thousands of dollars weekly during the summer. During the height of the pandemic, the industry surged to previously unseen heights.
The cost of rentals paired with an uncertain economy might be keeping people away.
The cost of rentals paired with an uncertain economy might be keeping people away.
We Need a Vacation, a rental business that manages properties on the Vineyard, Nantucket and Cape Cod, saw the average weekly rental price for a three-bedroom home on the Vineyard rise by 52 per cent between 2019 and 2024.
In the last two years though, agents said the unprecedented demand has waned and the market has come back down to reality. To keep bookings brisk, they have advised homeowners to reconsider their pricing in order to fill the calendar.
“Nobody is raising their prices anymore and I don’t recommend it,” said Cathy Gargiulo, a vacation rental agent at Ocean Park Realty. “If you don’t have the home properly priced, it won’t rent. There’s too much competition.”
Agents said this season is by no means a bust, but it is a departure from recent summers. Julie Flanders, the owner of Flanders Up-Island Real Estate, described the current state of booking as “steady, not booming.”
“I think people are slightly hesitant,” she said. “It’s not a lot but we usually don’t have anything in August.”
Karen Overtoom, who owns a real estate business in West Tisbury, felt the instability in the U.S. economy was a contributing factor.
“People don’t like to spend money when they feel like they are losing money,” she said.
The political climate in Washington also seems to have had an effect. Ms. Fairchild said she’s had one Canadian couple who come annually decide to forgo this summer, and other agents said clients were concerned about pending tariffs.
“I’ve had several clients say they are not coming because of political unrest,” Ms. Fairchild said.
Other shifts in the industry are starting to emerge, too. Historically, Island rentals last a week, but in recent years, customers have started to haggle on that front, looking for shorter stays and different turnover days.
“It feels very new to me,” Ms. Fairchild said. “I’ve never had so many people negotiate.”
There may be a shift to late-stage booking, real estate agents said.
There may be a shift to late-stage booking, real estate agents said.
Some agents felt the increasing number of open weeks was partially due to the rise in properties that are now available as a short-term rental. According to the state, there are about 4,300 properties on the Island registered as short-term rentals, up from about 2,500 in 2022.
“The market is saturated with rental properties,” said Ms. Gargiulo. “That, I think, sort of adds to it....Everybody is renting every little space they have.”
Not everyone is seeing a slump, though. Wendy Harman, the owner of Point B Realty, said 2025 bookings at her company were pacing about 10 per cent higher than the same time last year, both on the dollar amount and number of transactions.
“Homes that are well appointed and maintained — and are also perceived to be well-priced in the overall market — continue to have both strong occupancy and a high number of returning guests,” she said.
Despite openings this close to the start of the season, agents remain hopeful that the gaps will be filled by summer visitors who might be making plans at a later date than in the past.
“Maybe there will be a different kind of surge in the next couple of weeks,” Ms. Fairchild said. “People are fishing, they’re searching for the big deal.”
Comments
I rent several properties and
TC EdgartownI rent several properties and 85% booked for 2025 season. I think most people are more confident to spend money now than last couple of years.
I don’t understand what is
Jess OBI don’t understand what is going on. I am solidly booked for 2025 season?
Ditto here, booked solid.
Michael ChilmarkDitto here, booked solid. Last 2-3 years were light, but to be expected with the election. I think people wanted change and were waiting to make a move. Most if not all my renters are back, that is the feedback I’m getting.
I think there was a lot of anxiety with the election.
I hope as Islanders we welcome the tourists and renters. Let’s not turn the away to other destinations.
Your last two or three years
New Potato Caboose EdgartownYour last two or three years were light because of the election?
Same here, Crazy busy with
Ben VHSame here, Crazy busy with rentals.
I agree, I am not a political
Gail EdgartownI agree, I am not a political person, but the feedback I have received from many of my renters, people were very concerned about the economy and direction the country was going.
I have 4 homes I rent I am close to pre Covid bookings.
I also agree we have to stop pushing renters away. We need them to survive for all our jobs in the island.
Same here. Best summer ever
John leo KatamaSame here. Best summer ever
I do maintenance and property
Bill OBI do maintenance and property management turnovers etc….
Last two years were very slow… this year I am booked solid, in fact looking for help…
I think people were worried about the election results, not to make this political.
I have commented on the issue
Ted EdgartownI have commented on the issue in the last….. the island keeps pushing tourists away. No short term rentals etc….and pushing affordable housing.
We will have plenty of affordable housing if we keep up this pace… no tourism =no jobs=plenty of affordable housing…
Some Ilndets don’t get it… we should be encouraging tourists not pushing them away…
Why cut off the hand that feeds us???
Seriously? I left by choice
Rob PereiraSeriously? I left by choice but it’s a fact that if you lose your rental home it’s likely you will have to leave the island. If I’m wrong please show me where the abundance of affordable housing is advertised. Off island you only need to walk into an apartment complex of check Facebook - that supply is non existent on the island. Fact is the island is a chore to get to, overpriced in every way - housing/restaurants/shops/transportation. People are learning they can take the families to Europe or elsewhere for a fantastic time, and save money as opposed to staying a week on the island. A three bedroom rental should not cost $6,000 a week plus tax, plus cleaning, plus realtor fee, and people are now becoming aware of that fact, and taking their dollars elsewhere.
Sold my share in a family
Bill Western MassSold my share in a family property. Best thing I've ever done. It's a money pit, difficult to get to and after spending time there every summer since I was born (more recently with my toolbox), I'm ready for other experiences. MV has changed...more entitled people, crazy real estate taxes, fewer working folks who know how to fix stuff. Constant conflict between whacko environmentalists and greedy developers. Good riddance.
It’s not the economy, it’s
Jackie NJIt’s not the economy, it’s the island. Getting harder and harder just to get there, then overcrowded and expensive when you do. It’s not relaxing anymore. Went for 25 years, but have given up on it. It’s just not the same as it was.
I agree. It's not the economy
Susan Bucks County, PAI agree. It's not the economy, it's the island. So much has been written about this in comments here throughout the past year or more - so no need to go into detail.
With much regret, we choose not to rent this summer for the first time in nearly forty years.
The 11.3 % percent sales
Anthony Smith EdgartownThe 11.3 % percent sales sales, the Steamship Ferry cost ($424 for a family of 4) and rising housecleaning costs are factors. The invasion of ABNB hurts the realtors. Plus, let's face it, the traffic, the crowds, etc. Quaint Martha's Vineyard no longer exists.
I own 18 rental properties
Vincent Smith EdgartownI own 18 rental properties across the island which I acquired over the last 4 years, the income from them is still strong even with a few less weeks during the summer. Strong enough that I don't need to rent them out in the off season and can just leave them vacant.
is the fix in? the edgartown
michael edgartownis the fix in? the edgartown voters are going to town meeting, and voting to allow short term rentals......you are all in violation of local zoning RULES, BY RENTING OUT YOUR HOMES, ARENT YOU?
I am glad to see a slow down
Jim S EdgatownI am glad to see a slow down in rentals this year. Since Covid the island has priced itself out of reach for food, rent, entertainment, ferry, and so on. The island economic pressures are the problem not the national situation. When are you all going to realize you lost the election because people don’t like the direction of the Democratic Party.
Grow up.
All rentals are important yo
Bob EdgartownAll rentals are important yo the Island. What don’t people understand . Without STR’s and weekly rentals we will not have a stable economy. Do people want vacant home and stores? The solution is simple we just need to build some affordable housing in each town, yes Chilmark… this will take care of the problem.
If we decide to ban rentals in anyway, our economy is in the tank. There will be no good paying jobs. That goes for all jobs construction, hospitality etc… across the board.
The direction some people want to go by building affordable housing and pushing out the tourists is a huge mistake. Why cut off the hand that feeds us???
Affordable Housing is a nice
Jim S EdgartownAffordable Housing is a nice idea but not realistic for MV. In addition Affordable Housing has never solved the housing problem. Instead it begets a shortage in other areas which eventually come back to housing.
The solution is to decrease rentals which will lead to reduced worker demands and the Vineyard economy will reach a sustainable point. Reducing short term rentals like New York City did or reducing the number of Ferry runs per day or ?????
Or enforcing local zoning
Pearl WTOr enforcing local zoning which prohibits the use of single family homes as commercial hotels. SINGLE. FAMILY. HOMES. Gee, I wonder why no one wants to see enforcement? The housing crisis is greed.
If the bookings are down do
Charlie Callahan So Boston/EdgartownIf the bookings are down do ya think it's cause the owners are fleecing the renters. And it costs $150 for two parents and two kids to go out and eat a lousy burger and fries. I only made the 11th grade and I figured that out. Been here 40 years and it keeps getting worse.
What's this "political unrest
Enough Already Oak BluffsWhat's this "political unrest" and "political climate" nonsense? More than 85% of the counties across the country voted for President Trump. The country is more united now than ever. These available weeks will be taken by the vacationers who always wait too long to book and in the past were shut out. Now they won't be. In the 30 years I have lived here every Spring there's been handwringing stories about how it's going to be a soft season and then another article in September in which business owners state they had a great season. These articles are so predictable.
it's not the uncertain
michael edgartownit's not the uncertain economy...its the ferry, the lousy food, the unwelcoming residents and cost of rental....my tenants are headed to maine for vacation and quality prices....you did the to yourselves. and rentals in edgartown are illegal. zoning violations on every rental....
Somewhere near the end of
Mr. B. ChilmarkSomewhere near the end of this article is a statement and follow up that would seem to explain the situation: there are a far larger number of people offering rental space than there used to be. Eighteen hundred more. I think the term used to describe the rental market was "saturated." Is it a surprise that even if the number of people wanting to come to the island were the same that they would simply be spread over a much larger number of properties? Perhaps the article's title should have been Ever-Increasing Number Of Rental Properties Saturates Market.
And if this sounds like the cruise ship industry, you're right!
We went year round with our
Amy EdgartownWe went year round with our former STR in the fall 2024, couldn't be happier with our decision. Lovely single, professional tenant willing to pay 'market value' rent. I am thrilled at the thought of not having to deal with turnovers and reviews and the occasional high maintenance guests etc. Sure, a few less dollars overall for the year, but I think its worth it and I hope others will get on board and put some of these rentals back into the year round pool as well.
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