With Memorial Day and the summer season on the horizon, Vineyard vacation rental agents are seeing an unfamiliar sight: availability in July and August.
Vineyard towns have started to wrap their arms around regulating the thousands of short-term rentals on the Island, tackling an issue that housing advocates have long said exacerbates the ongoing housing crisis.
The new regulations cement the process for homeowners to be able to make money by renting out their properties while the town attempts to deter commercial interests from hollowing out the year-round housing stock.
Vineyard vacation rental companies are advising clients to consider lowering their weekly rates in response to a large number of vacancies this season.
Tax revenue from short-term rentals and hotel stays on the Vineyard reached an all-time high last year, and the first quarter of 2024 is already off to a sizzling start.
At their meeting on Tuesday, Oct. 17, the planning board reviewed a draft bylaw from the short-term rental committee which would limit residents to one short term rental property per person, with 12 weeks total allowed to be rented on a short-term basis.