Did You Rent Your Rental?

The Cape Cod and Islands Board of Realtors (CCIAOR) is reporting a higher than expected vacancy rate in summer rentals.

Mari — who is on the CCIAOR Board of Directors — believes there are several reasons for this.

One is that the high interest in Cape Cod vacations that peaked during the pandemic has dropped. With travel and health restrictions lifted, people are going on the vacations that they delayed because of Covid.

Mari says another reason is a surplus of rental property, since some summer homeowners decided to rent their places hoping to cash in on the high rents vacationers paid during the pandemic. Long time investment property owners raised rents for the same reason.

But, since folks are no longer desperate for a vacation, they’re not willing to pay higher prices. There are other places to go.

So, whether you’ve always owned rental property on Cape or you’re a first time vacation landlord, the question is did you rent your rental and what are you going to do next?

Being a landlord — especially at a distance if you’re renting your vacation home or investment property — has its aggravations. You’re either traveling to the Cape on a regular basis to check on your property and/or prepare it for the next rental, or you’re paying someone to do it for you.

If you’re renting your vacation home, you’re the one getting calls from your friends and neighbors when your tenants for the week are too loud, partying too late, or parking too many cars on the street.

While we admittedly aren’t experts, it’s also apparently become more expensive and demanding to use your home as an Air B&B or Vrbo property.

So, if interest in Cape Cod vacations is down, is it time to sell your investment property? If you were willing to give up your vacation home this summer, how committed are you for the years ahead?

Given the limited inventory of single family homes, could this be the time to realize a solid return on your investment? The median sales price for a single family home last month on Cape Cod was $700,000.00! The buyer pool continues to be very crowded.

Curious about your possibilities? Let’s connect at 508-360-5664 or [email protected]. We will brief you on the up-to-date statistics for the town or village where your property is located. We can also explain our approach and plan to successfully market your home. (Especially important if you live off Cape.)

Let’s talk soon…

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We hope everyone has a safe an enjoyable Fourth of July with family and friends. If you’re going to be around the pool, pond, or ocean, please keep an eye on the kids — and even adults — who don’t know how to swim. One unfortunate accident is one too many. Thanks…

Mari and Hank