Our team has been working on a white paper. We started this research well before the coronavirus made national headlines. The topic is short-term rentals – the rise of online platforms and their impact on Nantucket.
While short-term rentals may be drastically different this summer, we must plan ahead of the next growth wave. The goal is to begin a community conversation towards a solution. Let’s start with the obvious. Why short-term rentals? Why now?
#1. We can no longer ignore the direct link between the short-term rental market and the growing housing crisis. Nantucket Data Platform’s study of housing demand and supply has brought measurable insights. Housing advocates around the country have sounded the alarm for years.
#2. Nantucket has many short-term rentals operated like businesses. Yet, they get preferential treatment (property taxes, inspections) over local industries and businesses. The State’s expansion of the lodging tax to short-term rentals has given us new data on their prevalence and ownership.
#3. Their impact on neighborhoods, public infrastructure, traffic, the environment, etc. is real. We’ve all known this was happening, but haven’t looked into it much.
There is more to the story.
Nantucket is unique, and solutions must fit the community’s long-term vision for the island. Visit our website to download your copy of the Short-Term Rental white paper.