UMass Amherst to analyze Airbnb's impact on local rental markets

The Town of Yarmouth is grappling with the impact of short-term rental platforms like Airbnb on the local housing market, as discussed in a recent government meeting. Officials are concerned that the rise of these rentals is not only affecting the availability of year-round housing but also posing challenges to the traditional motel industry.

A study is underway, in collaboration with UMass Amherst, to analyze the costs and benefits of short-term rentals. Key questions include whether these rentals are reducing the number of units available for long-term leases and how they contribute to local finances, such as funding for wastewater services. The findings could inform potential regulations and zoning changes aimed at balancing the interests of property owners and the community.

One significant point raised was the financial burden of converting seasonal rentals into year-round housing. For instance, Provincetown's program to incentivize year-round rentals reportedly costs around $20,000 per unit, plus a 25% administrative fee. This raises concerns about the sustainability of such initiatives.

The discussion also highlighted the trend of properties being left vacant for extended periods while owners profit from short-term rentals. Studies indicate that just a few months of Airbnb income can equal a full year of traditional rental income, prompting some towns to implement restrictions on short-term rentals, such as requiring owners to occupy the property for part of the year.

As Yarmouth considers its approach to this growing issue, officials are exploring various strategies to encourage year-round rentals and mitigate the impact of short-term rentals on the community. The outcome of these discussions could shape the future of housing in the town, making it a critical topic for residents and policymakers alike.