Vacation rentals on Cape Cod, Martha’s Vineyard, and Nantucket have experienced similar performance trends to those in other high-end leisure destinations, including year-over-year revenue growth, a strong fall season, and shorter booking windows. There were several factors that prevented the region from being severely affected by the pandemic. First, the area’s weather means that peak season occurs from mid-June through August and ‘shoulder season’ occupancy is very low, so spring shutdowns did not have a large impact on annual revenue. In addition, rentals on Cape Cod and the Islands are primarily houses within driving distance of major Northeast Cities and draw affluent renters. For these reasons, the region has fared extremely well despite the pandemic. In fact, the average revenue per available rental increased by 16% this year over last. Growth was especially strong in late August and September as renters seemed to take advantage of increased flexibility. The winter season will be quiet, with slight increases in occupancy around the holidays, but summer 2021 is already pacing ahead.
All of this data, and more, was included in the webinar we just held with property managers from the region. You can view that webinar here. What else would you like to know about Cape Cod rentals? Let us know at [email protected].