ACK•Now

09/15/2024

Greek govt starts its own Lease to Locals program to convert STRs into year-round rentals and boost housing stock for locals. Worth a minute of your time...

Greece announced a three-year tax break for homeowners who switch their short-term rentals to long-term leases, joining other European countries in cracking ...

11/05/2023

We're thrilled to announce that the Lease to Locals has helped create 8 year-round rentals in the last two months. There is still room for property owners interested in earning up to $27,000 to start year-round renting a unit. The program has helped house people working for the hospital, the schools, building trades, and landscaping & cleaning services. If you're interested, please go to ACKNowCI.org

09/08/2023

Another great essay from Bob Barsanti. We hope the Lease to Locals program (and other housing initiatives around the Island) can make a difference before it's too late. There is no silver bullet to solve the housing crisis. It will take a lot of hard work to preserve our island community.

Unfortunately, the sons and daughters of Nantucket are leaving. They are on the boat rounding the Point and may not toss a penny.

09/01/2023

Lease to Locals is officially live! Property owners can earn up to $27,000 to convert their short-term rental into a year-round rental. Property owners and workers looking for a year-round rental can apply by going to ACKNowCI.org.

08/02/2023

Thrilled to be partnering with Placemate.com to bring a Lease to Locals program to Nantucket! This program is designed to pay property owners a cash incentive to turn smaller short-term rentals into year-round rentals. Check out ACKNowCI.org for more information. Full program details coming soon!

https://acknowci.org/

Most people know Nantucket for its rich history, culture, and natural beauty. However, Nantucket’s local community is what makes it so special. Without the year-round community, there is no Nantucket. Its popularity has led to a number of challenges, including a scarcity of housing options availab...

03/07/2023

reAlpha is another example of the growing trend of investing in residential homes to turn them into commercial STRs. For $2,500, reAlpha allows investors to buy a piece of a commercial short-term rental.

https://app.realpha.com/deals

02/24/2023

CNBC article: "Institutional investors may control 40% of U.S. single-family rental homes by 2030, according to MetLife Investment Management. And a group of Washington, D.C., lawmakers say Wall Street needs to back away from the market."

Corporations backed by private equity groups such as Blackstone and Pretium Partners bought tens of thousands of homes across the U.S. Sun Belt.

02/13/2023

Lake Tahoe struggles with similar challenges as Nantucket:

Without meaningful change, quickly, Drum fears Tahoe will lose that social fabric, and there won’t be much left for those who live here, or for tourists.

“There won’t be a restaurant like Las Panchitas where you walk in, you know people. Snow removal will take a lot longer. It’ll be hard to find somebody to babysit your kids when you want to have date night,” she said. “ I don’t think it’ll be as fun of a place to visit. There won’t be a community.”

The region’s popularity has seen a surge, sending real estate prices soaring and pushing locals out

01/26/2023

The Wall Street Journal's follow-up story on investor buying spree:

Investor purchased a dozen properties on ACK and MV for over $100 million to grow his portfolio of luxury rentals.

He said the income he earns renting the properties, some of which command five figures a week, covers the cost of financing and upkeep. “They pay for themselves,” he said.

David Malm has acquired a large property portfolio on the affluent Massachusetts islands in a short period of time.

12/08/2022

Good story about housing advocate groups helping residents to buy homes instead of losing out to investors like they are in some areas of the country. Of course the demand for and cost of homes makes this model difficult to translate for Nantucket.

Housing groups try to counter rental conversions and help lower-income residents achieve homeownership.

12/02/2022

From the Wall Street Journal - Investor David Malm pays $20 million for a property he plans to run as a commercial short-term rental.

The entire island seems to be a target - no matter the price tag. Here's an excerpt:

Mr. Malm said he plans to use the home as a high-end vacation rental. “The objective is to take the interiors and maximize what’s there,” he said.

11/11/2022

TIME article: Last year, months of pent-up travel demand triggered a major spike in short-term rental bookings in many second-home hotspots. These occupancy highs resulted in a surge in short-term offerings, as former long-term landlords shifted to short-term in pursuit of higher returns and institutional investors began scooping up masses of properties to rent out on Airbnb and other platforms.

“A lot of the supply in these [second-home] markets shifted away from the for-sale market and long-term rental market towards the short-term rental market amidst a surge of demand for Airbnbs and other vacation rentals,” says Taylor Marr, deputy chief economist for real estate brokerage Redfin.

Many Airbnb hosts are weathering a decline in renters, after a pandemic boom, because of these factors