With reports of a recession on the horizon, the industry may enter some slow years ahead. That group, which launched in June 2022, is still meeting.Īnd all of it was warped by the COVID-19 pandemic, which turbocharged Nantucket’s housing market while also driving some of the best years for short-term rental operators, said Ryan Castle, CEO of the Cape Cod & Islands Association of Realtors. Last year town members also voted to enact a short-term rental workgroup to identify new bylaws or zoning to clarify where short-term rentals could be. This novel is set, as usual, on Nantucket, where she’s lived year-round since 1994, except for annual weekslong writing retreats to Boston and the Caribbean. … But with more visitations comes more noise and traffic and so on – those are costs in their own way.”Ī resolution may be drawing closer. Many folks who live on Nantucket use short-term rentals to afford their mortgage or offset some of their housing costs. “No one’s saying have no impact on the island,” said Motamedi. The hotel’s one, two, and three-bedroom cottages, which are between 400 and 900 square feet, are decorated and styled after native plants of Nantucket. Related : ‘We are losing the Cape we have always loved’: Soaring home prices put the pinch on longtime renters After a tragic fire in 1922 that killed 19-year-old chambermaid, Grace Hadley, The Hotel Nantucket descended from a gilded age gem to a mediocre budget-friendly lodge to inevitably an abandoned eyesore until it's purchased and renovated top to bottom by London billionaire, Xavier Darling.
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