Think there's a flood of short-term rentals on Cape & Islands? Think again

Denise Coffey, Cape Cod Times

Think there’s a flood of new short-term rental units on the Cape? Think again.

“We’re just not seeing that,” said Joan Talmadge, co-owner with her husband, Jeffrey, of We Need A Vacation. He said any hype has been overblown.

The Talmadges have been in the short-term rental business for 25 years. Based out of Orleans, they have been providing property owners with a sort of concierge service. They currently have just shy of 3,800 active units spread across the Cape and Islands. Jeff Talmadge said there has been a 6% increase in the number of units since the end of last April, but he wouldn't call it a flood.

In this 2016 file photo, We Need A Vacation founders Joan and Jeff Talmadge talk about their business that matches vacationers and homeowners.
In this 2016 file photo, We Need A Vacation founders Joan and Jeff Talmadge talk about their business that matches vacationers and homeowners.

His wife believes the so-called boom in numbers might be a misperception. The Department of Revenue requires owners who have short-term rentals to register. Joan Talmadge cited anecdotal evidence of duplicate listings such as a home seller and buyer both being registered. The Talmadge’s home, which they used to rent out, is still listed on the state website.

Some towns are instituting bylaws that require monitoring of short-term rental units and cracking down on upholding those requirements. Some towns are trying to limit the number of units one person can own because of the Cape's housing crisis.

Town warrant articles in Eastham propose limiting short-term unit ownership to two, and prohibiting timeshare, interval and fractional ownership of properties.

Jeff Talmadge is seeing the market soften across the Cape and Islands. Prices listed last fall are coming down now that the summer season is close.

“Like any economic spike, what goes up must come down,” he said in a call on Tuesday.

Denise Coffey writes about business, tourism and issues impacting the Cape’s residents and visitors. Contact her at dcoffey@capecodonline.com .

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This article originally appeared on Cape Cod Times: Short-term rental inventory is up this summer. A Cape perspective

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