VRMA Administrator
Homes registered as short-term rentals on Martha's Vineyard, Massachusetts, rose 35 percent over the summer, with realtors, rental agents, and listing agencies partly attributing the gain to delayed compliance with a 2018 ordinance requiring homeowners to register starting July 1, 2019. Owners who rent a property for fewer than 31 days a year must register, although only those that rent for more than 14 days have to pay taxes. Industry professionals also credited the increase to surging demand from visitors and a growth in home sales as investment properties. The Island as a whole has added 884 properties to the state's short-term rental tax database since March, climbing from 2,552 to 3,436 in October. Tax revenue from short-term rentals has risen sharply on Martha's Vineyard as well as statewide, and preliminary numbers from the Department of Revenue indicate short-term rental taxes collected by the state, including local taxes that will be returned to Island towns, are set for another big hike. "We are seeing some more high-end rentals, and there is a very high demand for them," noted Anne Mayhew, whose listing company works with Sandpiper Rentals. "We've always had it, but there's definitely a lot of money coming into the real estate market here, and it's often investment, rather than just buyers who might want to use it themselves and also rent it."
Vineyard Gazette (10/27/22) Noah Asimow
