Cape Cod Rental Prices Dropping, Trend Expected To Continue

By Mike Sullivan, CBS Boston

April 11, 2024

CAPE COD - If you have been avoiding pricey Cape Cod rentals in the past then this may be your year to take a vacation. Prices have been dropping the last few years, and that trend is expected to continue.

Cape Cod is teeming with rental properties. The Cape Cod Chamber of Commerce says there are more than 18,000 short-term rental properties on the Cape. They say that sum is more than in New York City. Part of the reason for the spike is COVID. People fled to the Cape and bought homes to escape pandemic lockdowns, but now that COVID has slowed down, and the Chamber says more people are renting or selling. This is increasing inventory and helping the price go down.

Chamber of Commerce numbers for July show that the average rental price spiked in 2021 to almost $387.32. Chamber CEO Paul Niedzwiecki says a lot of people bought second homes on the Cape during the pandemic. He believes the heightened 2021 rental price was from property owners choosing to use their own rentals that summer rather than renting them. The usage lowered the available inventory. Their data shows that in 2022 the price plummeted $100 as owners began to rent their properties again. Niedzwiecki is calling it an overcorrection of the market that they expect to continue.

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