The short-term rental market in Edgartown, Massachusetts, is thriving, with record-high tax revenues, increasing property registrations, and sustained demand for high-end rentals, despite a slight adjustment in pricing and bookings returning to pre-pandemic levels.
Thriving Short-Term Rental Market in Edgartown, Massachusetts
The short-term rental market in Edgartown, Massachusetts, is experiencing a robust performance, driven by the island's allure and strategic pricing. Despite a slight adjustment from the pandemic highs, the market remains strong. The number of short-term rentals has increased, with approximately 3,800 properties now registered on the island, up significantly from previous years.
While demand has settled back to pre-pandemic levels, average weekly rental prices for a three-bedroom home on the Vineyard still command nearly $6,000, reflecting a 66% increase over the last six years. High-end properties with upscale amenities such as pools and central air continue to see high occupancy rates and premium prices. For instance, Edgartown, which hosts about 1,300 short-term rentals, collected $1.1 million in rooms tax from these rentals in the first quarter of the 2024 fiscal year, highlighting the sector's continued economic contribution.
Overall, the market in Edgartown is characterized by high summer bookings, particularly in August, and a shift towards more flexible stay options to accommodate changing traveler preferences. Despite some mid-market vacancies, the total rental income remains stable, thanks to the resilience of high-end rentals and creative pricing strategies.
Short-Term Rental Regulations in Edgartown, Massachusetts for 2024
While specific regulations for Edgartown are not as detailed as those for West Tisbury in the available sources, here are some general and applicable regulations that short-term rental owners in Edgartown and other Martha’s Vineyard towns need to adhere to:
State and Island-Wide Regulations
- Registration with the State: All short-term rental operators must register their properties with the Massachusetts Department of Revenue. This registration is free and can be completed online through MassTaxConnect.
- Local Zoning Bylaws: Each town, including Edgartown, has its own zoning laws that dictate where short-term rentals are allowed. Owners must comply with these local zoning bylaws.
- Occupancy Taxes: Short-term rentals are subject to the Massachusetts Lodging Tax, which includes a state tax of 5.7% and a local tax that varies by town (currently 6% for many towns on Martha’s Vineyard).
- Health and Safety Inspections: Municipalities may implement health and safety inspection requirements. Short-term rental operators are responsible for covering the costs of these inspections.
- Rental Agreement Disclosures: Hosts must provide guests with a written rental agreement that includes specific disclosures, such as the operator’s contact information, the amount of any security deposit, and a notice about potential hazards like lead paint.
- Occupancy Limits: State law caps occupancy at 2 persons per bedroom, up to a maximum of 6 people total, excluding children under 12. Local zoning bylaws may impose additional occupancy restrictions.
Potential Future Regulations
- Model Bylaws: The Martha’s Vineyard Commission is working on model bylaws for short-term rentals that towns can adapt. These bylaws may include regulations such as limiting the number of properties one person can rent, minimum rental periods, and residency requirements for owners.
- Inspection and Safety Standards: The state building code changes this summer will require municipalities to inspect short-term rentals to meet safety requirements, which may be adopted by Edgartown.
Enforcement and Compliance
- Annual Registration: All short-term rentals must be registered annually with the town building department.
- Compliance with Local Ordinances: Edgartown, like other towns, may enforce specific local ordinances, such as business licenses or health and safety standards, which owners must comply with.
Given the current lack of specific bylaws for Edgartown in the sources, it is advisable for property owners to contact the Edgartown town hall or building department for the most up-to-date and specific regulations.
Top Revenue-Generating Neighborhoods for Airbnb in Edgartown, Massachusetts
Neighborhoods
Chappaquiddick
- Appeal: Chappaquiddick, a small island connected to Edgartown by a ferry, offers a secluded and peaceful retreat. Guests are drawn to its natural beauty, including the Cape Poge Wildlife Refuge and the serene beaches. The area's tranquility and unique island experience make it highly attractive for those seeking a quiet, luxurious getaway.
East Chop
- Appeal: East Chop is known for its picturesque views, historic homes, and easy access to Edgartown's town center. Guests appreciate the neighborhood's charm, with its well-preserved 19th-century architecture and the scenic East Chop Lighthouse. The proximity to downtown Edgartown, with its high-end dining and shopping options, adds to its appeal.
Eastville
- Appeal: Eastville is another popular neighborhood in Edgartown, offering a mix of historic homes and modern amenities. Guests like the area's central location, which allows easy access to Edgartown's main attractions, including the beaches, restaurants, and shops. The neighborhood's family-friendly atmosphere and availability of various types of accommodations also make it a favorite among visitors.
Why They Are Appealing
- Historic Charm and Coastal Lifestyle: These neighborhoods retain and highlight Edgartown's historic features while offering modern comforts, which are highly attractive to guests seeking a quintessential New England experience.
- Natural Beauty and Outdoor Activities: The presence of beaches, scenic trails, and natural reserves in these areas allows guests to enjoy the region's stunning natural beauty and engage in various outdoor activities such as biking, beach activities, and exploring the local wildlife.
- High-End Amenities: The availability of high-speed Wi-Fi, outdoor spaces like patios and decks, and amenities catering to popular activities (e.g., bike racks, beach gear) enhance the guest experience and make these neighborhoods highly desirable.
- Proximity to Town Center: The close proximity to Edgartown's town center, with its high-end dining, shopping, and cultural attractions, adds significant value to these neighborhoods, making them convenient and appealing for guests.
Creating an Inviting Airbnb in Edgartown, Massachusetts: Design and Furnishing Tips
General Design Principles
- Reflect the Local Style: Incorporate coastal and nautical themes that resonate with Edgartown's maritime heritage. Use classic white-washed furniture, light textiles, and subtle blues and greens to reflect the oceanic surroundings.
Furniture and Decor
- Balance of Textures: Mix different textures to add depth to the space. Combine smooth surfaces with textured elements like handmade vases, linen pillows, and wool pillows.
- Luxurious Bedding: Use white bedding for a clean and inviting look. Invest in a full and fluffy duvet insert to enhance comfort.
- Comfortable Seating: Avoid cheap, mass-produced furniture. Opt for a mix of mid-range and budget-friendly pieces to create a comfortable and inviting atmosphere.
Room-Specific Tips
Living Room
- Lighting Control: Install lamps and dimmer switches to provide adjustable lighting. This enhances the ambiance and guest experience.
- Soft Surfaces: Add rugs, chairs, and framed tapestries to introduce warmth and texture to the space.
- Occasional Tables: Ensure there are surfaces for guests to place drinks and other items. Consider using poufs and swivel chairs for versatility.
Kitchen
- Backsplash and Hardware: Use a handmade textured tile for the backsplash to contrast with smooth cabinets. Add unique brass hardware for added dimension.
- Modern Kitchens: Invest in modern kitchen appliances and easy-to-clean surfaces to enhance convenience and enjoyment.
Bedroom
- Layered Bedding: Offer extra bedding layers stored in the closet, and use different fill options for pillows (e.g., foam-filled, down alternative).
- Bedside Tables and Lamps: Provide bedside tables and lamps for each guest, including features like USB ports or wireless charging.
- Blackout Shades: Install blackout shades to cater to different sleep preferences.
Outdoor Spaces
- Decks and Gardens: Include outdoor spaces like decks or gardens where guests can relax and enjoy the sun or coastal views.
- Outdoor Furniture: Use stylish outdoor furniture to enhance the visual appeal and guest experience.
Neighborhood Considerations
- Proximity to Amenities: Choose neighborhoods that are walking distance from the waterfront and local amenities, such as the Historic Edgartown district, Katama, and Edgartown Village.
Additional Amenities
- Fireplaces and Modern Conveniences: Include cozy fireplaces for cooler months and modern amenities like easy beach access, high-speed WiFi, and cable TV to enhance the guest experience.
- Local Touches: Provide local products such as organic bath products and offer board games or a small library to add a personal touch.
Discovering Edgartown, Massachusetts: Local Attractions and Insider Tips
Local Attractions
Historic Landmarks
- Edgartown Lighthouse: Built in 1828, this historic lighthouse is open to the public for tours and offers panoramic views from the top.
- Old Whaling Church: A performing arts center and wedding venue since 1843, located on Main Street.
- Dr. Daniel Fisher House: A historic residence from 1840, now part of the Old Whaling Church complex.
Beaches and Outdoor Activities
- Fuller Street Beach and Lighthouse Beach: Conveniently located in downtown Edgartown.
- South Beach and Norton Point: Accessible by a short drive, bus ride, or bike ride in Katama.
- Chappaquiddick Island: Explore beaches, Wasque Point Reservation, Cape Pogue Wildlife Reserve, and Mytoi Japanese Gardens via the On Time Ferry.
- Sengekontacket Pond: Ideal for kayaking or paddleboarding, with opportunities to spot shorebirds and shellfishermen.
Cultural and Historical Sites
- Carnegie Trust Museum: Housed in a historic Carnegie Library building, offering insights into Edgartown’s maritime and whaling history.
- Edgartown Fire Museum: Features exhibits on the history of the Edgartown Fire Department and antique fire engines.
Shopping and Dining
- Main Street Shopping: Unique boutiques, art galleries, and local shops, with no retail chains allowed in the area.
- Edgartown Waterfront: Enjoy harbor-front restaurants, sailing schools, and a bustling harbor filled with sailboats and yachts.
- Edgartown Farmers Market: Offers gourmet foods, meats, vegetables, and seafood produced locally, open during the warmer months.
Other Activities
- Harbor Tours: Explore Edgartown Harbor and its coastal beauty, including views of Whaling Captain homes and the Edgartown Lighthouse.
- Biplane Rides at Katama Airfield: Experience a bi-plane ride with a barrel roll for the adventurous.
- Sailing Tours: Departing from Edgartown Harbor, enjoy snacks, drinks, and possibly a sunset while sailing around the island.
Insider Tips
Exploring on Foot
- Walking Tours: Join a guided tour with the Carnegie Heritage Center to learn about Edgartown’s history and visit historic landmarks.
Local Events
- Mother’s Day Weekend: Celebrate the arrival of spring with dining, shopping events, and horse-drawn carriage rides in May.
- Taste of the Vineyard: A fundraising event in June featuring over 60 vendors, celebrating food and drink from the island.
- Edgartown Race Weekend: One of the nation’s top regattas in June, attracting competitive teams from the US and abroad.
- Annual Festivals: Include Pink & Green Weekend, 4th of July Fireworks & Parade, Bass in the Grass, Martha’s Vineyard Food & Wine Festival, and Christmas in Edgartown.
Hidden Gems
- Japanese Pagoda Tree: The oldest and largest Japanese Pagoda tree in America, located next to the Harborside Inn hotel.
- Memorial Wharf: Enjoy watching the Chappaquiddick Ferry and take in the spectacular views of Edgartown Harbor.
Practical Tips
- Biking: Use rental bikes to explore Edgartown and other towns on Martha’s Vineyard.
- Parking on Chappaquiddick: Limited parking encourages car-free exploration; consider biking or walking.
By sharing these local attractions and insider tips, your guests will be well-equipped to make the most of their visit to Edgartown, Massachusetts.
Practical Tips to Run a Successful Short-Term Rental Business in Edgartown, Massachusetts
To ensure a smooth and successful short-term rental business in Edgartown, Massachusetts, several practical tips can be implemented. First, it is crucial to comply with local regulations, particularly the strict noise ordinance. Inform guests about quiet hours through clear communication in the listing and a welcome message to maintain a respectful environment for both guests and neighbors.
Creating a comprehensive digital and physical house manual is essential. This manual should include detailed instructions on how to use appliances, Wi-Fi passwords, and other important information about the property. This helps in reducing guest inquiries and ensures a hassle-free stay.
Streamlining the check-in process is also vital. Utilize smart locks to eliminate the need for physical key exchanges, and provide guests with detailed parking instructions accompanied by photos. This not only enhances the guest experience but also reduces the likelihood of issues related to access and parking.
Additionally, maintaining a well-organized and clean property, along with timely maintenance and repairs, is key to positive guest reviews and repeat bookings. Building relationships with local contractors can help in addressing any maintenance needs promptly, especially given the coastal weather conditions that can cause wear and tear on properties.
Here is a brief list of house cleaning providers in Edgartown, Massachusetts:
House Cleaning Services
Shine Bright Cleaning Services
- Offers residential, commercial, and janitorial services.
- Provides recurring cleaning, deep cleaning, move-in/move-out cleaning, post-construction cleaning, and office cleaning.
- Additional services include window washing and professional organizing.
MV Cleaning Co.
- Specializes in residential, commercial, and short-term rental turnovers.
- Fully insured and provides consistent cleaning services.
MaidPro
- Offers weekly, bi-weekly, or one-time house cleaning services.
- Customizable maid services to fit individual needs.
Homeaglow
- Provides professional and affordable house cleaning services.
- Background-checked cleaners and a starting rate for a 3-hour clean.
Care.com Listings
- Lists local house cleaning services with rates starting at $17.50/hr.
- Includes options with varying levels of experience and reviews.
Short-Term Rental Management Fees in Edgartown, Massachusetts
In Edgartown, Massachusetts, managing short-term rentals can incur management fees that typically range from 10% to 30% of the rental revenue, depending on the level of service provided. Full-service management, which includes comprehensive tasks such as guest communication, marketing, and maintenance, tends to be on the higher end of this spectrum. For example, companies like Summer Airbnb management charge starting at 20% of the booking revenue, excluding cleaning fees.
Basic service packages, which may only include registration, safety inspections, and minimal support, are generally less expensive. Additionally, hosts may incur extra fees for services like cleaning, repairs, or property design and amenities. These fees are crucial for ensuring the property remains guest-ready and compliant with local regulations, including the 5.7% state tax and up to 6% local tax on short-term rentals in Edgartown.