In Plymouth, Massachusetts, the short-term rental market is thriving, with a median occupancy rate of 56%, an average daily rate of $307, and an average annual host income of $61,000, indicating a highly stable and profitable investment opportunity.
Thriving Short-Term Rental Market in Plymouth, Massachusetts
Plymouth, Massachusetts, is experiencing a robust and profitable short-term rental market. As of the latest data, short-term rental listings in Plymouth boast a median occupancy rate of 56%, indicating a strong demand for these properties. The average daily rate for these rentals stands at an impressive $307, contributing to a typical annual host income of $61,000. With lenient short-term rental regulations and a peak month in August, Plymouth presents an attractive opportunity for investors and hosts, offering stable and highly profitable returns in the vacation rental sector.
Short-Term Rental Regulations in Plymouth, Massachusetts for 2024
Registration and Permitting
- Effective January 1, 2024, short-term rental owners are required to register and apply for a permit to operate a short-term rental property.
State and Local Compliance
- The regulations mostly follow state requirements but include additional stipulations for local needs.
Registration Requirements
- Property owners must file a registration form with their contact information in case of an emergency.
Inspections
- There are no pre-rental inspections required; instead, inspections will be conducted when complaints are filed.
Community Impact Fee
- Cities and towns can charge an additional community impact fee up to 3% for certain types of short-term rental properties, subject to local approval.
Tax Compliance
- Owners must register with the Massachusetts Department of Revenue (DOR) using MassTaxConnect, even if the property is rented for only a few days a year. If rented for 14 days or less in a calendar year, no tax is required, but this exemption must be claimed by January 15 of each year.
Restrictions on Accessory Dwelling Units (ADUs)
- ADUs cannot be used for short-term rentals. Either the main house or the ADU must be owner-occupied.
Good Neighbor Guidelines
- Short-term rental owners are expected to follow Good Neighbor Guidelines, which are part of the new regulations available on the town’s website.
Local Approval Process
- The regulations must be approved at Town Meeting before they can be made into a bylaw. They need to be presented to the Select Board and Finance and Advisory Committee before the Town Meeting.
Top Neighborhoods for Airbnb Revenue in Plymouth, Massachusetts
Why These Neighborhoods Are Appealing
Plymouth, Massachusetts, is a historic and tourist-friendly city, making certain neighborhoods particularly attractive for Airbnb guests. Here are the top neighborhoods and their appeal:
Historic Downtown Plymouth
- Appeal: This area is rich in historical significance, with landmarks like Plymouth Rock and the Mayflower II. Guests can walk to many historic sites, restaurants, and shops.
- Revenue Potential: Properties in this area, such as the "Updated Antique in Historic Downtown Plymouth," can generate significant revenue due to high demand and a daily rate of around $454.
Plymouth Waterfront
- Appeal: The waterfront offers stunning views, access to beaches, and proximity to attractions like Plymouth Long Beach and Squantum Point Park. Guests can enjoy water activities and scenic walks.
- Revenue Potential: Properties like the "Captain's Lodge- #1, Plymouth Water Front Condo" can command high daily rates ($234) and maintain a high occupancy rate due to their desirable location.
Plimoth Plantation and Surroundings
- Appeal: This area is close to the Plimoth Plantation, a major tourist attraction, and offers a mix of historical and natural attractions. Guests can explore the plantation and nearby Jenney Grist Mill.
- Revenue Potential: The proximity to Plimoth Plantation and other historical sites makes properties in this area highly sought after, contributing to a strong occupancy rate and revenue potential.
Burial Hill and Surroundings
- Appeal: Burial Hill is a historic cemetery with significant historical importance, and the surrounding area offers a blend of history and scenic views. Guests can explore the hill and nearby Pilgrim Hall Museum.
- Revenue Potential: Properties near Burial Hill benefit from the area's historical appeal and can generate substantial revenue, especially during peak tourist seasons.
Plymouth Beach and Coastal Areas
- Appeal: Plymouth Beach and other coastal areas offer beautiful beaches, water activities, and scenic walks. Guests can enjoy the beach lifestyle and nearby attractions like the National Monument to the Forefathers.
- Revenue Potential: Coastal properties, such as those near Plymouth Beach, can command high daily rates and maintain a high occupancy rate due to their desirable beachfront locations.
These neighborhoods are highly appealing due to their historical significance, scenic beauty, and proximity to popular tourist attractions, making them ideal for generating significant Airbnb revenue.
Furnishing and Design Tips for an Inviting Airbnb in Plymouth, Massachusetts
Define Your Property's Aesthetic
- Align your property's aesthetic with Plymouth's unique blend of historical charm and modern amenities. Consider contemporary and minimalist designs, as well as elements that reflect the city's maritime and colonial history.
Focus on Functionality and Comfort
- Ensure that your furniture is both stylish and functional. Invest in high-quality, comfortable bedding and modern kitchen appliances to enhance the guest experience.
Choose Statement Pieces Wisely
- Allocate your budget to statement pieces such as couches, coffee tables, and dining room tables. These items will define your space and make a significant impact on guests.
Incorporate Local and Coastal Elements
- Reflect Plymouth's coastal location by incorporating nautical themes, rustic wooden accents, and light, airy furnishings. This can include navy and white color schemes and the use of antiques to highlight the region’s historic character.
Add Homey Touches
- Use soft textiles, warm color schemes, and ample lighting to create a cozy and inviting atmosphere. Adding plants and other decorative elements can also liven up the space.
Prioritize Outdoor Spaces
- If possible, include outdoor spaces such as decks, patios, or hot tubs. These areas can provide guests with a relaxing and scenic experience, especially given Plymouth's proximity to waterfront attractions.
Protect Your Furniture
- Invest in durable and easy-to-maintain furniture to protect against wear and tear. Consider using rugs and other protective measures to keep your furniture in good condition.
Pay Attention to Neighborhood Trends
- Tailor your furnishings to the specific neighborhood in Plymouth. For example, properties near downtown Plymouth may benefit from more modern and urban designs, while those in suburban areas might lean towards a more suburban or coastal aesthetic.
Balance Budget and Quality
- While it's tempting to buy cheaper furniture, investing in higher-quality pieces can pay off in the long run. Balance your budget by splurging on key items and finding more affordable options for less critical pieces.
Discover Plymouth, Massachusetts: Local Attractions and Insider Tips
Historic Landmarks and Museums
- Plymouth Rock and Pilgrim Memorial State Park: Visit the historic site where the Pilgrims are believed to have landed. Although the rock itself may be underwhelming, its historical significance is undeniable.
- Pilgrim Hall Museum: The only museum with artifacts from the original Pilgrim settlers, featuring items like Myles Standish's sword and Governor Bradford's bible.
- Plimoth Patuxet Living History Museum: An immersive experience with a 17th-Century English Village, the Historic Patuxet Homesite, and a craft center. Interact with Pilgrims and artisans to get a glimpse of life in the 17th century.
- National Monument to the Forefathers: An 81-foot granite monument representing the religious values of the Pilgrims.
Natural and Recreational Attractions
- Brewster Gardens to Plimoth Gristmill: Stroll through beautiful Brewster Gardens and visit the Plimoth Gristmill, a reproduction of the 1636 mill. Watch the grinding of corn and explore the Town Brook trail.
- Miles Standish State Forest: Ideal for cycling, wheelchair users, and families. Offers camping sites, swimming at College Pond and Fearing Pond, and scenic nature walks.
- Harbor Cruises: A more laid-back alternative to whale watching. Enjoy the sunset and local scenery while relaxing on the top deck.
Unique Experiences
- Native Plymouth Tours: A 90-minute walk led by a former interpreter of the Wampanoag Indigenous Program, offering a Native American perspective on Plymouth's history.
- W. Russell Blake Planetarium: Features a full-dome projection system and immersive astronomical experiences, including programs for children.
Local Favorites
- Keegans Kreations: Voted one of the best bakeries on the South Shore, known for its changing menu and delicious treats like Irish cream morning buns and double chocolate croissants.
- B’s Ice Cream: Enjoy homemade, generously-sized ice cream at this local favorite, open late until 10 PM most nights.
- Lobster Hut and Rye Tavern: For a taste of local seafood and farm-to-table dining, visit these restaurants which offer a unique dining experience.
Insider Tips
- Leyden Street: Walk along America's first street, lined with beautifully maintained 18th and 19th century homes, each with a plaque detailing its historical significance.
- Cole’s Hill: Offers stunning views of Plymouth Harbor and features the Pilgrim Sarcophagus and the Massasoit Statue.
- Village Landing Marketplace: Located near Hotel 1620, this marketplace offers a collection of locally owned shops and restaurants for a true New England experience.
Additional Recommendations
- Mirbeau Inn & Spa: An upscale hotel and spa perfect for a luxurious staycation or a relaxing afternoon in their saunas and relaxation room.
- Cranberry Farms and Nature Walks: Explore the beautiful nature walks and visit cranberry farms within Plymouth County for a deeper connection with the local environment.
By sharing these attractions and tips, your guests will have a well-rounded and enriching experience in Plymouth, Massachusetts.
Practical Tips to Run a Successful Short Term Rental Business in Plymouth, Massachusetts
To ensure a smooth and profitable short-term rental business in Plymouth, Massachusetts, several practical tips can be implemented. First, it is crucial to adhere to and inform guests about local noise regulations, including quiet hours, to maintain a good neighborly relationship and avoid potential complaints. Creating both digital and physical house manuals is essential; these should include detailed instructions, Wi-Fi passwords, and other important information to make the guests' stay convenient and hassle-free.
A simplified check-in process can significantly enhance the guest experience. Utilizing smart locks eliminates the need for physical key exchanges and provides guests with immediate access to the property. Additionally, providing clear parking instructions accompanied by photos can help avoid confusion and ensure that guests park in the designated areas.
Compliance with local regulations is also vital. As of January 1, 2024, short-term rental owners in Plymouth are required to register and apply for a permit, and they must follow specific guidelines set by the town, including registering with the state and following Good Neighbor Guidelines.
By implementing these strategies, you can ensure a well-managed, guest-friendly, and compliant short-term rental business in Plymouth.
Here is a brief list of house cleaning providers in Plymouth, Massachusetts:
House Cleaning Providers in Plymouth, MA
Brightway Cleaning Services
- Offers recurring cleaning services (weekly, bi-weekly, monthly), deep cleaning, move-in/out cleaning, vacation rental cleaning, and post-construction cleaning.
- Family-owned and operated, with over 25 years of experience.
Almeida Cleaning Inc
- Provides recurring maid services, deep cleaning, move-in/out cleaning, and post-construction cleaning.
- Known for exceptional quality, background-checked and insured staff, and use of professional cleaning products.
The Maids
- Offers complete home cleaning from top to bottom, customized to specific needs.
- Team members are background-checked, bonded, and insured; uses environmentally friendly cleaning products.
Merry Maids of Sagamore Beach
- Serves residential properties in Plymouth, Sagamore Beach, and Bourne.
- Offers weekly, bi-weekly, and monthly recurring cleans; all team members are screened and trained.
Murray Clean
- Provides affordable cleaning services using Green Seal Certified products.
- Offers home, office, and commercial cleaning services, including condominium and construction trailer cleaning.
Short-Term Rental Management Fees in Plymouth, Massachusetts
In Plymouth, Massachusetts, the fees for managing short-term rentals can vary significantly based on the level of service provided. Typically, these fees range from 10% to 30% of the rental revenue. Full-service management, which includes comprehensive tasks such as guest communication, marketing, and maintenance, tends to be on the higher end of this spectrum, often starting at around 15% to 25% of the rental income.
Basic services, which might include only the essentials like booking management and guest screening, may be less expensive, starting at around 10%. Additionally, property owners may incur extra fees for services like cleaning, repairs, or design enhancements, which can further impact the overall cost of management. The specific fee structure can vary depending on factors such as property size, type, location, and the annual estimated revenue.