Program offers landlords a financial bonus to rent properties year-round
A generous donation has allowed Housing Assistance to relaunch the Rent 365 program, which encourages homeowners who rent their properties seasonally to do so year-round instead.
“It’s another tool in the toolbox in our efforts to address the ongoing housing needs of our year-round workforce here on the Cape,” said David Quinn, Housing Assistance VP of Real Estate Development.
The Rent 365 program offers a financial incentive to convert a seasonal short-term rental into a year-round rental in order to help solve the housing shortage for Cape Cod’s workforce. Year-round rentals also offer predictability of income and less hassle than the constant turnover required by short-term renting.
“Our goal is to show people that by renting their property year-round, owners can not only offset costs but also contribute positively to our community,” said Quinn. “We need stable housing for the people we rely on to staff our schools, restaurants, hospitals, and emergency services.”
In 2018, Housing Assistance introduced “Rent 365”, as a pilot program strategically designed to increase year-round rental opportunities on Cape Cod. By addressing the seasonal nature of rentals and encouraging homeowners to embrace long-term year-round rentals instead of weekly or monthly vacation rentals, Rent 365 is aimed to help foster a thriving stable housing market in the region.
The initial Rent 365 incentive program created 26 year-round rentals in one year, with incentives of $1,000 to convert from seasonal to year-round rental.
Funded by a donation from Cape Associates, the relaunch of Rent 365 features increased cash incentives of $2,000 for a 1-bedroom unit, $2,500 for a 2-bedroom unit, and $3,000 for units with 3 bedrooms or more. Homeowners seeking to participate in the Rent 365 program are required to meet specific eligibility criteria:
“I think the 365 Incentive Program is a great bonus,” said a landlord who participated in the initial program. “I want to support year-round living.”
To learn more, visit haconcapecod.org/program-services/rent365/. The website includes links to an application and a FAQs page for interested homeowners.
About Housing Assistance Corporation (HAC)
Housing Assistance has provided a spectrum of services to help our homeless and vulnerable neighbors secure a safe, stable place to call home since 1974. These programs and services include homeless outreach, family shelters, rental vouchers, affordable housing development, energy efficiency programs, and first-time homebuyer support. Housing Assistance also works to address the root causes of housing instability – lack of inventory and lack of affordability – that affect almost all income levels in our region. To learn more, visit www.haconcapecod.org.
