To Buy or To Try to Rent
Besides factors like work from home, Coronavirus refuge, low interest rates and massive amounts of capital in the market, another more subtle reason the sales market is so strong is the lack of vacation rental inventory. Naturally, a lack of supply of rentals will drive demand for sales. The supply of vacation rentals on Nantucket has decreased by 15% +/- since last year and demand has gone up, primarily because work from home and Nantucket as a Coronavirus refuge, so, the sales market is cranking.
Here are some comparison numbers:
|YTD as of March 11 in mm’s|
|2009||$37||Lowest total yearly volume.|
|2020||$164||$1bn+ year. Record year at $1.86bn.|