Provincetown's New 'Lease to Locals' Program Encourages Year-Round Rentals with Incentives for Homeowners

Provincetown is launching the 'Lease to Locals' pilot program on April 1, 2024. The program aims to address the lack of year-round housing. It offers up to $20,000 incentives to owners who turn their short-term rentals or vacant properties into year-round rentals. These units should be rented to Provincetown residents working for Outer Cape businesses or serving the community. The town has set aside $348,500 for the program's first year.

Town Manager Alex Morse said the program is a practical solution for immediate housing needs. It aims to make existing units available for long-term rentals. Meanwhile, the town is working on creating more housing at town-owned properties. The program is expected to assist eligible tenants promptly, particularly before the summer season.

To be eligible, properties must be in Provincetown and not rented long-term in the past year. The maximum rental rate depends on the unit size, ranging from $1,000 to $3,800 per month.

Owners can receive a one-time incentive from $4,000 to $20,000, depending on their property size and the number of eligible tenants. An eligible tenant is a non-relative renter working for an Outer Cape employer. Community contributors like volunteers, local board members, artists, and disabled individuals may also be eligible.

Besides the Lease to Locals program, Provincetown has enhanced the Town’s Rental Assistance Program. The Self-Sufficiency Local Voucher Program offers up to $400 monthly rental assistance to renters earning up to $87,010 annually. The Town’s Expanded Residential Exemption is available to owners renting their property year-round, granting them a 35% residential tax exemption.

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