Provincetown's 'Lease to Locals' Program: Incentives for Year-Round Rentals Starting April 2024

Provincetown is launching a program called 'Lease to Locals' on April 1, 2024. This program aims to increase year-round housing by offering incentives to property owners. These incentives, up to $20,000, are for those who turn their short-term or mostly empty properties into year-round rentals. The rentals must be for Provincetown residents working in the Outer Cape or serving the community. The town has set aside $348,500 for the program's first year.

Town Manager Alex Morse said the program aims to meet immediate housing needs. It will make more long-term rentals available while the town develops more housing. The program aims to help eligible tenants quickly, especially before summer.

To be part of the program, properties must be in Provincetown and not rented long-term in the past year. Rental rates will depend on the unit size, from $1,000 per month for private rooms to $3,800 for three-bedroom properties.

Owners can get 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 renter unrelated to the owner and working in the Outer Cape. Other community contributors may also be eligible.

Provincetown has also updated the Town’s Rental Assistance Program. The Self-Sufficiency Local Voucher Program offers up to $400 per month in rental assistance for qualifying renters earning up to $87,010 per year. The Town’s Expanded Residential Exemption offers a 35% residential tax exemption to owners who rent their property year-round.

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