"Summer Rental Shortage in Cape Could Lead to Lower Prices in 2024"

The rental occupancy rate in Cape Cod, Massachusetts, is down 18% year-over-year, while the average daily rate has increased by 16% from 2022. The drop in demand is attributed to a large supply of pricey rental units and a market correction following the surge in demand during the COVID-19 pandemic. Property owners are being forced to lower their prices to align with the current demand, as middle-class families have been priced out of the market. The Cape Cod Chamber of Commerce CEO believes that the current prices are unsustainable and that a correction is necessary to maintain affordability for visitors.