KEESEVILLE — A pair of property owners in Old Forge and Essex have agreed to turn their short-term rentals (STRs) into long-term housing, becoming the first participants in a pilot project meant to help alleviate the region’s persistent housing shortage.
As part of the program, three non-profit groups—Adirondack Roots, AdkAction and LivingADK—provide property owners up to $5,000 to help defray the costs of making the switch, such as legal fees and furniture storage.
The program is supported with grants from Adirondack Foundation, the Hudson Headwaters Upstream Fund, and the Cloudsplitter Foundation, as well as individual support.
“This is an innovative way to try to solve a complex problem,” Robin Hill, LivingADK executive director said. “We’re grateful to the agencies who supported this effort, but also to the property owners who agreed to participate—they’re playing a role in helping our communities narrow the housing gap and help families stay here who might otherwise have to leave.”
Three units are included in the first part of the program: Two one-bedroom units located in a former motel in Old Forge and a three-bedroom single-family home in Essex. Each had been used as an STR.
Several Adirondack communities have launched efforts to restrict the number of STRs, as residents express concern that they are putting upward pressure on rents and home prices. Those who run them, though, often find they take more time and effort to manage than they expected.
“We’re looking to give property owners another option,” Sawyer Bailey, AdkAction executive director, said.“Unlike STRs, long-term leases offer predictable cash flow. And because renters pay for utilities, long-term rentals can reduce operating costs as well.”
Six rental owners have applied to be part of the program, which was announced last fall. Funds for the project are still available, and applications are still being accepted. To qualify, applicants must convert units currently in use as short-term rentals; the units must also be legally permitted dwelling units. Preference is given to landlords with rental units in Elizabethtown and surrounding towns such as Keene, Westport and Lewis, as well as Inlet and Webb and neighboring towns. In addition to the stipend, staff will be available to help property owners navigate the changeover process and provide other assistance as possible.
The three non-profit groups compiled a toolkit to help STR owners navigate the process of converting a property to a long-term rental. That is available here: adirondackroots.org/our-services/for-homeowners.
“I’m hopeful that, while we’re starting with just three units, other people will see what these property owners are doing and say: ‘Maybe this would work for me,’” Adirondack Roots interim executive director Caitlin Wargo said.