New Program Pays Owners To Convert Short-Term Rentals to Long-Term Leases

Adirondack Roots, AdkAction and LivingADK are leading the program, which is supported with $20,000 in grants from Adirondack Foundation and the Hudson Headwaters Upstream Fund as well as individual support. The groups will provide a stipend of up to $2,000 to 12 STR owners who switch to long-term leases for at least a year. At first, the program is open to STR owners in Elizabethtown and Webb/Inlet. Additional communities may be added to the program as funds permit.

The stipend is meant to defray some of the costs property owners may face when converting a unit to long-term renting, including legal fees and furniture storage.

The region’s housing shortage is well documented, but we can’t expect to solve it completely with new construction,” said Sawyer Bailey, executive director of AdkAction, based in Keeseville. “By tapping into existing housing stock, we’re addressing one of our biggest challenges in a timely, economical manner.”

To qualify, applicants must convert units currently in use as short-term rentals; the units must also be legally permitted dwelling units. Preference will be given to landlords with rental units in Elizabethtown and surrounding towns such as Keene, Westport and Lewis, and Webb/Inlet 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.

Property owners who convert their STRs to long-term rentals often discover many benefits. For one, long-term leases deliver a predictable source of monthly income, while STR revenue fluctuates from month to month. Many also discover that long-term leases cost less to operate than STRs, as renters pay for utilities and other expenses.

For more information and access to the LTR toolkit contact Steve Underhill at LivingADK 315-369-3353.