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Incubator: Long Term Rental Catalyst

Incubator Project

AdkAction incubator projects work on a timeline of 1-2 years, have a key question and theory of change they are working to investigate or test, and must be a niche unfilled by other nonprofits, government leaders, or agencies.

Long Term Rental Catalyst

Existing rental units are the cheapest, most immediate housing stock we have available to us. Traditional finance cost models show that new units of middle-market or affordable housing in the Adirondacks cost hundreds of thousands of dollars and take at least eighteen months for building. Tapping into the housing we already have allows speedier solutions to help house residents while longer-term units are built.

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Vital Year-Round Communities

The Long Term Rental Catalyst incubator project will pilot a short term rental conversion toolkit and incentive program that empowers interested, potential long term rental owners with the tools and support needed to help “unlock” immediate housing stock in the Adirondacks.

Through positive, non-regulatory interventions, this project will support willing homeowners in transitioning their properties into long term rentals in two pilot communities with demonstrated housing shortages.

Program implementation will be facilitated by Adirondack Roots, which manages the Adirondack Community Housing Trust. AdkAction and LivingADK will support program design, fundraising, and pilot evaluation to ensure this joint effort succeeds, while engaging communities across the Park.

The program will create and disseminate a toolkit to help homeowners transition their unit to a long term rental (12 month lease), including lease templates, tenant vetting best practices, profit and loss breakdowns, and information about proactively preventing or managing tenant issues to form a successful long term rental arrangement. Modest monthly monetary incentives will help offset the potential profit losses that come from transitioning a unit back to long term use. 

The Long Term Rental Catalyst will work with property owners who are passionate about contributing to year round housing for Adirondack residents, and ensure they have a good experience doing so, to incentivize the conversion of other Short Term Rental units and ultimately increase the availability of housing for Adirondack residents.

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