Airbnbs will have more NYC apartments than (real) rentals

New York City would have more Airbnb listings than long-term rentals. A situation that, unfortunately, risks multiplying without decisive action.

New York City has more Airbnb apartments than regular route apartments, Curbed reports, despite a 2016 law banning short-term rentals. Manhattan, Brooklyn and Northwest Queens received 7,699 rental offers in April, according to a Douglas Elliman report. This figure should be compared to apartments or houses on Aribnb in New York, calculated by AirDNA and Inside Airbnb, which are between 10,000 and 20,000.

New York City has more Airbnb listings than long-term rentals

New York has banned short-term rentals (less than 30 days) in buildings without an owner present since 2011, and in 2016 made it illegal to promote such offers. If Airbnb tenants abide by the law, that means offers are only valid for a very short time. periods during the year.

Many of these may also be apartments with brown stone gardens, separate but still part of the main dwelling, which the owners may rent out year by year. “Ten years ago [these properties] would have returned to long-term tenants,” Kerbed explained. The lack of inventory in the long-term rental market is especially noticeable today, when rents are so low and prices in Manhattan hover around $3,925 a month.

A situation that, unfortunately, risks multiplying without decisive action

Airbnb is mainly used by tourists and travelers, but hotels see this as unfair competition because without a hotel license, and many city halls and housing advocates claim that in this way they withdraw thousands of listings from the market and completely violate market prices. The problem is especially relevant in cities with a very dense housing market, such as New York or San Francisco, which also have passed laws restricting short-term rentals.

How much of Airbnb’s share of the responsibility for New York’s housing shortage? It’s a tough question to gauge, but knowing that there are more Airbnb listings than long-term rentals today isn’t good for the market.