New York City would have more Airbnb offers than long-term rental apartments. A situation that unfortunately risks multiplying without strong action.
New York City would matter more apartments on Airbnb how many apartments to rent through the normal route, so to speak, despite a 2016 law banning short-term rentals, according to Curbed. In April, there were 7,699 rental offers in Manhattan, Brooklyn and northwest Queens, according to Douglas Elliman’s report. This figure is to be compared with the apartments or houses on Aribnb in NYC, calculated by AirDNA and Inside Airbnb, which is between 10,000 and 20,000.
New York City has more Airbnb listings than long-term rental apartments
New York City has banned short-term rentals (less than 30 days) in buildings without an owner present since 2011 and made it illegal to promote such offers in 2016. If Airbnb renters follow the law, that means offers are only active for very short periods during the year.
Many of them could also be apartments with brownstone gardens, separate, but nevertheless forming part of the main dwelling, and which can be rented by the owners by the year. “Ten years ago, [ces logements] would have reverted to long-term tenants,” Curbed explained. The lack of inventory in the long-term rental market is especially noticeable today with rentals so small and prices hovering around $3,925 per month in Manhattan.
A situation that unfortunately risks multiplying without strong action
Airbnb is mainly used by tourists and travellers, but hotels see this as unfair competition, since without a hotel license, and many town halls and housing advocates claim that they are thus withdrawing thousands of offers from the market and totally disrupting market prices. The problem is especially true in cities with a very tight housing market like New York City or San Francisco, which has also enacted laws to limit short-term rentals.
What is Airbnb’s share of responsibility for this housing shortage in New York City? The question is difficult to assess, but knowing that there are more Airbnb offers today than apartments for long-term rental is not a good thing for the market.