Airbnbs Outnumber New York City Apartments in Hot Housing Market -Breaking
[ad_1]
© Bloomberg. Open house for prospective tenants held outside the Bedford-Stuyvesant neighborhood of Brooklyn, New York on Saturday February 12, 2022. The cold weather, bidding wars and long queues are all part of the reality. New Yorkers have found themselves in this situation, flooding the rental market to search for apartments. Apartments are becoming a more scarce commodity two years ago after some predicted the destruction of New York City.(Bloomberg). — New York City’s short-term rental market is growing faster than the available apartments. This puts a strain on those renting in hot markets looking for housing.
The total number of active short-term rentals in the city’s five boroughs — those listed on Airbnb Inc. and Expedia (NASDAQ:) Group Inc.’s Vrbo — has reached more than 22,000, according to third-party data tracker AirDNA. According to a report by Douglas Elliman Real estate, the rental inventory for Manhattan, Brooklyn, and part of Queens is just above 7,500. AirDNA defines active listings to be those having at least one available or reserved day within the last month.
Manhattan’s housing market is getting hotter by the month, with the median rent in April surging to $3,870 for new leases signed last month. The number of apartments available for rent in Manhattan dropped to 4,709 from 20,743 last year. This means that landlords are able to negotiate with tenants seeking housing in the borough. According to Miller Samuel Inc, Manhattan’s vacancy rate was just above 1.5% in October, which is the lowest level ever recorded.
Critics say that Airbnb’s business model makes homes unaffordable in large cities that are attractive for tourists. Airbnb is a specialist in urban markets while Vrbo is more focused on entire vacation homes. New York tightened restrictions on short-term rentals. Platforms like Airbnb must share listing and hosting data with the city, in order to rent their homes for less than 30 days. New York also requires that a host be present in the home if it’s rented out for fewer than 30 days.
Airbnb stated that the truth is quite different to what the numbers indicate.
“As presented, the data provides an unfairly narrow look at rental unit availability in a portion of the city versus scraped short-term rental data for the entire city,” an Airbnb spokesperson said in a statement, adding that the company’s listing supply has decreased in the last two years. Most of Airbnb’s listings are concentrated in Manhattan.
Curbed New York Real Estate publication reported the data earlier.
©2022 Bloomberg L.P.
[ad_2]