The Impact of Short-Term Rentals on New York City
According to a monthly report from Douglis Elliman, a real estate company, the number of short-term rentals listed on Airbnb in New York City greatly outnumbers the number of available long-term rentals. Specifically, there are around 7,669 apartments available in Manhattan, Brooklyn, and Queens, but there are 19,464 Airbnbs listed in Manhattan, Brooklyn, and Queens.
Its popularity as a tourist destination makes New York City the perfect candidate for this short-term rental phenomenon. It’s interesting to note that the short-term rental industry in New York City took a hit during the pandemic, and yet this issue still exists.
Airbnb has denied its potential negative impact on the long-term rental industry, believing that their platform actually makes it more affordable for renters to live in the city through the extra income they can obtain through renting. New York City, on the other hand, has previously tried to correct this issue in 2011 by making short-term rentals in multi-unit buildings illegal. A quick search on Airbnb reveals that some renters haven’t been deterred by this law.
Despite some of the drawbacks, short-term rentals can actually have a positive economic impact on a city through the extra tax revenue that they provide. Having a thriving tourism industry can bring in extra cash, especially when the visitors go out and spend their money at local stores and restaurants. And as previously mentioned, the ability to host a short-term rental can help the renter afford to live in their city through the extra income it provides.
Sources
https://granicus.com/blog/six-ways-that-short-term-vacation-rentals-are-impacting-communities/
https://nypost.com/2022/05/20/nyc-now-has-more-airbnb-listings-than-rental-apartments/
https://www.audacy.com/1010wins/news/local/nyc-has-more-airbnbs-available-than-apartments-for-rent
