Airbnb is making rents in New York City spike as owners yank units off the market, study says

Airbnb is making rents in New York City spike as owners yank units off the market, study says

 

Skyrocketing New York City rents can be blamed at least in part on the rise of the home-sharing service Airbnb, a new study has claimed.

The report, released Tuesday, analyzed Airbnb activity between September 2014 and August of 2017 and was published by McGill University in Montreal. It was commissioned by the Hotel Trades Council, a union organization, and co-sponsored by local New York neighborhood groups.

The study found Airbnb had removed between 7,000 and 13,500 units of housing stock from New York City's long-term rental market.

It calculated that by reducing supply, Airbnb activity had in fact increased median long-term rent in the city by 1.4 percent over three years "resulting in a $380 rent increase for the median New York tenant looking for an apartment this year."

The study further claimed that in Manhattan, the increase is more than $700.

Airbnb claims 'anti-home sharing bias'

Airbnb has questioned the methodology, noting that the report uses "available for rent" instead of actual booked nights in determining that listings have been removed from the long-term market. Airbnb has argued that many people don't update their listing availability.

Under New York State's Multiple Dwelling Law, short-term rentals of fewer than 30 days are illegal in buildings with three or more units, unless the owner is present. Private room rentals would also be unlawful if the owner wasn't there.

For the rest of the article, see here






Questions?
Click here to chat with us

Live Now
Irine

Live Now : Irine

_