NEW YORK (1010 WINS) -- As the housing crisis intensifies in New York City, Airbnb rentals outpace available long-term rentals.
A monthly report from real estate company Douglis Elliman estimated there were 7,669 apartments available in Brooklyn, Manhattan and Northwest Queens in April. There are currently 19,646 Airbnbs listed in Manhattan, Brooklyn and Queens according to Inside Airbnb, a third party website that monitors the room share company.
That figure does not include the 15,712 private rooms that are available in those three boroughs through Airbnb.
A monthly report from real estate company Douglis Elliman estimated there were 7,669 apartments available in Brooklyn, Manhattan and Northwest Queens in April. There are currently 19,646 Airbnbs listed in Manhattan, Brooklyn and Queens according to Inside Airbnb, a third party website that monitors the room share company.
That figure does not include the 15,712 private rooms that are available in those three boroughs through Airbnb.
Median rent cost is at a record $3,870 and one and five new lease signings last month involved a bidding war.
The pandemic shrunk the Airbnb industry in New York City, but there are so few apartments available that the number of short-term rentals still outpaces the number of long-term rentals.
Over proliferation of Airbnb can put a strain on housing markets according to the Office of Special Enforcement, and New York City’s popularity as a tourist destination makes it a prime target.
When units are used for short-term rentals like Airbnb instead of housing, prices rise and the number of available units shrinks.
Airbnb denied to Curbed — where this disparity was first reported — that it plays a role in New York City’s housing crisis and said the passive income it provides helps owners afford expensive cities.
New York City legislators tried to address this problem in 2011 by making short-term rentals in multi-unit buildings illegal. New York State followed suit with a similar law in 2016.
Advertising a rental of less than 30 days in New York City can result in a fine of $1,000 for the first violation, $5,000 for the second and $7,500 for the third.
A cursory search of Airbnb’s listings in New York reveals what appear to be many illegal short-term rentals in multi-unit buildings.
1010 WINS reached out to the Department of Buildings and the OSE for comment and did not immediately receive a response.
The pandemic shrunk the Airbnb industry in New York City, but there are so few apartments available that the number of short-term rentals still outpaces the number of long-term rentals.
Over proliferation of Airbnb can put a strain on housing markets according to the Office of Special Enforcement, and New York City’s popularity as a tourist destination makes it a vulnerable to this phenomenon.
When units are used for short-term rentals like Airbnb instead of housing, prices rise and the number of available units shrinks.
Airbnb denied to Curbed — where this disparity was first reported — that it plays a role in New York City’s housing crisis and said the passive income it provides helps owners afford expensive cities.
New York City legislators tried to address this problem in 2011 by making short-term rentals in multi-unit buildings illegal. New York State followed suit with a similar law in 2016.
Advertising a rental of less than 30 days in New York City can result in a fine of $1,000 for the first violation, $5,000 for the second and $7,500 for the third.
A cursory search of Airbnb’s listings in New York reveals what appear to be many illegal short-term rentals in multi-unit buildings.
1010 WINS reached out to the Department of Buildings and the OSE for comment and did not immediately receive a response.
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