In April, the number of entire units available for rent in Brooklyn, Manhattan and northwest Queens had fallen to just 7,669, according to a report by real estate firm Douglas Elliman, while two websites that track the number of short-term rentals on Airbnb reported that it had reached more than 10,000, and could be closer to 20,000.
Taken from TRD
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Curbed reports that the number of short-term apartment rentals through online services like Airbnb in the Big Apple has surpassed the number of standard rental units, just as bidding wars have driven the cost of rents in the city to record highs.
In April, the number of entire units available for rent in Brooklyn, Manhattan and northwest Queens had fallen to just 7,669, according to a report by real estate firm Douglas Elliman, while two websites that track the number of short-term rentals on Airbnb reported it had reached more than 10,000, and could be closer to 20,000.
This disparity may be a sign that landlords are taking advantage of a post-Covid lockdown world in which short-term rentals have the potential to generate more money than traditional rentals.
The median net effective rent for a concessionary unit in Manhattan reached a new high of $3,870 in April, according to a monthly report provided to Douglas Elliman by appraisal firm Miller Samuel. At 39 percent above April 2021 levels, that price point represented the highest annualized rate of increase on record.
According to Crain’s , there were about 4,700 apartments available for rent in Manhattan in April, a substantial decrease from the 20,743 on the market in April 2021. And the vacancy rate there was just above 1.5 percent in April, the second-lowest figure on record. According to Miller Samuel.
Airbnb has routinely denied that its service plays a role in the housing shortage, claiming instead that it provides supplemental income that helps people continue living in expensive cities they otherwise couldn't afford. These homes are supposed to be rented out only when the current residents are temporarily away. In the past, the city has cracked down on homeowners and landlords who have illegally rented their homes to short-term tenants.
The report did not include the Bronx or Staten Island, where there were fewer than 1,000 listings for entire apartments or houses available, according to data provided to the website by Airbnb tracker AirDNA.
Reached by the New York Post , an Airbnb representative blamed the rise in rents on a lack of below-market housing in the city.
“The data is inaccurate. The real problem is that New York City simply hasn’t built enough affordable housing,” the spokesperson told The Post. “That’s why housing costs have risen everywhere, for everyone. Instead of targeting ordinary people who use their homes to help pay bills and cover rising food and other expenses, leadership should focus on building more housing for people. Airbnb wants to be part of that solution and help.”.
