Airbnbs overtakes NYC apartment count in boiling real estate market

The number of short-term rentals in New York City exceeds the number of apartments available, putting pressure on renters looking for space in a booming real estate market.

The total number of active short-term rentals in the city’s five boroughs – those listed on Expedia Group’s Airbnb and Vrbo – has reached more than 22,000, according to third-party data tracker AirDNA. Meanwhile, rental inventory in Manhattan, Brooklyn and parts of Queens tops just over 7,500, according to an April report from broker Douglas Elliman Real Estate. AirDNA defines active listings as those with a booked or available day in the last month.

Manhattan’s housing market is heating up every month, with the median rent in April hitting $3,870 for new leases signed last month. There were 4,709 apartments for rent last month, down from 20,743 a year earlier, meaning landlords have the upper hand in negotiating with tenants looking for accommodation in the borough. The vacancy rate in Manhattan stood at just over 1.5% last month, the second-lowest level on record, according to appraiser Miller Samuel.

Critics say Airbnb’s business model makes housing unaffordable in big cities that attract tourists. Airbnb specializes in urban markets, while competitor Vrbo focuses more on entire vacation homes. New York has tightened some restrictions on short-term rentals, forcing platforms like Airbnb to share lodging and listing data with the city if they want to rent their place for less than 30 days. New York also requires a host to be present in the home if it is rented for less than 30 days.

Airbnb said the reality is different than the numbers suggest.

“As presented, the data provides an unfairly narrow view of rental housing availability in one part of the city compared to short-term rental data for the entire city,” a spokesperson said. Airbnb in a statement, adding that the company’s listing offering had dwindled. over the past two years. Most Airbnb listings are concentrated in Manhattan.

New York real estate publication Curbed reported the data earlier.

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