While many owners are listing their rentals on other websites, others are moving them back to the long-term rental market.
After New York City cracked down on short-term rentals, implementing new rules that dramatically shrank the supply of Airbnbs and other STRs, owners are using social media and other websites to rent out apartments, reports Kim Velsey in Curbed. “The world made by Airbnb still exists, after all, even if many of the listings are no longer on the site. In the first few weeks of the ban, which was intended to reduce the number of illegal short-term sublets, around 80 percent of the units were taken off the platform.”
The “ghost Airbnb market” could bring its own negative impacts. “As one person on a listserve noted, Venmoing a stranger money takes a lot of trust, a virtue that travelers could mostly outsource to Airbnb in the past.”
Meanwhile, Velsey notes that long-term listings on the Airbnb platform are up by 37 percent, seemingly achieving the intended effect of the new legislation, which aimed to bring more housing units back on the city’s notoriously expensive long-term rental market. In May of 2022, Airbnb listings outnumbered available apartments in the city.
FULL STORY: The ‘Airbnb Alternative’ Black Market
NYC Issues Over $16 Million in Short-Term Rental Fines
So far, the strict new regulations governing Airbnb and other short-term rentals have not made a significant impact on the rental housing market.
Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
The plan would reduce visitor accommodation by 25% resulting in 1,900 jobs lost.
Will New York’s Strict Short-Term Rental Rules Work?
Some owners are reluctant to put short-term rental units back on the long-term rental market, but the number of permitted units has dropped dramatically.
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