New York has a problem: the apartments are nowhere to be found and the few that exist are being contested by a huge audience of potential tenants, with obvious implications for rents.
According to one estimate, there are currently less than 10,000 real estate units for rent in the Manhattan, Brooklyn and Queen boroughs. All the other apartments are either already occupied, or simply not available, or already destined for the huge market for short term rental That may be one of the causes of the problem: New York’s vacant apartments are less than those available on the portal AirBnB
It means that there are more apartments on AirBnB in New York than there are available for people who need long-term shelter. Moral? Rental costs are unsustainable for the average American. There is talk of a minimum of $4,000 per month, depending on the neighborhood.
At the end of April, in all of New York, only 7,699 homes had been entrusted to agencies to find new tenants. Currently the portal AirDNA highlights over 10,752 available accommodations on AirBnB.
The issue has been very topical for several years and has possibly deteriorated further since the start of the pandemic. Since the launch of platforms such as AirBnB, several associations have signaled the risk that the short-term rental market would devour the number of homes available to residents.
AirBnB has not confirmed the AirDNA data, on the other hand, the company has explained that it is aware of the problem and claims that in the last two years – in general – the number of available accommodations has fallen dramatically and this has led to an increase in rents, exacerbated by the collapse of the permits granted by the municipality for the construction of new housing.
Source: Lega Nerd