They go from 21,900 to 3,700 in one year
RR | New York | September 4, 2024
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RELATED TOPICS: Airbnb, Stock Market, Manhattan, New York
Airbnb has asked New York City authorities to reconsider regulations imposed on rentals of less than 30 days, as the number of listings has already dropped by 83%, from 21,900 in July 2023 to 3,700 in July 2024.
“A year after their passage, New York City’s unprecedented short-term rental rules have failed to deliver on their promise to combat the housing crisis. In the wake of the strict measures, consumers are instead faced with higher Hotel prices than ever and residents with higher rents than ever,” Airbnb said in a statement.
Airbnb says the average Hotel price in New York has increased by 7.4% over the past year, compared to the national average of just 2.1%, according to CoStar data. Meanwhile, rents increased by 3.4% during the first 11 months of Local Law LL18 being implemented, according to Big Apple’s StreetEasy, which cites Airbnb.
“This suggests that other factors are driving up rent prices. In fact, the median asking price in downtown Manhattan last year peaked at $5,000 for the first time in history,” the statement said.
As reported by REPORTUR.usAirbnb shares fell sharply in early August, more than 16%, after the company announced its negative outlook for the third quarter, including weak demand from Americans despite the summer season. (Airbnb sinks due to slowing bookings in the US and shorter Trips).
Airbnb investors also projected more than the rental platform had achieved in terms of booked nights and experiences for the second quarter, falling 8.7% short of investors’ estimates.
