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65.2 MILLION Visitors
$44 BILLION in Tourism Generated Revenue

Vacation Rental Report for New York City

Increase Your Market Share With Industry Insights

The Hotel Market Is Flourishing Beyond Manhattan

While Manhattan remains the major NYC travel hub, areas in Brooklyn and Queens are starting to gain momentum with travelers looking for smaller, more boutique style accommodations with fewer business-related amenities. Hotel inventory continues to grow both in Manhattan and submarkets in Brooklyn and Queens to accommodate rising occupancy levels. Case in point: now is the time to get your inventory online. There’s a myriad of untapped market share and demand continues to grow. 

Which Changing Demographics Are Affecting Demand 

The short-term rental market has undergone a quiet surge in recent years. From 2014 to 2018, the booking value of hotels showed a modest combined annual growth rate of 3% while short-term rentals had a CAGR of 12%, from $64B to $101B. Changing demographics have created huge interest in alternative accommodations, encouraging billions in venture capital funding for coworking, co-living and shared-housing concepts.

How Corporate Housing Is Leading the Charge

The corporate-housing market saw a 13% rise, to $3.62 billion in 2017 in its fifth consecutive year of growth. The number of available housing units nationwide rose 6.5% to 71,201. Let’s just say there’s no shortage of competition in this space but, if you know your consumers well and your competition even better, you position yourself to steal market share in a market that doesn’t seem to be slowing down any time soon. 

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Will Regulations Stiffen?

In the last year, vacation rental growth in New York City has slowed down considerably from its heyday. Under New York State’s Multiple Dwelling Law (MDL), short-term rentals of fewer than 30 days are illegal in buildings with 3 or more units unless the owner is present. However, industry players in other major cities with similar regulations have discovered clever ways of continuing to thrive in tight regulatory climates. 

Insights You Will Gain From This Report Include:

  • How Property Managers in other major cities have overcome similar short-term rental regulations

  • How changing demographics have affected demand

  • Variation of demand type region to region

  • Are you charging enough for your NYC vacation rentals?

  • Which NYC submarkets are attracting the most travelers

  • Which OTAs will get your listings the highest conversions?

  • What can you do to get your share of this market right away?

  • Is it worth investing in additional inventory in NYC?

  • How are vacation rentals thriving in the current regulatory climate?

  • How early are guests booking their accommodations? Is your calendar updated far enough in advance?

  • How much do occupancy rates vary year to year? What can you expect?

  • What minimum and maximum stay windows should you be offering?

  • How can free cancellation policies boost your bookings?

  • Traveler Profile Breakdowns