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September 11, 2023
Despite Airbnb’s best efforts, the crackdown on short-term rentals (STR) in New York City has unfortunately arrived, and hosts need to prepare themselves for a whole new landscape.
While this news may be shocking for many hosts, it's important to take action now in order to ensure your business remains successful and compliant with local regulations. In this blog post, we'll look at how NYC's new laws impact STR hosting and provide advice on how you can protect your investment going forward.
Enacted in January, the new short-term rental regulation, referred to as Local Law 18, requires hosts to officially register with the city government and places tight restrictions on their hosting business.
Specifically, rentals shorter than 30 days are only allowed if hosts register with the city. Hosts must be physically present in the home for the duration of the rental, sharing living quarters with their guests. Additionally, hosts are only allowed a maximum of two guests per reservation.
Under the more strict regulations, hosts who qualify must demonstrate that they live in the property they are renting and ensure that the home complies with local safety standards and other regulatory mandates. Those who fail to comply with the updated laws may be subject to fines ranging from $1,000 to $5,000.
Airbnbs make up about 90% of all STR bookings in NYC. Since news broke a few weeks ago that Airbnb’s lawsuit was unsuccessful in blocking the new law, booking pace in NYC dropped 34% when compared to the same period year-over-year. This trend seems to be holding for the time being, as the week-over-week booking pace has dropped by 31%. Of bookings made in late August & the beginning of September, 76% were 28-day stays or longer.
On the flip side, neighboring markets are seeing an increase in booking pace. Jersey City’s booking pace increased by 33% and Hoboken’s increased by 12%.
Out of neighborhoods in New York City, these five areas are seeing the highest future occupancy levels, above 45%, for the rest of 2023:
1. Familiarize yourself with Local Law 18: It’s crucial to have an understanding of the new regulations. Doing your homework upfront can save you from costly legal issues later on.
2. Consider professional help: If you’re finding it difficult to tackle the complexities of the regulations on your own, you may want to consider consulting with a legal expert specializing in STRs. This can help you stay up-to-date with changing regulations, and assist in obtaining necessary permits.
3. Be a good host: After complying with the local regulations, you can help yourself avoid legal issues – and stand out from the competition – by being a good host. This means ensuring that your rental unit is clean, safe, and compliant with all local regulations. It also means setting clear rules and expectations for your guests and being responsive to their needs (i.e. no large gatherings or parties, no loud noise after 10pm, etc.). Happy guests are less likely to create noise complaints or other problems that could lead to other legal trouble.
4. Stay informed: STR regulations are constantly evolving, so it’s important to stay informed and update your business practices accordingly. Keep an eye on local news and legislative updates, and consider joining a community group or professional organization for vacation rentals. These resources can provide valuable support and insight into the changing landscape of the vacation rental industry.
In order to stay profitable as an NYC vacation rental host, it’s essential to make the most out of every booking you can get.
In other words, you need a powerful revenue management strategy in place to ensure you can maximize revenue and bookings while staying compliant with local laws. Beyond is a revenue management game-changer for vacation rental hosts and property managers. Beyond offers a cutting-edge revenue management system that helps hosts earn the most money possible from their vacation rentals. Beyond’s offering includes solutions for automated, real-time dynamic pricing based on shifting market trends, as well as an intuitive analytics platform to visualize those trends alongside their listings’ performance. Over the past decade Beyond has helped thousands of hosts, across millions of listings, generate billions of dollars.
Compared to their overall market performance for vacation rentals, Beyond users enjoy an impressive:
Ready to take your business to the next level? Let's get in touch and discover what Beyond can do for you.
Since pioneering dynamic pricing for the short-term rental market in 2013, Beyond has helped thousands of users price millions of listings and generate billions of dollars in revenue. Beyond’s unparalleled access to and analysis of real-time, advanced global short-term rental data powers its ability to unlock, inform, and automate action for every kind of hospitality business.
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