New York placed strict restrictions on short-term rentals last year. Rents still remain high, and some former hosts are frustrated. Meanwhile, Airbnb rentals in New Jersey are booming.
Six months have passed since New York City all but banned short-term rentals like those offered via Airbnb. The policy was intended to free up apartments in America’s most congested city to become homes for long-term New Yorkers, instead of housing rotating out-of-town guests that bring noise, trash, and worse. So far, the law’s most noticeable effects seem to be sending droves of tourists to New Jersey and frustrating small-time Airbnb hosts.
Hotel occupancy rates in New York have been slightly up year-over year, by 4 percent in January and 3.4 percent through February 24, according to CoStar, which tracks commercial real estate. The average daily room rate in January was up from $198 a night to $209, and from $200 to about $207 through February 24.
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