More than 75% of Airbnb’s short-term rentals have vanished from the Big Apple following a tough city crackdown on the home-sharing site, according to a report.
The fast-evaporating listings have left thousands of visitors planning to spend the holidays in Manhattan in limbo – and is expected to provide a boon to the city’s hotel industry.for Airbnb’s largest market – which went into effect on Sept. 5 – limit all short-term rentals to just two guests and require the hosts to be present for stays of less than 30 days.
Airbnb’s short-term rentals in NYC have declined by 77% since a new rule in the city went into effect on Sept. 5.Some of those units switched over to rentals for stays of 30 days or longer, which grew by 48%, to 34,900, accounting for 87% of Airbnb’s total listings in New York City, according to the data.
Hotels were forecasting a 10% increase in revenue per available room in New York City next year but with a hobbled Airbnb, that increase could rise by as much as 16%, according to Skift.
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