While New Yorkers may not be earning big bucks for their spaces on Airbnb — a median $5,474 citywide annually — they are earning enough to be able to afford to stay in their homes. This comes from newly released data from Airbnb on July 7th, 2016.
The data, which covers the period between June 1st, 2015 to June 1st, 2016, paints a detailed socioeconomic picture of the Airbnb NYC community.
In a city where notoriously high rents steadily continue to rise, it’s not surprising to learn that most NYC Airbnbers only rent their spaces occasionally in an effort to earn extra income just to stay in their pricey homes. In fact, the median number of nights booked annually is only forty-seven.
The majority of NYC hosts have low, moderate or middle level incomes as classified by the United States Department of Housing and Urban Development, and three quarters use their revenue from Airbnb just to afford their residences.
Ninety percent of hosts list their primary residences on Airbnb. For most Airbnbers in NYC, what they earn is a lifesaver and not disposable income.
There were 41,373 active listings as of June 1st, nearly half located in Manhattan. Brooklyn’s offerings topped 15,934 while Staten Island trailed with the fewest listings, 192.
The primary source of host revenue came from guests staying in entire homes, 76 percent, and the vast majority of those stays were short term, 49 percent.
Following reports that many hosts offering multiple spaces were in fact commercial operators, Airbnb began the “One Host, One Home” policy for NYC listings. Airbnb has since removed 2,233 listings and continue to rigorously police new listings. This also allows Airbnb to help the long-term rental market by keeping properties off of the site that might have been in the long-term rental pool.
Airbnb continues to find itself in hot water as the legality of many of its listings continues to be questioned. The issue of legality surrounds the Multiple Dwelling Law, that states occupants of a multiple dwelling shall only stay longer than thirty days. Governor Cuomo has yet to sign a proposed law banning all NYC Airbnbs under thirty days, essentially making all short-term rentals illegal.
Click here to view the full Airbnb report.