“There’s always demand for short-term housing in Manhattan, because people come from all different areas to work here,” said Gary Malin, president of the rental-focused brokerage Citi Habitats, told TRD. “And they’ll pay dearly for it.”
Another example is Zeckendorf Development’s 50 United Nations Plaza, where the new owner of a three-bedroom condo is trying to rent it out. If you go with a year-long lease, you’ll pay $26,950 a month. But if you go with the six-month lease, it’ll be $33,000 a month.
The new demand for short-term stays has also led to some hotels being turned into condos while others are exploring their own extended-stay models, the report said.
Subleasing for under 30 days is illegal in New York, but that hasn’t slowed down the growth of Airbnb. According to a report by New York State Attorney General Eric Schneiderman, more than 100 hosts used Airbnb to make a combined $60 million between 2010 and 2014. Just one of them alone managed 272 listings, booked over 3,000 reservations, and made $6.8 million. The company, which is only seven-years-old, is now valued at $25.5 billion.