EP139 Airbnb Regulations in New York Explained
Summary
This podcast episode discusses New York City's complex short-term rental regulations, particularly the Multiple Dwelling Law, which restricts rentals under 30 days if the host isn't present. The episode also covers the potential benefits of embracing Airbnb in NYC, along with a discussion of how revenue management differs between hotels and short-term rentals, with tips on pricing and addressing overwhelm. Hosts in NYC should familiarize themselves with the laws and consider how they manage their pricing and time.
Key Insights
- •New York's Multiple Dwelling Law restricts renting for fewer than 30 days if the host isn’t present and has been amended to prohibit advertising, with fines up to $7500 per infraction.
- •STR pricing is harder than hotel pricing due to product uniqueness, fragmented demand, and operational constraints.
- •Applying a nominal tax could generate revenue to build affordable housing.
Action Items
- ✓Familiarize yourself with the Multiple Dwelling Law if you are an Airbnb host in New York City.Effort: lowImpact: high
- ✓Review your STR revenue management cadence to identify opportunities for improvement in pricing and booking analysis, taking cues from professional STR operators.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Freewyld Foundry(freewyldfoundry.com)
- →Hostfully: Hostfully.com(hostfully.com)
Common Mistakes
- ⚠Many hosts are unfamiliar with the Class A distinction in New York's Multiple Dwelling Law and could be at risk of breaking the law.
More from Regulations & Compliance
Carson City, Nevada, is refining its short-term rental regulations. City supervisors are currently reviewing and modifying the local ordinance during a retreat. This review aims to address operational aspects, potentially impacting local hosts through new or revised rules, emphasizing compliance.
A 21-unit vacation rental in Dunedin, Florida, has been approved, signaling potential growth in the local short-term rental market. This approval could lead to increased accommodation options for tourists visiting the area. This news could also influence local regulations.
St. Louis aldermen have approved a short-term rental fee, though a legal battle over existing rules continues. This indicates a focus on regulating the STR market within the city. Hosts in St. Louis should be aware of these new fees, which may impact their profitability. Find out how this affects your STR business.
Curated by Learn STR by GoStudioM