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.
- •Applying a nominal tax could generate revenue to build affordable housing.
- •STR pricing is harder than hotel pricing due to product uniqueness, fragmented demand, and operational constraints.
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
- →Hostfully: Hostfully.com
Watch Out For
- ⚠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.
Related News
Homeowner with shark on roof can't use as Airbnb… but neighbour netting fortune - thesun.co.uk
A homeowner with an unusual listing feature (a shark on their roof) cannot use their property as an Airbnb, while a neighbor is apparently successful. This situation highlights the importance of understanding local regulations and their impact on listing eligibility. Hosts should carefully consider how their property's features might affect their ability to operate an STR.
Lisbon relaxes rules for short term rentals - TravelMole
Lisbon has relaxed its short-term rental regulations. Hosts in Lisbon should review the new rules to ensure compliance and understand any changes to operating requirements.
Some short-term rental owners hit with criminal charges as Santa Fe County ramps up enforcement - Santa Fe New Mexican
Santa Fe County is increasing enforcement of short-term rental regulations, resulting in criminal charges for some owners. Hosts in Santa Fe County should ensure they are in compliance with all local regulations to avoid legal issues.
Buellton delays motel short-term rental ordinance, awaits state guidance - Santa Maria Times
The city of Buellton is delaying the implementation of a short-term rental ordinance for motels, pending guidance from the state. Hosts in Buellton should stay informed of local regulations as they evolve.