The Airbnb NYC Rollercoaster: Buckle Up For Adventure!
WRITTEN by Brody Lluis
Hey there, fellow real estate enthusiasts! If you're into the wild world of short-term rentals in the Big Apple, you've probably heard the whispers about the infamous Law 18, aka the Short-Term Rental Registration Law. But, have no fear, Cadiz Lluis is here to break it down for you with a dash of wit and wisdom. So, What's This Law 18 All About? On January 9, 2022, the city that never sleeps decided to take a nap by adopting Law 18. In plain English, it says this: "Hey, homeowners, if you're renting out your place for a short stint, you gotta register with the Mayor's Office of Special Endorsements (OSE)." Oh, and Airbnb and VRBO, they can't process any transactions for unregistered short-term rentals. Bummer, right? But wait, there's more! On September 5th, phase one of this law kicked in, and it's not playing around. Law 18's enforcers are teaming up with third-party platforms, making sure they're using the city's verification system. It's like a matchmaking service for rentals! What's in Store for Short-Term Homeowners?
Now, before you start packing your bags, let's talk about the future. I'm here to tell you, the party isn't over. Companies like Rove are out there, going direct-to-consumer, offering homeowners an opportunity to list their properties on their platform and they will manage your unit for you but at a fee. And websites like Renthop? They're the cool kids who let homeowners post their listings for potential tenants, and you can rent out your place the way you want with no fee.
So, don't panic! Law 18 isn't saying "no" to short-term rentals; it's just asking for the city's seal of approval. So, if you're dreaming of becoming an Airbnb or VRBO superstar, just get your unit the city's thumbs up. Make sure you've got all the city's requirements down to a tee.
The Short-Term Rental Market in NYC is Sizzling! Being from LA and starting our business there we have dabbled in short-term rentals. But when I landed in New York two years ago, something extraordinary happened. My inbox exploded with inquiries for short-term rentals, way more than my California. The demand here is like a NYC taxi in the rain – unstoppable! Now, here's a fun fact for you: New York City ranks as #2 on the Airbnb listings chart. The appetite for short-term rentals is like a New Yorker's craving for a slice of pizza – insatiable. So, when I chat with homeowners, asking if they're losing sleep over Law 18, their response? "I'd go to court, pay the legal fees – whatever it takes!" These homeowners are minting money renting out their cozy little units. In Closing: Opportunity Knocks in NYC! To wrap it all up, if you've ever thought about jumping into the short-term rental game in NYC, don't hesitate. There's a whole lot of green to be made right here. And guess what? I'm just a click away if you need someone to guide you through and do a full underwriting for your potential unit. So cheers, here's to opportunities, to the adventure, and to making some serious cash in the city that never sleeps!