With one of the most recognizable skylines in the world, New York City is a place you need to experience at least once in your lifetime! Places like the Times Square, the Empire State Building, the Statue of Liberty, or the ever-famous Central Park will leave you wanting for more. Hollywood movies have only added more to their charm. With a population of 8.3 million people, New York City is one of the most populated cities in the country. Inside Airbnb has reported over thirty thousand Airbnb listings in New York. At this point, there are more New York vacation rentals available than there are apartments to rent. With high demand and supply, it is important to understand and research before finalizing the itinerary.
New York City comprises five large districts or boroughs known there – Manhattan, The Bronx, Brooklyn, Queens, and Staten Island.
Hosting in the New York Vacation Rentals Market
New York has a robust job market. The rental market here is one of the most expensive markets. It is likely to be a profitable investment when rented over a long holding period. Most New York vacation rentals add a quirky twist to the quirky, culture-filled city.
Investing in real estate is a great way to diversify your portfolio. Hedging against inflation while generating revenue, fewer markets are as lucrative as New York City’s.
When you get started on your New York vacation rentals journey, you need to understand and research:
- the kind of property you want to invest in
- the location of the property
- The amenities you want to provide
- marketing and advertising your property
One of the first things you need to look at while setting up a vacation rental business is the rules and regulations around rentals in your area. New York vacation rental market is fragile; short-term rentals are banned! Understanding the rules and regulations can help you choose the right kind of New York vacation rental property for you to invest in.
You need to remember the following things:
- You can not rent an entire apartment or home for less than 30 days, even if you own or live in the building.
- You must be on the property if the stay is for less than 30 days.
- You may have two PGs staying on your property for fewer than 30 days if they have unobstructed access to every room and exit in the building.
- Internal doors can not have key locks. All occupants must maintain a common household.
- You must follow the NYC Administrative Code’s safety guidelines.
- New York State Law prohibits advertising an apartment in a building with three or more permanent residential units for less than.
Most Popular Areas to Book a New York Vacation Rental
Where do you begin with so many options (locations) to choose from? We have brought you a list of the most lucrative locations for investment in New York vacation rentals.
#1 Long Island City, Queens
Long Island City is a waterfront neighborhood along the East River packed with great investment opportunities and a strong market appreciation. LIC saw nearly 10% growth in property values in the last five years. The neighborhood has green spaces, including Gantry Plaza State Park, and plenty of shopping and dining opportunities on Vernon Boulevard. You can visit the Gantry Plaza State Park, Noguchi Museum, Hunter’s Point South Park, Socrates Sculpture Park, The Secret Theatre, streetwear and creative lifestyle shop that looks like a dry cleaning spot – Long Island City Kleaners, and take a peaceful walk in the Queensboro Bridge to the Roosevelt Island Tram.
You will welcome guests looking for a little peace and quiet while trying to explore the quirky side of the bustling New York City.
#2 Upper East Side, Manhattan
The upper east side has been nicknamed the ‘boom-market’ by the Bank of America. This classic neighborhood has been the shooting spot for various shows and movies, such as ‘Sex and the City’. The properties sell after 175 days in the market in this neighborhood. You can visit museums such as Museum Mile, Goethe Institute, and New York Historical Society and rejoice in the beauty of the Cathedral of Saint John the Divine. Enjoy the culinary beauty of Nice-Matin and shop in the Millionaire’s Row – Fifth Avenue.
Get ready to welcome shopaholics and Hollywood fanatics.
#3 Bedford-Stuyvesant, Brooklyn
This neighborhood in central Brooklyn is popular for its rich culture. The creative class is flocking to this neighborhood. If you are looking for a place that is up-and-coming, close to the other areas in the city, then this neighborhood with over 16% appreciation over the past few years might be the perfect fit for you. You can visit the Biggie Mural, brownstone buildings built in the 19th century, Brooklyn Art Library, and Nitehawk Cinema. Shop vintage, artisanal things at the Grand Street or take a cooking class at the Brooklyn Kitchen.
Brooklyn is the bed for culture. You might welcome guests who are knee-deep in culture and want to bask in the raw history of Brooklyn.
Understand the Amenities to Provide in your New York Vacation Rental
What can you do to understand the kind of New York Vacation Rentals in your area? You need to understand your guests’ desires. It is important to do your market research. There are two ways you can go about doing this research:
- Go into Airbnb (or any other OTA – Vrbo, Booking.com, etc.). Look at the other properties listed around your property’s neighborhoods and find out what they offer. This will help you a little in understanding the amenities that your guests are looking for.
- Look into travel forums, Reddit, Quora, Facebook groups, etc. While OTAs can provide you an insight into your guests’ requirements or desires. However, it is still third-party information. In these groups, you can hear firsthand from your guests. This will help you understand the various problems your guests might have experienced in the other properties in your area.
- Leverage technology to look deeper into your property and the market. You can use PriceLabs Market Dashboard to analyze the various amenities your competitors provide in the market and also understand the amenities your guests are looking for.
Getting your New York Vacation Rental to Reach More People
While setting your property up for success, it is important to remember that the path to successful hosting is achieved by trial and error. You must constantly review the market and your guests’ feedback to understand what you are doing right or wrong. Airbnb hosting tips and tricks from peers and industry experts might also help.
Market dashboards are fully automated personalized dashboards that help you to track vacation rental data anywhere in the world. You can analyze the various KPIs of your property type to be able to make informed investment and pricing decisions to maximize profit. It also helps you have a better look at the other markets whenever you decide to expand or create your portfolio.
At the same time, it is important to ensure you are marketing your property properly. There are various bases to cover when it comes to optimizing your property’s advertising.
New York City is a city of dreams. History, culture, finance, and stardom all exist in perfect harmony in the state. Find your space in this fascinating state and make your mark. While planning the best path for your NYC rental journey, do not forget to factor in time to take in the beauty and the massive emotion of the Big Apple. The city has given birth to many dreams and is supporting the livelihood of 8.3 million people. Go into the city with an open mind to explore and get lost in its sheer beauty.