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United States

BeauHD posted from the supply-and-demand dept.

An anonymous reader quotes a report from Curbed: The fever isn't breaking. There are now bidding wars for one in every five Manhattan rental apartments (and one in three luxury units), according to the most recent Douglas Elliman report. Inventory in all of Manhattan, Brooklyn, and northwest Queens has been hovering well below 10,000 units -- as of April, the number was just 7,669. Which is several thousand less than the number of entire-apartment and entire-home Airbnb rentals available in New York City right now: 10,572, according to AirDNA, a third-party site that tracks short-term rentals. Inside Airbnb, another site that scrapes Airbnb for listings data, puts the number even higher, at 20,397.

Ever since Airbnb came on the scene in 2008, there have been concerns that the short-term-rental company would deplete the housing stock by sucking up available rooms, causing prices to rise in cities like New York and San Francisco, where there were already severe housing shortages. The absolute number of available apartments and houses on the site peaked before the pandemic and has since dropped back, according to both Inside Airbnb and AirDNA. But there's a difference now: There are just so few apartments to be had that Airbnbs make up the majority of the city's available rentals.

The company doesn't release listings or bookings data and wouldn't comment on the data collected by AirDNA and Inside Airbnb. They did however confirm that its NYC listing inventory has fallen since the start of the pandemic, citing factors that may have contributed to the housing shortage but weren't related to Airbnb. "Over the past two years, our entire space listing supply citywide has decreased, and it now represents a fraction of a percent of the city's rental units -- and all while rent prices have trended upward and city-issued permits for new-unit development remain down by a double-digit percentage," a spokesperson for the company wrote. Curbed notes that this number is "somewhat gamed," adding: "Airbnb is comparing its inventory to the total number of rental units in New York, not just the available ones, which as of 2017 was 2.18 million. But, of course, only a tiny fraction of those are open in any given year, let alone any given month."


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