75%+ of short-term Airbnb rentals disappeared in NYC

Last September, New York City enforced a long-debated and much-contested policy, known as Local Law 18, which placed regulations on unlicensed short-term rentals listed on platforms like Airbnb and Vrbo. These included banning all stays for periods shorter than 30 days if the host is unregistered, as well as requiring short-term hosts to be physically present for the duration of their guests’ stays and limiting the number of paying guests in any property to 2.

A wave of applications to become a registered host soon followed; however, of the 6,395 short-term rental applications that the Office of Special Enforcement received from March ‘23 to June ‘24, only a third have been approved. As a result, the number of short-term rentals on Airbnb in NYC plummeted sharply, per data from Inside Airbnb, while long-term rentals shot up 50%.

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