New York City sees spike in short-term rental offerings as a result of COVID-19 pandemic

The Empire State
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New York City renters are looking for more flexibility when it comes to their living situation as the coronavirus pandemic continues.

According to a recent report from StreetEasy, the demand for more flexibility comes from renters that are trying to delay a permanent housing decision as well as college students leaving their dorms and medical personnel that have come to New York City to help on the front lines. As a result, the website’s share of short term or month-to-month leases has grown by more than 70% since April 1. 

StreetEasy also noted that their share of furnished rentals also rose by 40% year-over-year as a result, and that the presence of short-term and furnished listings – most of which are in Manhattan – are expected to continue to rise in an effort to meet the needs of temporary and permanent residents during the pandemic.

One of the reasons why more short-term rentals are available, according to the report, is due to the lack of tourists visiting the city during this time. Many owners offering short-term rental vacation units have been hit by the drop in tourism and are beginning to list their units on a month-to-month or longer-term lease to stay afloat. Others have stepped up their efforts by providing their vacant units for first responders or health care personnel.

Despite the uncertainty, StreetEasy states that now can be a good time to rent if a New Yorker is looking for something that isn’t a traditional one-year lease. 

Read the full report at streeteasy.com.


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