Strict rules have led to a wild west of rentals, with visitors choosing between huge hotel bills or word-of-mouth dealsUntil recently, visitors to New York basically had two options: hotel rooms or short-term rental platforms like Airbnb. But in September 2023, the city started enforcing a 2022 law that banned people from renting their homes for fewer than 30 days (unless the host stayed in the home with guests).Now the only legit option for people visiting the city is hotel rooms – and they’re unaffordable for many. Most of the Times Square hotels don’t have rooms for less than $300 a night. A search for Thursday 2 May found the Muse at $356, Hampton Inn at $323 and the Hard Rock at $459 (although, because of dynamic pricing, these are subject to regular change). They’re getting more expensive still. Hotel rates have increased between the first quarter of this year and the first quarter of 2023 at twice the rate of inflation, said Jan Freitag, an analyst at the real-estate data firm CoStar Group. Continue reading…
Strict rules have led to a wild west of rentals, with visitors choosing between huge hotel bills or word-of-mouth deals
Until recently, visitors to New York basically had two options: hotel rooms or short-term rental platforms like Airbnb. But in September 2023, the city started enforcing a 2022 law that banned people from renting their homes for fewer than 30 days (unless the host stayed in the home with guests).
Now the only legit option for people visiting the city is hotel rooms – and they’re unaffordable for many. Most of the Times Square hotels don’t have rooms for less than $300 a night. A search for Thursday 2 May found the Muse at $356, Hampton Inn at $323 and the Hard Rock at $459 (although, because of dynamic pricing, these are subject to regular change). They’re getting more expensive still. Hotel rates have increased between the first quarter of this year and the first quarter of 2023 at twice the rate of inflation, said Jan Freitag, an analyst at the real-estate data firm CoStar Group.
