Airbnb & VRBO Performance in Manhattan New York.

Short-Term Rental Regulations in Manhattan, New York for 2024

Registration Requirements

• All short-term rental hosts must register with the Mayor's Office of Special Enforcement (OSE) and obtain a registration number.
• Hosts must include their registration number in all advertisements and conspicuously post their registration certificate within the rental unit.

Host Presence and Occupancy

• The host must be present during the tenancy.
• Only owner-occupied units can be used as short-term rentals, with a maximum of two paying guests permitted to occupy a rental unit at any given time.

Rental Duration

• There is a limit of 90 days per calendar year for short-term rentals in New York City. Rentals for the same individual for 90+ consecutive days are exempt from certain regulations.

Taxes

• Hosts must collect and remit applicable taxes, including New York State sales tax (4%), local city or county occupancy taxes (3-6%), and local sales taxes. Additionally, hosts must pay the New York City Hotel Room Occupancy Tax (5.875%) and a per-day Hotel Unit Fee ($1.50).

Safety Requirements

• Hosts must provide a diagram of normal and emergency exit routes, which must be conspicuously posted within the rental unit. All interior doors within the dwelling must remain unlocked to ensure unobstructed access for guests.

Zoning and Building Restrictions

• Local zoning laws, leases, co-op and condo board rules, and homeowners' association bylaws may prohibit or restrict short-term rentals. Hosts must ensure they comply with all applicable regulations before listing their property.

Data Sharing

• Home-sharing platforms like Airbnb are required to share data about listings and host activity with the City of New York.

Compliance and Penalties

• Failure to comply with these regulations can result in fines of up to $5,000 for hosts and $1,500 for platforms like Airbnb and VRBO. Non-compliance can also lead to fines ranging from $1,000 to $7,500 per violation.

Additional Requirements

• Hosts must submit personal and unit details, including proof of identification and proof of permanent occupancy, and pay a non-refundable registration fee of $145.
• Hosts must ensure that their listing address on Airbnb matches exactly with the address on New York City’s list.

High-Revenue Airbnb Neighborhoods in Manhattan, New York

Here are the top neighborhoods in Manhattan that generate significant Airbnb revenue, along with the reasons they are appealing to guests:

Midtown

• Average Revenue: $117.1K/year
• Appeal:
• Prime location with easy access to major landmarks such as Times Square, Central Park, and the Metropolitan Museum of Art.
• High demand due to various events and the start of the Broadway season, especially in September.
• Proximity to public transportation and a wide range of amenities like restaurants, bars, and shops.

Hell’s Kitchen

• Average Revenue: $89.5K/year
• Appeal:
• Strategic location with a vibrant dining scene and proximity to Broadway theaters.
• High occupancy rates, particularly in September, due to its authentic New York lifestyle and accessibility.
• Blend of old New York charm with modern amenities and recreational options along the Hudson River.

Upper East Side

• Average Revenue: Not explicitly stated, but known for high-end real estate values and luxury living
• Appeal:
• Luxury and exclusivity, offering a glimpse into the lifestyle of New York’s elite.
• Access to prestigious museums, galleries, and historic churches.
• High-end shopping boutiques and a refined cultural experience.

Chinatown (though technically part of Lower Manhattan, often considered in broader Manhattan context)

• Average Revenue: $141.7K/year
• Appeal:
• Rich cultural heritage and historic charm.
• Convenient location with easy access to public transportation and major attractions.
• Variety of local amenities and a strong sense of community.

These neighborhoods are highly sought after due to their prime locations, cultural offerings, and ease of access to major attractions and public transportation, making them ideal for generating significant Airbnb revenue.

Furnishing and Design Tips for an Inviting Airbnb in Manhattan, New York

Measuring and Layout

• Measure your rooms carefully to ensure the best layout and to avoid blocking natural light sources.
• Leave ample space for guests to move around and navigate comfortably.

Choosing the Right Furniture

• Opt for solid, sturdy pieces that can withstand heavy use, such as solid wood over particle board.
• Select furniture with easy-to-clean surfaces; consider sofas with washable covers and leather or wooden dining chairs.
• Choose beds with under-bed storage to maximize space and consider memory foam mattresses for durability.

Functional and Space-Saving Furniture

• Use space-saving furniture like sofa beds, folding tables, and ottomans with hidden storage compartments.
• Incorporate storage beds, wall hooks, and stackable containers to keep the space tidy and organized.

Lighting

• Ensure ample lighting in each room; use a combination of ceiling fans, lamps, and avoid fluorescent lighting.
• Use floor lamps and table lamps that also serve as design features.

Decor and Aesthetic

• Reflect Manhattan's unique style by choosing timeless, yet modern pieces that fit your theme.
• Use mirrors to make the space feel bigger and brighter.
• Add area rugs to define spaces and hide imperfections; choose rugs that fit the room size and traffic.

Comfort and Practicality

• Prioritize comfort, especially in bedrooms; use high-quality, easy-to-clean bedding and ensure a decently thick mattress (at least 8 inches).
• Provide enough seating and ensure dining chairs are sturdy yet lightweight.

Safety and Accessibility

• Secure large items like TVs and mirrors to the wall to prevent accidents.
• Consider making your Airbnb accessible to guests with disabilities by including features like ramps, wide doorways, and grab bars in bathrooms.

Kitchen and Bathroom Essentials

• Equip the kitchen with essentials like a coffee maker, microwave, toaster, and necessary cookware and utensils.
• Provide high-quality, durable towels and basic toiletries in the bathroom; ensure there is ample storage for guests' personal items.

Additional Amenities

• Offer additional amenities such as a hair dryer, iron and ironing board, universal phone chargers, and a first-aid kit to enhance guest comfort.
• Consider adding a Wi-Fi booster for larger spaces and ensure good lighting and easy access to power outlets.

Practical Tips to Run a Successful Short-Term Rental Business in Manhattan, New York

To ensure a smooth and compliant short-term rental experience in Manhattan, several practical tips can make a significant difference. Here are some key considerations:

Noise Regulations and Quiet Hours

Inform your guests about noise regulations and quiet hours to avoid any potential issues with neighbors. Include a section in your house manual detailing the quiet hours and the consequences of violating them.

Creating a Comprehensive House Manual

Develop both digital and physical house manuals that include essential instructions, such as Wi-Fi passwords, appliance usage, and emergency contact information. This manual should also outline the rules and regulations specific to your property and the building.

Simplified Check-in Process

Utilize smart locks to streamline the check-in process, eliminating the need for physical key exchanges. Provide clear instructions on how to use the smart locks and ensure that guests have all the necessary access codes.

Parking Instructions with Photos

If your property offers parking, include detailed instructions with photos to help guests navigate the parking area. This can reduce confusion and make the overall experience more convenient.

By adhering to these tips, you can enhance guest satisfaction, reduce potential conflicts, and ensure compliance with Manhattan's stringent short-term rental regulations.

Here is a brief list of house cleaning providers in Manhattan, New York:

Lazy Susans Cleaning Service

• Offers residential, apartment, and commercial cleaning services in Manhattan.
• Provides deep cleaning, light cleaning, move-in/move-out cleaning, and customizable cleaning plans.
• Services include general cleaning, dusting, oven cleaning, mopping, and home organization.

Miss Maid

• Specializes in apartment cleaning services in Manhattan.
• Offers one-time deep cleaning and recurring housekeeping services.
• Provides comprehensive cleaning with attention to details, and all cleaning supplies are included unless otherwise specified.
• Services are flexible and can be tailored to the client's schedule and budget.

NYC House Cleaners

• Provides a wide range of home cleaning services, including apartment, condo, and mansion cleaning.
• Offers deep cleaning, move-in/move-out cleaning, same-day cleaning, and recurring cleaning schedules.
• Services include sweeping, mopping, scrubbing, sanitizing, window washing, and more.

NY Maids

• A reputable housekeeping and cleaning service serving Manhattan and NYC since 1999.
• Offers residential and commercial cleaning services with a focus on reliability, security, and customized service.
• Employees are professionally trained, background checked, insured, and bonded.

Manhattan, New York: Understanding Short-Term Rental Management Fees

In Manhattan, New York, short-term rental management fees can vary significantly, typically ranging from 10% to 30% of the rental revenue, depending on the level of service provided. Full-service management, which includes comprehensive services such as guest communication, marketing, and maintenance, tends to be on the higher end of this spectrum, often approaching 25% to 30% of the rental income. In contrast, basic services may incur lower fees, around 10% to 15%. Additionally, property owners may encounter extra fees for services like cleaning, repairs, and design, which can further impact the overall cost of managing a short-term rental property in Manhattan.