The Real Deal New York

Scorecard: Short-term rentals, big and small

A roundup of news and data on the residential and commercial markets

December 03, 2015 04:45PM
By Will Parker

Home-Suite-data-1From the December issue: From “co-living” to corporate relocation, the short-term rental market is becoming more streamlined while finding temporary units is getting easier by the day. Data from short-term rental website HomeSuite revealed that while the majority of those on the hunt are only in need of a small space, nearly a quarter of searchers sought units with multiple bedrooms.

“Homes with two-plus bedrooms are particularly difficult to find in New York City,” said HomeSuite’s CEO David Adams. Apart from families making job-related moves or those who are in town for medical reasons, the greater appeal of a large pad that’s already furnished is another driver of the demand, he said.

In addition to the short-term world, The Real Deal also looked at the luxury rental market this month. A report from property management company FirstService Residential found that luxe rentals in Long Island City now approach prices in more established Downtown Brooklyn. Developers in LIC have ample space available to add over-the-top amenities to luxury buildings. “They’re building towers on acres of land, not 100 x 100 lots,” said Eric Benaim, CEO of Queens-based brokerage Modern Spaces.
Additionally, a TRD analysis of On-Line Residential data found that Douglas Elliman had the most exclusive rental listings over $10,000 a month in Manhattan.