Market for temp housing heats up in Manhattan

More business hiring temporary workers, fueling demand

TRD New York /
Mar.March 12, 2014 12:30 PM

Manhattan landlords are now offering more fully furnished apartments available for short-term leases to meet a growing demand for temporary housing.

Hotels are facilitating most of the influx, the New York Times reported. The number of short-term dwellings in the New York metropolitan area climbed to 9,309 units, up from 8,330 units in 2009, according to data from the Highland Group, a hotel consultancy in Atlanta. Moreover, almost 2000 units are currently under construction, Highland told the Times.

Although the majority of hotel-units are outside Manhattan, developer G Holdings Corporation runs a Marriott-branded Courtyard Residence Inn Manhattan Central Park that is leading the pack. There are  261 extended-stay rooms on the top floors of the 1717 Broadway location, each equipped with all the usual hotel accoutrements, with added kitchen areas, appliances like dishwashers and microwaves, and a separate elevator for privacy.

The number of non-hotel units — situated in condominium and apartment buildings throughout Manhattan — is also expected to rise this year, according to Highland. The uptick in demand for such units may be attributed to New York businesses hiring more temporary workers, the Times reported. [NYT] — Angela Hunt


Related Articles

arrow_forward_ios
The economy beat expectations in June, adding 4.8 million jobs, with retail and hospitality leading the way. But a surge in coronavirus infections threatens further gains. (Getty)

Retail and hospitality led June job gains as virus surged

Retail and hospitality led June job gains as virus surged
Alex Sapir with the NoMo Soho hotel at 9 Crosby Street (Nomo Soho)

Sapir Corp’s earnings highlight challenges facing NYC hotels

Sapir Corp’s earnings highlight challenges facing NYC hotels
The rate of job loss in America has stabilized, even though businesses continue to hemorrhage employees at unprecedented levels. (iStock)

Unemployment filings stabilize — but at record highs

Unemployment filings stabilize — but at record highs
GFI Capital CEO Allen Gross and the James Hotel at 22 East 29th Street (Google Maps)

GFI Capital takes majority stake in James Hotel in $110M deal

GFI Capital takes majority stake in James Hotel in $110M deal
Federal Reserve Chairman Jerome Powell (Getty, iStock)

Real estate stocks outperform broader market but still sink

Real estate stocks outperform broader market but still sink
The construction, retail and restaurant sectors led May’s surprising jobs rebound, while the hotel industry continued to suffer. (Getty, iStock)

Construction, retail, restaurants lead May jobs rebound

Construction, retail, restaurants lead May jobs rebound
The Hotel Indigo Lower East Side at 171 Ludlow Street and Rotem Rosen (Credit: Hotel Indigo)

Tallying crisis’ toll on MRR Development’s Hotel Indigo

Tallying crisis’ toll on MRR Development’s Hotel Indigo
Selina CEO Rafael Museri (Credit: The Vollman Group)

Selina CEO says $60M in funding will get startup through crisis

Selina CEO says $60M in funding will get startup through crisis
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...