The Real Deal New York

Market for temp housing heats up in Manhattan

More business hiring temporary workers, fueling demand
March 12, 2014 12:30PM

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