According to the latest batch of market reports, Airbnb hosts are pushing the limits on the number of guests staying in New York City rentals, Manhattan’s shrinking FIRE tenants are taking up less space, and rental prices aren’t keeping pace with last year’s growth.
Airbnb and overcrowding in NYC rentals: New York State Senator Jeffrey Klein
At least 110 postings were found on the short-term rental website Airbnb advertising accommodations for large parties of 13 or more guests. The advertisements violate both New York State and New York City housing laws. Read the full report here.
August 2016 pending home sales: National Association of Realtors
Pending home sales fell 2.4 percent in August, and was down for the third time in four months. It reached its lowest level since January. Read the full report here.
August 2016 Manhattan and Brooklyn rents: StreetEasy
Manhattan and Brooklyn’s rental prices haven’t kept pace with last year’s growth. Median rent in Manhattan was up 2.9 percent in August, while rents rose 5.8 percent during the same period last year. Read the full report here.
Q3 2016 Manhattan office leasing: JLL
Financial service, insurance and real estate tenants took up 11 million square feet less offie space then they did four years ago. Read the full report here.
Global real estate bubble index: UBS
New York City’s housing market is unlikely to see a housing bubble this year, according to an index that tracks the bubble risk for 18 global cities. Vancouver, London and Stockholm rank highest on the index as most at risk for a housing bubble. Read the full report here.