More New Yorkers rent out apartments as hotel rates skyrocket

From the January issue: Hotels are getting more competition from New York residents who are acting as innkeepers and opening their doors to tourists looking for a cheaper stay and a more authentic New York experience. That shift is helped by the role of the Internet in brokering transactions between apartment owners and potential short-term renters. In November 2006, city residents advertised 10,484 apartments as vacation rentals on Craigslist, the general clearinghouse site. A year later, that number spiked to 14,434, a representative for the site said. According to the city’s marketing and tourism arm, NYC & Company, the average cost of a city hotel room hovers around $300 a night, and occupancy rates run upward of 90 percent.