Airbnb rentals in some New Jersey cities have seen an increase in bookings since a New York City law took effect that essentially banned AirBnb rentals of less than 30 days.
The law, which took effect Sept. 5, 2023, bans rentals of less than 30 days unless the owner is present. It was meant to help solve a housing shortage in the city that was driving up rents and homelessness rates.
But an unintended byproduct of the law has been a boon for Airbnb owners in New Jersey, particularly those in Jersey City, Hoboken and Weehawken.
AirDNA, a provider of global short-term rental data on over 10 million properties, found that demand for short term rentals increased by 77% in Jersey City, 45% in Weehawken and 32% in Hoboken as of February, compared to data from the same time last year.
“A recent survey found guests are less likely to visit New York City because of rising hotel prices and a drop in accommodation options following implementation of the city’s short term rental rules,” a spokesperson for Airbnb told NJ Advance Media.
Rental rules for New Jersey are set on a town-by-town basis. The state imposes an occupancy tax but each municipality decides things like how many days per year a short term rental can be used, permitting and other logistics. Some New Jersey towns have banned short term rentals.
Surf City on New Jersey’s Long Beach Island, was ranked No. 7 on a list of the top 10 trending Airbnb destinations, out of 72,000 cities, for summer travel last year.
Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.
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Allison Pries may be reached at apries@njadvancemedia.com.
