Manhattan New York Vacation Rental Managers
Income Estimates And Tips To Run a Successful Short Term Rental in Manhattan, Updated April 2023
New York City has a very high demand for short-term rentals, and the market for vacation rentals is growing. This is great news for those looking to monetize their properties. The average Manhattan apartment rents for $3,600 a month, which means you could make up to $1,200 in a single month by renting out your space. There are a few things you should keep in mind before making this move though. First of all, if you’re going to rent out your space as a vacation rental, it needs to be licensed. You can get this license through the New York City Department of Housing Preservation & Development (HPD). If you don’t have the permit yet, you can apply online at https://hudhqnyc.org/licensing>. Once you have the permit, all you need is a home inspector and insurance policy. You’re also free to set any rules that fit your personal lifestyle and preferences. Lastly, keep in mind that short-term rentals are not allowed in most residential areas. https://www.nycgoverning.nycgov2.nycgoverning/communities/longislands/home-guidelines> https://hudhqnyc.org/licensing> http://morrisandlopshirerealestateagency.com/> http
When partnering with RedAwning for your property management needs, we can make sure your Manhattan rental is set up correctly and ready to generate the most amount of revenue possible per stay.
This Manhattan vacation home is presented on every travel website, where travelers are looking to book accommodations (Airbnb, VRBO, Expedia, Google Travel, and hundreds more). And, with RedAwning's dynamic pricing, daily rates are adjusted based on seasonality and demand in Manhattan.
If you are looking to rent out your home in Manhattan, New York for a week or two, you might want to consider renting an apartment instead. The reason is that short-term rentals like Airbnb can be tricky to deal with in terms of building and zoning, and the consequences of violations can be severe. For example, if you have a problem with a noisy neighbor or if you get complaints from your neighbors, it can impact your rating on Airbnb and other platforms. If ratings drop, it can make it harder to attract guests and make it more difficult to find good hosts who will pay what they owe. If you rent out your home for weeks or months, this problem is less likely to happen because the city has time to react. But even if something does come up during your stay, the city is better prepared to deal with it because it knows exactly where to look. On Airbnb, the city’s Department of Buildings (DOB) looks at how many complaints are coming in from users and whether they fall into one of seven categories. A listing violation on Airbnb includes things like a bed left unmade or trash left behind. If you do not comply with the terms of your rental agreement, you could be hit with a fine between $250 and $2500 per day and receive a court summons.
Manhattan is one of the most expensive cities in the world to rent and maintain a primary residence. But it’s also one of the most popular destinations for visitors, so if you want to make money renting out your Manhattan home as a short-term rental, there’s no better opportunity. We’ve compiled a list of positive trends that are helping to drive demand for short-term rentals in Manhattan: First, there are more and more ways to monetize your location on Airbnb. The service has expanded from a niche vacation rental platform into an all-in-one platform that helps you find hosts, plan your trip and manage bookings. If you aren't creating your own short-term rental profile, you're missing out.
RedAwning takes the guess-work out of Manhattan property management, and we work with you to ensure your Manhattan short-term rental is set up perfectly to attract guests and maximize your rental revenue, from day-one.
Note: These averages are based on a 2 bedroom home in New York. If you'd like to find out how much revenue your home could make by providing the number of bedrooms and specifics about your vacation rental, please try our free vacation rental calculator and/or speak with one of our vacation rental experts about your vacation home, condo or unique vacation rental experience.
If you are a speculative home buyer or have another home in New York, check out our other New York Vacation Rental Management reports in Albany, Beacon, Buffalo, Cooperstown, Hyde Park, Jamestown, Lake George, New York, Niagara Falls, Poughkeepsie, Saratoga Springs, Utica, Chautauqua, Ellicottville, Far Rockaway, Mayville, Queens, Great Valley, Ashville, Dewittville, Hammond, Little Valley, Napanoch, Southampton, Bemus Point, Ellery, Maple Springs, Brooklyn, Tampa, Jersey City, Hampton Bays, Hunter, Moravia, Rochester, Selden, and Croton Falls, New York or view all of our vacation rental market reports