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As an apartment owner in Manhattan, I find one part of the study surprising. Most Co-ops and Condos (two types of apartment financial structuring that is commo
by somberi 9y ago
As an apartment owner in Manhattan, I find one part of the study surprising. Most Co-ops and Condos (two types of apartment financial structuring that is common in NYC), explicitly ban AirBnB rental. The apartment I own, in a fancy part of the city (Upper East Side), penalises the owner $350 for first infraction, and the fines escalate for each subsequent infraction. Most Co-ops even prohibit non-owners living in the building (they cannot rent it out). I wonder who these people are, that are able to buy AirBnB'able apartments.
I just searched Streeteasy.com, a popular NYC real estate listing site for Airbnb and I was not able find any listings (Query: https://streeteasy.com/search?utf8=%E2%9C%93&search=airbnb&commit= https://streeteasy.com/search?utf8=%E2%9C%93&search=airbnb&c...).
I also looked at the data-source in the Citylab article (Airdna.com) and I see that I would earn 10% more by Airbnb'ing my apartment than finding a tenant. For me this 10% is not worth optimising for, considering the tenants go through a credit evaluation process, I don't risk any vacancy and I do not have to change the sheets every other week.
- bradleyjg 9y agoWhy would you think people willing to violate state law would have any scruples about violating a propriety lease or condo agreement?
- ng12 9y agoYou do not want to mess with a co-op board in NYC. You'll have neighbors who will rat you out whenever they can, the doormen/supers will be on the lookout for sketchy behavior, and the board will be draconian in it's enforcement. It sounds silly but people take co-op rules very seriously.
- srtjstjsj 9y agoBecause state law enforcement is weak but it's easy for neighbors to rat you out to management