By Jerry Limone
Airbnb’s Manhattan listings that are comparable to hotel accommodations are on average 7% cheaper than hotel room rates, research firm STR said, citing data from website InsideAirbnb.com.
Hotel-comparable Airbnb accommodations increase Manhattan’s lodging inventory by 6% and all five of New York City’s boroughs by 8%. Listings totaled about 8,600 units in the city, factoring out listings for shared homes, accommodations where guests sleep on couches and air mattresses, and boats.
STR estimated that Airbnb listings for entire homes or apartments accounted for 55% of the company’s New York listings.
Airbnb operations in New York have been controversial because of allegations by politicians and hoteliers that most Airbnb listings violate local housing laws by promoting stays of fewer than 30 days.
New York remains the most lucrative U.S. hotel market, though it was one of only two markets out of the largest 25 in the U.S. (the other being Houston) to record a drop this year in revenue per available room (RevPAR) because of additional hotel room supply.
Through June, New York hotel’s RevPAR was about $197 a night, 10% higher than No. 2 Oahu’s, though 2.8% lower than a year earlier, according to STR. U.S. hotel RevPAR rose 8.2% during the first half of the year.
Outside of Manhattan, hotel-comparable Airbnb listings accounted for 38% of Brooklyn’s short-term lodging stock and 4% of Queens’ inventory.
The average qualifying Airbnb listing price was about 9% higher than hotel room listings in Brooklyn and 7% higher than Queens hotels.