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Airbnb listings add $616 million in rental spending throughout NYC

Date:2018-05-07 17:55Source:ChinaTravelNews ReadingNumber: Times

The Airbnb explosion fueled an inhospitable city housing market — and cost New York residential renters a staggering $616 million in 2016, according to a new report.

The neighborhoods most affected by Airbnb were hotspots for tourism and gentrification in Manhattan, including Chelsea, Greenwich Village and Soho, and in Brooklyn — mostly in Williamsburg and Greenpoint, the report said.

With Airbnb in the mix, citywide annual gross rents went up an estimated 25.3%, or $6.67 billion, from 2009 to 2016, the study found.

Without any Airbnb listings, the rents likely would have jumped by 23%, or approximately $6.06 billion, the study found.

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