Airbnb Drives Up New York City Rents: McGill University

Airbnb rentals have reduced the supply of housing in New York City so sharply in the last three years that rents have risen as a result — 1.4% over the last three years, or about $380-a-year in rent, according to “The High Cost of Short-Term Rentals in New York City,” a report from the Urban Politics and Governance research group School of Urban Planning at McGill University.

The report was commissioned by the Hotel Trades Council, AFL-CIO — no friend of Airbnb.

Airbnb has removed between 7,000 and 13,500 units of housing from New York City’s long-term rental market, including 12,200 frequently-rented, entire-home listings that were available for rent 120 days or more, and 5,600 entire-home listings available for 240 days or more, according to McGill.

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