In September, New York introduced Local Law 18, which re-classified short term renting statewide. Short-term rental hosts will need to register with the Mayor’s Office of Special Enforcement (OSE) to see if they qualify. Due to this new law, thousands of short-term rental listings on platforms such as AirBnB and VRBO listings were removed.
New regulations stipulate that hosts must:
- occupy the same unit or apartment as their guests
- not have more than 2 paying guests at one time
Specifically, the host of the listed short-term property must “maintain a common household” with guests, otherwise the rental is illegal. Building with a Class B designation, such as hotels, lodging houses, furnished room houses, boarding house, and the like are exempt from this new law, all others must comply or opt out.
This new legislation has pushed many to seek new forms of investment outside on New York, such as South Florida. New short-term rental projects are currently under development throughout the Downtown Miami and Wynwood areas. Learn more by taking a look at our portfolio of properties.
It will be interesting to see what the New York short-term rental market will look like in 2024. Make sure to check back for further developments on this story.