New York City has dropped off the top 10 list of home sharing destinations for the Fourth of July following a clampdown that has meanwhile sent hotel rates soaring citywide, according to a report., which tracks bookings on Airbnb and VRBO, showed the Big Apple plunged to No. 54 — down precipitously from its two-year perch at No. 10 in 2023 and 2022.
The city’s dizzying drop in the rankings comes as local officials crack down on home sharing sites including AirBnb.and can’t rent out their apartments for less than 30 days unless they are at home while their guests are visiting. Hotel rates have continued to rise in 2024, and were up by 6.7% to $231 during the first several months of the year when most rates dip because of slower demand compared to the same period in 2023.
The law also imposes hefty fines for violations, including longstanding rules that hosts be home for the duration of the stay.Short-term rental listings dropped by 82% from 22,246 last August to 4,000 in May, “potentially making the city less attractive to tourists,” Lane added.