Most Popular Areas to Book New York Vacation Rentals

Hosting in the New York Vacation Rentals Market

New York has a robust job market. The rental market here is one of the most expensive markets. It is likely to be a profitable investment when rented over a long holding period. Most New York vacation rentals add a quirky twist to the quirky, culture-filled city.

Investing in real estate is a great way to diversify your portfolio. Hedging against inflation while generating revenue, fewer markets are as lucrative as New York City’s.

When you get started on your New York vacation rentals journey, you need to understand and research:

1. the kind of property you want to invest in
2. the location of the property
3. The amenities you want to provide
4. marketing and advertising your property

One of the first things you need to look at while setting up a vacation rental business is the rules and regulations around rentals in your area. New York vacation rental market is fragile; short-term rentals are banned! Understanding the rules and regulations can help you choose the right kind of New York vacation rental property for you to invest in.

You need to remember the following things:

1. You can not rent an entire apartment or home for less than 30 days, even if you own or live in the building.
2. You must be on the property if the stay is for less than 30 days.
3. You may have two PGs staying on your property for fewer than 30 days if they have unobstructed access to every room and exit in the building.
4. Internal doors can not have key locks. All occupants must maintain a common household.
5. You must follow the NYC Administrative Code’s safety guidelines.
6. New York State Law prohibits advertising an apartment in a building with three or more permanent residential units for less than.

Most Popular Areas to Book a New York Vacation Rental

Where do you begin with so many options (locations) to choose from? We have brought you a list of the most lucrative locations for investment in New York vacation rentals.

#1 Long Island City, Queens

Long Island City is a waterfront neighborhood along the East River packed with great investment opportunities and a strong market appreciation. LIC saw nearly 10% growth in property values in the last five years. The neighborhood has green spaces, including Gantry Plaza State Park, and plenty of shopping and dining opportunities on Vernon Boulevard. You can visit the Gantry Plaza State Park, Noguchi Museum, Hunter’s Point South Park, Socrates Sculpture Park, The Secret Theatre, streetwear and creative lifestyle shop that looks like a dry cleaning spot – Long Island City Kleaners, and take a peaceful walk in the Queensboro Bridge to the Roosevelt Island Tram.

You will welcome guests looking for a little peace and quiet while trying to explore the quirky side of the bustling New York City.

#2 Upper East Side, Manhattan

The upper east side has been nicknamed the ‘boom-market’ by the Bank of America. This classic neighborhood has been the shooting spot for various shows and movies, such as ‘Sex and the City’. The properties sell after 175 days in the market in this neighborhood. You can visit museums such as Museum Mile, Goethe Institute, and New York Historical Society and rejoice in the beauty of the Cathedral of Saint John the Divine. Enjoy the culinary beauty of Nice-Matin and shop in the Millionaire’s Row – Fifth Avenue.

Get ready to welcome shopaholics and Hollywood fanatics.

#3 Bedford-Stuyvesant, Brooklyn

This neighborhood in central Brooklyn is popular for its rich culture. The creative class is flocking to this neighborhood. If you are looking for a place that is up-and-coming, close to the other areas in the city, then this neighborhood with over 16% appreciation over the past few years might be the perfect fit for you. You can visit the Biggie Mural, brownstone buildings built in the 19th century, Brooklyn Art Library, and Nitehawk Cinema. Shop vintage, artisanal things at the Grand Street or take a cooking class at the Brooklyn Kitchen.

Brooklyn is the bed for culture. You might welcome guests who are knee-deep in culture and want to bask in the raw history of Brooklyn.

Understand the Amenities to Provide in your New York Vacation Rental

What can you do to understand the kind of New York Vacation Rentals in your area? You need to understand your guests’ desires. It is important to do your market research. There are two ways you can go about doing this research:

1. Go into Airbnb (or any other OTA – Vrbo, Booking.com, etc.). Look at the other properties listed around your property’s neighborhoods and find out what they offer. This will help you a little in understanding the amenities that your guests are looking for.
   
2. Look into travel forums, Reddit, Quora, Facebook groups, etc. While OTAs can provide you an insight into your guests’ requirements or desires. However, it is still third-party information. In these groups, you can hear firsthand from your guests. This will help you understand the various problems your guests might have experienced in the other properties in your area.
   
3. Leverage technology to look deeper into your property and the market. You can use PriceLabs Market Dashboard to analyze the various amenities your competitors provide in the market and also understand the amenities your guests are looking for.

Navigate Restrictions to Protect your New York Vacation Rental from any Liabilities

It is important to ensure your interests are protected in a market as regulated as the New York vacation rentals market. Maintaining a proper rental agreement can save you a lot of trouble.

What are the few things that you need to consider:

1. Cancellation policies. When your options are already limited, it is important to make sure that you are protected in case of cancellations. You might never be able to prevent cancellation altogether. The only thing you can do is protect yourself. Maintain a clear-cut cancellation policy that is properly visible to your guests’ before booking a stay at your property. You can be a little flexible in your policies to ensure that you and your guests have a pleasant experience. Remember that proper communication is key to any service in the hospitality industry.
   
2. Cleaning fees. A clean property is the first and foremost thing in hosting a successful rental. It costs quite a lot to maintain a clean property. Here, you must remember that you would most likely be extending your property for extended or long-term stays. In this case, both you and your guest want clean property. You should determine an appropriate amount to charge your guest to maintain the property to appropriate safety and cleanliness guidelines.
   
3. A comprehensive rental agreement. There are too many things to consider when going for extended or long-term stays. You would have agreed on a flexible pay cycle, cleaning cycle and fees, extra person or guest guidelines, internet usage guidelines, property usage guidelines, and more! This must be documented properly to ensure that both you and your guests know all their restrictions and benefits. This should be physically documented on paper rather than just a verbal agreement – if anything goes sideways, you are protected!

Getting your New York Vacation Rental to Reach More People

While setting your property up for success, it is important to remember that the path to successful hosting is achieved by trial and error. You must constantly review the market and your guests’ feedback to understand what you are doing right or wrong. Airbnb hosting tips and tricks from peers and industry experts might also help. 

Market dashboards are fully automated personalized dashboards that help you to track vacation rental data anywhere in the world. You can analyze the various KPIs of your property type to be able to make informed investment and pricing decisions to maximize profit. It also helps you have a better look at the other markets whenever you decide to expand or create your portfolio. 

At the same time, it is important to ensure you are marketing your property properly. There are various bases to cover when it comes to optimizing your property’s advertising.

New York City is a city of dreams. History, culture, finance, and stardom all exist in perfect harmony in the state. Find your space in this fascinating state and make your mark. While planning the best path for your NYC rental journey, do not forget to factor in time to take in the beauty and the massive emotion of the Big Apple. The city has given birth to many dreams and is supporting the livelihood of 8.3 million people. Go into the city with an open mind to explore and get lost in its sheer beauty.