Airbnb has nearly doubled its economic impact in New York City during 2014, a new study has found. According to the research, which was conducted by HR&A Advisors, the total impact of Airbnb guests in the city is $1.15 billion. A previous study promoted by Airbnb found an impact of $632 million to the greater New York City area.
The current study, again commissioned by Airbnb, looked at rentals during the full year of 2014, and found the total amount of impact to also include $235 million in economic activity outside of Manhattan itself. According to the study, the total job count supported by this revenue sits at 10,000.
In the announcement, Airbnb's regional head of public policy Max Pomeranc holds firm on the company's stance that the supplemental income from renting out a spare room is making New York more affordable for Airbnb hosts:
This study underscores what we've always known: Airbnb host are regular New Yorkers who are passionate about sharing their home and their neighborhood with visitors from across the globe. Airbnb is making New York more affordable for more families.
The release of this information was timed to coincide with Airbnb meetings with legislators in Albany, the capital of New York state, where rules regulating short-term rentals are rapidly being crafted.
The study also found:
- 90% of hosts in NYC share a primary residence
- 72% use rental income to supplement payment of bills and household expenses
- $640 is the average amount that a host earns — $301 million went to hosts in 2014
- 5 nights is the typical length of time a host rents a space
- Over 80% of listings are outside of traditional hotel districts
- 42% of guest spending is in the neighborhood where they are renting — $844 million went to New York businesses in 2014
- 5.8 nights is the average Airbnb guest stay — 1.8 nights longer than a hotel guest
- $1,060 is how much an average Airbnb guest spends in the city — $260 more than a hotel guest
- 760,000 visitors stayed in Airbnb properties, up 84% from the last measure (August 2012 - July 2013)
- 51,000 of those said they "would not have stayed in the city without Airbnb."
Some of the average hosting and primary resident data goes against some of the other data that certain Airbnb antagonists have published, such as
Inside Airbnb which shows how many hosts have multiple listings — either separate or within the same apartment/house.
As part of this announcement, Airbnb says that it is ready to start paying the estimated $65 million in taxes that it could collect if given the legal authority to do so.
The company also is asking for the state for regulations that limit sharing to the home in which the renter lives, strengthening of illegal hotel laws, and for the loosening of restrictions on rentals of rent-controlled apartments to allow renters to share as long as their rental income doesn't exceed what they pay in rent themselves.
NB: New York City image courtesy Flickr user Aurelien Guichard.