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The Fall Of The Empire State’s STRs

By The Landing Team | Sep 8, 2023

It’s no secret that Short-Term Rentals (STRs) have fallen out of public favor for many communities. The term NIMBY (Not In My Back Yard) has been coined for residents who are resistant to change and hold a strong sense of pride for the identity of their neighborhood.

The most recent crackdown on short-term rentals has New York NIMBYs rejoicing as they no longer have to worry about STRs infesting their living quarters. But this leaves a significant displaced population of STR operators who are now burdened with the task of finding creative ways to generate revenue— often their main source of income.

The furnished rental business can be unforgiving. Any operator in this space understands the risk, especially when 12-month leases are involved. Luckily, there are still ways to generate income in this industry despite these new regulations.

New York’s Local Law 18, also known as the Short-Term Rental Registration Law, requires that hosts stay in the same unit as guests and that there are no more than two guests staying with the host starting September 5, 2023. Of course, this requirement is in addition to registering with the Mayor’s Office of Special Enforcement. More information about registration can be found here.

Although this would make the hosting experience more personal, it causes major operational headaches for those who run a larger furnished rental business. Fortunately, there are ways STR operators can pivot to maintain income while hurdling these new regulations.

Stays longer than 30 consecutive days are exempt from this regulation, carving out an opportunity to cater to a different consumer. The extended stay renter ranges anywhere from a remote tech worker to a traveling nurse. Instead of optimizing for flashy pools and amenities, these renters prioritize day-to-day comfort, often searching for things like ergonomic desks, natural light, comfortable beds, and proximity to work locations.

There is nuance when switching from a strictly STR business to a longer game. Instead of viewing your metrics in terms of a daily timeline, it’s now more effective to zoom out and assess your unit economics on a monthly timeline.

Not only that, but there is upside to extended stay rentals as an operator. Longer stays mean fewer turnovers, which means less work. That is what all business owners want, right? More money, less work.

Now, how do you attract guests looking for long-term stays? In traditional STR marketplaces, it’s easy to get lost in the sea of flashy and sub-par listings. It’s difficult for potential renters to find suitable solutions.

This is where Landing’s marketplace has an advantage. Landing specializes in extended stays. Guests come to Landing specifically looking for longer-term solutions.

The average length of stay for a Landing member is four to six months. You can still take advantage of higher margins with furnished rentals, without the operational headache of short-term rentals.

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