Quantcast
Rooms Hotels

A Transient Workforce and Rising Rents Lead to Growth of NYC’s Extended-Stay Market

Excerpt from New York Times

Mar 12, 2014 12:30 pm

Skift Take

The growth of extended-stay hotels strengthens Airbnb’s argument that travelers are looking to stay in places that feel with a more local, authentic feel. But these hotels and apartments have the added benefit of being legal in New York.

— Samantha Shankman

Free Report: The State of Chinese Outbound Market Travel

Free Report: The State of Student Travel

Marriott

A room at the Marriott-branded Courtyard Residence Inn Manhattan Central Park. Marriott


Known as extended-stay, corporate or short-term housing, these units have proliferated in recent years across Manhattan, both in buildings dedicated solely to this function and scattered inside existing rentals and condos.

Part of the uptick in supply can be explained by softening rents that are prompting landlords to search for alternate ways of filling units, analysts say. But they add that fundamental changes in hiring practices — businesses choosing temporary workers over full-time ones — are also having a major influence.

Read the Complete Story →

Tags: ,

Next Up

More on Skift

12 Digital Travel Trends We’re Tracking at Skift This Week
Baby Boomers Ready To Take More Trips in 2015
Travel Channel Searches for the Next Bourdain With New Web Series
From Campaigns to Content: The Evolution of Hotel Marketing