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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.

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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.

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