Skift Take
Meanwhile, listings are down and revenue per room is up for short-term rentals.
At the Skift Global Forum last year, Airbnb CEO Brian Chesky predicted hotel rates would rise in New York City as a result of Local Law 18 – which Airbnb has called a “de facto ban” on short-term rentals.
The hotel industry, which supported the law, should see significant benefits from increased demand. How much?
About $380 million this year, according to a new report by real estate firm JLL. The report revealed that hotels in New York City could book an additional 2.2 million nights this year.
Local Law 18 went into effect in September 2023 and requires hosts to register with the city, imposes restrictions on rental durations, and mandates h