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Short-term rentals (STRs), often referred to as "short-term stays" in New York City, are strictly regulated under Local Law 18. This legislation requires hosts to register their properties with the Mayor's Office of Special Enforcement (OSE) and only permits rentals if the host is physically present during the stay. As a result, entire homes cannot be rented for less than 30 days unless the owner is present, significantly limiting the market primarily to private rooms in shared accommodations. This regulation aims to address housing shortages and ensure that STRs do not disrupt residential neighborhoods. The business landscape for STRs is influenced greatly by tourism, catering to both leisure travelers exploring iconic sites and business travelers attending conferences or meetings. Properties that thrive in this market are mainly urban apartments located in tourist-heavy neighborhoods like Manhattan, particularly in areas with easy access to public transportation and attractions. Enforcement of these regulations has increased recently, focusing on compliance to maintain the city’s housing integrity. The OSE oversees short-term rental regulations, making it essential for hosts to adhere to specific zoning and registration requirements. For more information on regulations and compliance, please visit the official sites: Registration Law - OSE and NYC311 Short-Term Rental Registration.
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