Should You Invest in the New York Short Term Rental Market

New York, the constituent state of the USA is one of the original 13 states. This state, like other states of the USA, has a lot of business opportunities. However, the opportunities to grow a business in the New York Short term rental market are unmatchable. But as a beginner in this field, you cannot invest in any rental property just because someone told you it’s beneficial. 

You need to have proper data analysis of the different regions of a state before investing in its real estate market. This will help you to find if your investment is going to be profitable or not. Don’t worry! We are not going to say that you must go and collect data about rental properties by yourself. We will provide you with this data. But before going through the data, you must know the factors that persuade you to invest in the New York rental market.

Factors Behind Investing in New York Real estate market

Good Economic Conditions

The first factor behind investing in the New York is the state’s economic conditions which are just excellent. It is one of the wealthiest states in the entire USA. You can estimate the economic situation in the state by the following stats.

  • New York is the 3rd richest state in the USA and has a GDP growth of more than 1.7 trillion.
  • Per capita income in NJ state is about $40,898.
  • The average household income is about $88,030
  • Median income too is high at almost $72,108

High No. of Tourists

New York is one of the top touring spots in the USA. According to a rough estimate, more than 60 million tourists have been welcomed by New York state every year. These numbers have decreased during the CoronaVirus pandemic due to travel restrictions. But the state has regained them quickly after the pandemic. 25 percent of total tourists in the whole United States are in New York only. Such a high number of tourists reflects that New York investment can be beneficial for you. You just need to invest it at the right time. 

Rise in Population

The population of New York has been increasing continuously. Its current population is about 20 million which has increased by 3.4 percent over the past decade. Furthermore, New York is the 4th most populated state in the USA but ranked 27th based on its area. Therefore, some people have to live in rental houses as well. So New York business could be beneficial for you. 

Rental Data Analysis of Some Top Areas in New York

Going through the data analysis of some top cities of the state will help you to find the area where you could have the best investment property in New York. Several cities in New York offer a lot to short term rental investors. Let’s explore some top cities such as Oceanside, Rome, and Brighton rental data analysis. 

1. New York City

New York City is one of the most developed cities in the state. The New York city market has a lot to give you, and this is reflected in its data analysis as well. 

  • The average occupancy rate in New York City is 75% which will rise up to 82% during the touring season.
  • The median property price is $776,946 and the price per square foot is $1319.
  • The average daily rate is about $218.
  • 63% percent occupancy is in entire homes and the rest is in private rooms. 1 or 2 percent will be in shared rooms  
  • 1 and 2-room homes have higher occupancy rates and 2% quarterly growth.

2. Ithaca

Ithaca is an island in New York. It is one of the main tourist hubs and has a touring season in August, and September. The Ithaca market is one of the most stable ones in New York State.

  • The average daily rate in Ithaca is about $234 which will be higher when the competition is low. 
  • The occupancy rate is about 73% but it will be at its peak in August. It will rise up to 93% percent during this period.
  • On the rental growth graph, it shows 32% quarterly growth. 
  • 1, 2, and 3-room homes are top rented properties in Ithaca. 
  • Entire homes have a 79 percent rental rate and private rooms have the rest at 21 percent. Shared rooms are not very popular there. 

3. Buffalo

Buffalo is one of the underrated places for investment in the New York market. The main reason is the movement of people from bigger cities like NYC and Yonkers towards buffalo. Following is the rental data analysis of this city which shows a very high rental demand.

  • The average daily rate in buffalo is $155.
  • The occupancy rate is 69 percent which will be as high as 87% in August.
  • 80 percent of rental types are entire homes and the rest are private rooms.
  • The biggest thing that makes Buffalo short term rental investment beneficial is rental demand which is above 85 percent.

4. Long Beach

Long Beach, New York is one of the top places in the New York market. It will be beneficial to invest during visitors’ arrival at Long Beach. 

  • The average daily rate is $340.
  • The occupancy rate is 59%, but it will be 87% during August and September. So this is the best duration for Long Beach rental investment.
  • Only 190 active rentals are present there which means you will have low competition.

5. Oceanside

It is a hamlet on the southern side of New York which hosts many tourists every year.  Oceanside data during the vacations or touring season reflect how beneficial it could be to spend in the real estate market of this hamlet. 

  • The average occupancy rate is 52% but it will be up to 93% in August.
  • Average daily rate is $255 but in the touring season, it is almost $400.
  • Rental demand is 68 which is pretty high.
  • The best part? There are only 10 active rental companies, so you will have almost no competition.

6. Amsterdam

It is a city in Montgomery county of New York and famous for carpets and pearl button manufacturing. Another thing that brings it to the headlines is Amsterdam rental data analysis.

  • The occupancy rate during vacations or touring seasons, like in August is 78%.
  • The average daily rate is about $244 but it will be around $1.3k in December.
  • Only ten active rentals are present there, which means you have a greater opportunity to grow your short term rental business there. 
  • 60 percent of demand is for full houses and the remaining 40 percent is for private rooms. 

Bottom Line

New York investment is the best way to earn a good amount in the USA. Rental data analysis of different cities and the factors behind the investment in the New York market indicate that investing here is beneficial for you. You must invest in the real estate market in NY state.

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