5. 1st Half 2010 Vacation Rental Types and Lengths of Stay
Size of Vacation Rentals Rented in the 1st half of 2010
The types of vacation rentals being rented have remained fairly consistent over the years, but a change has been under way between 2008 and 2010. The percentage of studio rentals has declined while the percentage of large apartments (2-bedroom and larger) is on the increase. The percentage of 2-bedroom and larger apartments rented climbed from 26% to 30% while the percentage of studios fell from 41% to 34%. New York Habitat has noted because of an increase in inventory of larger apartments in less expensive neighborhoods, clients have been more and more interested in our large offerings. Furthermore, studios have seen the small decline in prices since the recession making studios in general less of a bargain than other apartment types.
The average length of stay for vacation rentals in New York remains in the range of 7-8 days. In the 1st half of 2010, the average length was 7.5 days compared to 7.6 days in 2009, 1st half. Based on many years of experience, we do not expect this to change too much in the future.