New York Furnished Apartment Market Report: 1st Half 2010

6.  1st Half 2010 Vacation Rental Conclusion

2010 saw the New York vacation rentals market regain a significant amount of business compared with 2009, but was still not as strong as 2008 which was the busiest year in New York Habitat's history. The number of rentals increased by nearly 20% from 2009 to 2010 and prices continued to moderate. Other factors that were influencing the market were weak Euro and Pound currencies compared to the U.S. dollar which made traveling to New York more expensive, but with prices falling for vacation rentals in New York, the New York Vacation Rental Market remained robust.

Looking ahead to the future, the New York Vacation Rental market in New York is in jeopardy of being eliminated. New York Habitat Founder and President Marie-Reine Jezequel said "Though the state recently passed legislation banning many vacation rentals in New York City, the company will continue to find products for short term customers. In addition to working with the legislature to create acceptable conditions for some vacation rentals, the company will work within the guidelines of the law and will look to offer more bed and breakfast accommodations, hotel rooms with kitchenettes and even properties in neighboring New Jersey. With our 20 years experience in the New York Market, the company will persevere."

With New York remaining one of the top tourist destinations in the country for both nation and international tourists, we expect to be able to continue to offer some types of accommodations in the city including vacation rentals in townhomes, bed and breakfasts and possibly even accommodations in nearby towns in New Jersey that are easily accessible to New York City.

Look for ongoing updates on the situation on Protect Vacation Rentals in New York website as well as the New York Habitat blog.