Airbnbs in Hudson Valley May Soon Be Limited
The number of people renting an Airbnb in the Hudson Valley is surging, but some towns are hoping to stop that to slow the booming real estate market.
In 2018, Hudson Valley residents who rented out their home as an Airbnb earned over $50 million from over 300,000 guests, Airbnb reports. In August 2020 more guests stayed in an Airbnb in the Hudson Valley and Catskills than stayed in New York City, according to Airbnb.
The Hudson Valley real estate market has surged this pandemic as "pandemic-weary" New York City residents are seeking "refuge" in the Hudson Valley.
Back in early May, we reported New York City residents were expected to move to Hudson Valley in droves. At the time, real estate agents reported an unprecedented number of city residents who were shopping for homes in the Hudson Valley.
In June, The New York Times reported a "buying frenzy" as New York City residents bought homes in Ulster, Sullivan, Greene and Delaware counties.
A reader told Hudson Valley Post within 24 hours of posting his New Windsor home he had 10 showings and three offers. One of the offers was accepted and the home was off the market within days.
Other readers reported to Hudson Valley Post if you don't see a house within a few days of it being listed it's likely the home already has multiple offers and an offer was likely accepted.
In September, Hudson Valley Post reported a real estate agent saying "the demand is insane," regarding New York City residents buying homes in the Hudson Valley.
It's possible once the pandemic is over many new and longtime Hudson Valley homeowners will be looking to rent out their homes as an Airbnb, but a growing number of towns are debating new restrictions.
“The idea isn’t to prohibit, but to have a way to manage where [short-term rentals] end up,” New Paltz Mayor Tim Rogers told the Times Union. “We want people to have the flexibility, we just don’t want investors to gobble up properties and have a concentration of mini-hotels in residential neighborhoods."
Kingston, New Paltz, Gardiner, Milton, Rhinebeck, Woodstock, Marbletown, Chatham, Hudson and other parts of the region are looking into Airbnb limitations in hopes of making purchasing a home more affordable as real estate booms in the region, the Times Union reports.