The Big Apple, otherwise known as New York City (NYC), has its own set of regulations for short-term rentals due to the high demand for accommodations in this bustling metropolis (and across its’ five boroughs). In September of 2023, NYC restrictions have tightened: New York City Local Law 18, also known as the Short-Term Rental Registration Law, requires short-term rental hosts to register with the Mayor’s Office of Special Enforcement (OSE).

It’s been reported that of Airbnb’s 23,000 NYC listings, only 9,500 are even legally eligible for license application. And that’s just short-term rental properties on Airbnb. Of those 23,000, only 3,250 properties have applied for permitting and of those 3,250, the city of New York has thus far only approved 257 registrations. Since the mandate, NYC Airbnb listings have dropped 70%. Let’s take a look at what it takes for short-term rental approval:

New York City short term rental violations can incur fines between $1,000 and $7,500. Be sure to follow regulations carefully and consider hiring a real estate attorney or accountant to ensure you’re adhering to your state, county, and city laws. Explore the laws further.