Skyrocketing New York rents are at least partly because of the rise of the home-sharing service Airbnb, a new study has claimed.
The report, released Tuesday, analyzed Airbnb activity between September 2014 and August of 2017 and was published by McGill University, but commissioned by the Hotel Trades Council and co-sponsored by local neighborhood organizations.
The study found Airbnb had removed between 7,000 and 13,500 units of housing stock from New York City's long-term rental market.
It calculated that by reducing supply, Airbnb activity had in fact increased median long-term rent in the city by 1.4 percent over three years "resulting in a $380 rent increase for the median New York tenant looking for an apartment this year."
The study further claimed that in Manhattan, the increase is more than $700.