Airbnb alleged to worsen housing crunch in New York City

A study by two housing advocacy groups alleges that Airbnb is worsening New York City’s tight housing supply, and is likely causing thousands of units to be pulled from the market.

Housing Conservation Coordinators and MFY Legal Service, which conducted the study, identified 8,000 Airbnb listings that advertised so frequently that they were likely illegally converted into hotel rooms. This situation has caused rents to rise in the city, the study contends.

More than half of the units on Airbnb were being offered for rent by owners who had multiple units up for rent. This is a sign that they were being run by de-facto illegal hotel operators, the report says. Airbnb disputed the study’s findings, saying that its methodology was flawed and accused it of being funded by the hotel industry.

Cities across the country have been challenged to apply existing codes and regulations to the growth of the site that matches property owners with travelers looking for short-term rental accommodations.

Multifamily rents continued to increase through the first half of 2023, despite challenges for the sector and continuing economic uncertainty. But job growth has remained robust and new households keep forming, creating apartment demand and ongoing rent growth. The average U.S. apartment rent reached an all-time high of $1,716 in May.

Industry Research | Jun 15, 2023

Exurbs and emerging suburbs having fastest population growth, says Cushman & Wakefield

Recently released county and metro-level population growth data by the U.S. Census Bureau shows that the fastest growing areas are found in exurbs and emerging suburbs.

Contractors | Jun 13, 2023

The average U.S. contractor has 8.9 months worth of construction work in the pipeline, as of May 2023

Associated Builders and Contractors reported that its Construction Backlog Indicator remained unchanged at 8.9 months in May, according to an ABC member survey conducted May 20 to June 7. The reading is 0.1 months lower than in May 2022. Backlog in the infrastructure category ticked up again and has now returned to May 2022 levels. On a regional basis, backlog increased in every region but the Northeast.

Supply-chain snags are among the factors delaying construction.

Industry Research | Jun 13, 2023

Two new surveys track how the construction industry, in the U.S. and globally, is navigating market disruption and volatility

The surveys, conducted by XYZ Reality and KPMG International, found greater willingness to embrace technology, workplace diversity, and ESG precepts.

Skanska USA's mental health trainees are identified by a Green Sticker

| Jun 5, 2023

Communication is the key to AEC firms’ mental health programs and training

The core of recent awareness efforts—and their greatest challenge—is getting workers to come forward and share stories.

Contractors | May 24, 2023

The average U.S. contractor has 8.9 months worth of construction work in the pipeline, as of April 2023

Contractor backlogs climbed slightly in April, from a seven-month low the previous month, according to Associated Builders and Contractors.

Multifamily Housing | May 23, 2023

One out of three office buildings in largest U.S. cities are suitable for residential conversion

Roughly one in three office buildings in the largest U.S. cities are well suited to be converted to multifamily residential properties, according to a study by global real estate firm Avison Young. Some 6,206 buildings across 10 U.S. cities present viable opportunities for conversion to residential use.