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New York City is experiencing its first Christmas season without Airbnb

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the staff of the Ridgewood blog

New York NY, New York City is experiencing its first Christmas season without Airbnb, and the cost of accommodations is on the rise. In September, the city implemented a stringent short-term rental policy that essentially excluded Airbnb, providing benefits to renters but limiting choices for tourists. Expedia Group reports a 25% year-over-year increase in hotel searches this month, with average nightly rates reaching $477, compared to last year’s still-high $416.

Continue reading New York City is experiencing its first Christmas season without Airbnb

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Manhattan-based Real-estate firm buys the The VUE in Hackensack

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the staff of the Ridgewood blog

Hackensack NJ, a Manhattan-based Real-estate firm bought a  luxury apartment building in Hackensack for $36 million. Sutton Equity purchased The VUE Hackensack at 295 Polifly Road in Hackensack from Alexander Property Holdings .

Continue reading Manhattan-based Real-estate firm buys the The VUE in Hackensack

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Jersey Shore town’s rule targeting Airbnb rentals to get public hearing

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By Alex Napoliello | NJ Advance Media for NJ.com
on April 30, 2017 at 8:30 AM, updated April 30, 2017 at 8:33 AM

TOMS RIVER — The public will get a chance to chime in on a revised version of a controversial ordinance regulating short-term rentals, like those found on Airbnb and Vacation Rentals By Owner.

The amended ordinance eases restrictions on the minimum number of rental days on properties on the barrier island from three nights to two nights through April 1 through Nov. 30.

“It was determined that a minimum two-day rental during an extended season would be more workable on the barrier island and would not detract from the overall purposes of the ordinance,” it states.

A minimum 30-day stay will be enforced in all other parts of Toms River.

The township’s assistant attorney, Anthony Merlino, told the Asbury Park Press that the original ordinance was introduced after the council received complaints of houses advertised on Airbnb as daily rentals.

https://www.nj.com/ocean/index.ssf/2017/04/public_hearing_scheduled_for_jersey_shore_towns_on.html

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N.J. bill seeks to regulate Airbnb-type rentals

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New Jersey vacation rentals booked through online services such as Airbnb would be subject to the same state and local occupancy taxes as hotel and motel rooms under a bill introduced in state Assembly. John C. Ensslin, The Record Read more

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NJ home building on track for best year since 2006

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https://www.northjerseyprobuilders.com/ridgewood-nj-07450-general-contractor.html

NJ home building on track for best year since 2006

November 28, 2014    Last updated: Friday, November 28, 2014, 1:21 AM
By KATHLEEN LYNN

* Rentals lead way, thanks to tight mortgage standards, flat incomes

Powered by a surge in multifamily construction, home building in New Jersey is on track for its strongest year since 2006.

Builders have taken out 23,738 building permits through October, up 18 percent from the same period last year, according to data released this week from the U.S. census — and more than 60 percent of the permits have been for multi-family units. The multifamily percentage is the highest since 1964, said Patrick O’Keefe, an economist with CohnReznick, an accounting firm in New York and Roseland. As recently as the 1990s, multifamily projects accounted for about 15 percent of the home construction in the state.

O’Keefe expects builders to start more than 27,000 housing units in the state this year — coming close to the long-term averages above 30,000 a year, after dipping to lows averaging around 13,000 a year during the housing bust.

Rentals are leading the way, especially along the Hudson River. Bergen and Hudson counties have accounted for about 30 percent of the state’s home-building activity so far this year, heavily weighted toward multifamily construction.

https://www.northjersey.com/news/business/multifamily-housing-may-give-n-j-a-banner-home-building-year-1.1143006

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Rentals on historic pace in New Jersey

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Rentals on historic pace in New Jersey
Sunday, February 2, 2014    Last updated: Sunday February 2, 2014, 11:05 AM
BY  KATHLEEN LYNN
STAFF WRITER
The Record

New Jersey’s got a new pattern of home construction, and it’s much denser and more urban.

In a state long dominated by single-family development, multifamily construction — especially rentals — last year accounted for 57 percent of home permits in the state, and helped to propel home building to its strongest year since 2007.

“It’s probably the biggest rental housing boom in the state’s history,” said James Hughes, a Rutgers economist.

– See more at: https://www.northjersey.com/news/243167861_Homebuilding_has_a_different_face_in_NJ__and_it_s_multifamily.html#sthash.EINkNGQX.dpuf