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NYC hotel prices up 10 percent following Airbnb 'ban'

Related Topics: Airbnb, New York City

Tourists are packing into NYC for the holiday experience despite soaring hotel prices and a 'ban' on Airbnb bookings. Videos show tourists packing streets and popular destinations like Rockefeller Center and 5th Avenue. In many cases, people can hardly move given the number of sightseers. Crowds continue to pile into the Big Apple despite the city's recent 'ban' on Airbnb bookings under 30 days.

Since restrictions on short-term rentals went into place in September, the city has seen a spike in hotel prices and occupancy rates as the number of places to stay while on vacation shrinks. In November, hotel occupancy climbed to 84 percent, up from 79 percent last year. The average nightly rate climbed to $333 from $307 in 2022. In the first week of December, the average New York City hotel cost reached $477, a $61 increase from the same time last year.

Since restrictions on short-term rentals went into place in September, the city has seen a spike in hotel prices and occupancy rates as the number of places to stay while on vacation shrinks.