Navigating Short-Term Rentals in NYC: How to List for 30+ Days and Make Income with Mid-Term Rentals

New York City has become a hub for short-term rentals, with platforms like Airbnb offering property owners the chance to make income by renting out their space. However, NYC’s laws surrounding short-term rentals are strict, especially when it comes to primary residences and the duration of stays. If you’re a property owner looking to rent out your apartment but want to avoid the legal complications of short-term (less than 30 days) rentals, mid-term rentals (30 days or more) can be a lucrative and legal way to make money. This guide will explain the rules, potential loopholes, how to list for 30+ day rentals, and how to market them for maximum income.

NYC Short-Term Rental Rules and the Primary Residence Requirement

New York City imposes strict rules on short-term rentals (STRs) to prevent the depletion of long-term rental housing. Below are the key rules that govern short-term rentals:

1. Primary Residence Requirement

In NYC, short-term rentals are only allowed in a primary residence. This means the property you rent out must be where you spend the majority of your time. If you don’t live in the property for at least 183 days a year, it does not qualify as your primary residence, and you cannot legally rent it out on platforms like Airbnb.

• Whole Unit Rentals: Renting out an entire unit is only legal if the primary resident is living there and renting it out while they remain in residence.

• Shared Space: You can rent out a room or shared space in your primary residence as long as you remain in the property during the rental.

2. Short-Term Rentals (30 Days or Less)

Renting out an apartment or unit for 30 days or less is heavily regulated:

• Entire units cannot be rented out for less than 30 days unless the host is present during the rental.

• Renting out an apartment without being present in the unit violates NYC laws and can result in hefty fines.

Loopholes for Non-Primary Residences

While the primary residence rule is strict, there are legal ways to make income from properties that are not your primary residence:

1. Renting for 30+ Days (Mid-Term Rentals)

The easiest way to sidestep the restrictions of NYC’s short-term rental laws is by offering mid-term rentals. A mid-term rental is defined as any rental that lasts 30 days or longer. The best part is that NYC’s laws don’t regulate rentals for 30 days or longer in the same way as they do for short-term rentals. Here’s why this works:

• No Primary Residence Requirement: You can rent out your unit for 30 days or more, even if the property is not your primary residence.

• More Flexibility: You do not have to be physically present in the unit during the rental period, making it ideal for investment properties or properties where you’re not actively living.

  
  

2. Potential Loopholes for Investment Properties

If you own an investment property (i.e., a property where you do not reside), you can list the property for 30+ days on rental platforms without needing to comply with the primary residence rule. This opens the door for you to target renters seeking mid-term stays (e.g., business travelers, tourists staying for extended periods, or people between homes).

• Zoning and Building Rules: Some co-op or condo buildings may have restrictions on short-term rentals, but these rules typically apply to rentals under 30 days. If you rent for 30 days or longer, you might avoid these restrictions.

How to Market Mid-Term Rentals and Platforms to Use

Once you’ve determined that your property qualifies for 30+ day rentals, the next step is to market it effectively. Here are the best ways to advertise and the right platforms to use:

1. Choose the Right Platforms for Mid-Term Rentals

Unlike short-term rentals, mid-term rentals cater to longer-term stays, often between one month and a few months. Below are the best platforms for listing your mid-term rental:

• Furnished Finder: A leading platform for mid-term rentals, particularly popular with traveling professionals like healthcare workers, business executives, and digital nomads.

• Zillow Rental Manager: Offers a feature for both long-term and mid-term rental listings. Great for those looking for tenants on longer leases.

• Airbnb: While Airbnb is known for short-term rentals, it also allows hosts to list properties for 30+ day rentals. This makes it a great platform for mid-term rentals, especially if you provide a furnished space.

• Vrbo: Similar to Airbnb but focused more on vacation homes. Vrbo allows for longer stays and has an established market for mid-term rentals.

• Craigslist: An old standby for real estate listings, Craigslist can help you reach individuals looking for mid-term rental opportunities, especially for larger properties or those located in more suburban areas.

• Apartments.com: This site caters to those looking for longer-term apartment rentals, making it a good choice for your 30+ day rental listings.

2. Market Your Mid-Term Rental Effectively

To attract renters to your mid-term rental, the way you market your property is crucial. Here are some tips:

• Highlight the Convenience of a “Home Away from Home”: Many mid-term renters are looking for a space that feels like home, even if they’re staying temporarily. Emphasize the comforts of the property, such as a full kitchen, workspaces, Wi-Fi, and laundry facilities.

• Advertise for Niche Markets: Mid-term rentals often appeal to specific groups, such as:

  • Business Travelers: Offer amenities such as a comfortable work environment, fast internet, and proximity to business hubs.

  • Tourists on Extended Stays: Advertise the convenience and comfort of your rental for tourists who need more than just a weekend stay, like those attending long events, conferences, or who are relocating.

  • Temporary Housing for Relocating Professionals: People moving for work or transitioning between homes need short-term accommodations for several weeks or months.

• Offer Discounts for Longer Stays: Offering a discount for longer stays can make your property more appealing to renters who need a place for several months. Consider offering discounted weekly or monthly rates.

• Professional Photos and Detailed Descriptions: The better your listing looks, the more likely you are to attract quality tenants. Professional photos, along with clear descriptions of amenities, the local area, and transport options, will help your listing stand out.

  
  

3. Be Transparent About the Rental Terms

When dealing with mid-term rentals, it’s important to be clear about your terms upfront. Set expectations around:

• Monthly Rent: Make sure to list the rent price clearly, and state if utilities are included.

• Lease Terms: Be upfront about the rental duration, security deposits, and any required background checks.

• Furnishings: Mid-term renters are typically looking for furnished apartments, so be clear about what is included in the rental (e.g., furniture, appliances, linens, etc.).

• Flexibility: Provide flexibility in terms of lease duration if possible (i.e., rent can be extended after 30 days), as this can attract more renters looking for flexibility.

Best Types of Tenants for Mid-Term Rentals

Mid-term rentals can attract various types of tenants. Here are some ideal tenants for this rental model:

• Corporate Tenants: Business professionals who need a place to stay while working in NYC for an extended period. They often have higher budgets and are looking for properties with good amenities and a location close to work.

• Healthcare Professionals: Nurses, doctors, or other healthcare workers on temporary assignments often need short-to-medium-term housing. Websites like Furnished Finder cater specifically to this market.

• Digital Nomads: Professionals who work remotely and prefer to spend time in different cities for a few months. They look for well-equipped homes with reliable internet access and space to work.

• Students or Interns: Students studying in NYC or interns at local companies may seek mid-term rental housing for the duration of their academic term or internship.

• Relocating Professionals: People moving to NYC for work or personal reasons who need temporary housing while they search for a permanent home.

Conclusion: Making Income with 30+ Day Rentals

With NYC’s strict rules on short-term rentals, 30+ day rentals provide a legal and profitable alternative for property owners. By understanding the primary residence requirement and taking advantage of the flexibility offered by mid-term rentals, you can make a steady stream of income while complying with local laws.

Using platforms like Furnished Finder, Airbnb, and Zillow, you can successfully market your mid-term rental and attract ideal tenants. Whether you’re targeting business travelers, healthcare workers, or digital nomads, there’s significant demand for longer stays in NYC.