New York City is one of the most sought after cities for young professionals relocating for jobs, students arriving for school, expats testing out life in America, and plenty more. As such, the city has one of the most dynamic and densely populated real estate markets in the United States. Due to this, one might assume that there are plenty of NYC furnished apartment listings available for the large number of transient renters. However, the majority of listings in New York City are unfurnished and you’d be hard pressed to find one furnished. But why is this?

In the following article, we will take a deep dive into the different factors that impact and explain why furnished apartments remain relatively rare in New York City’s rental market. 

Who makes up New York City’s rental market

Long-term tenants still largely drive New York City’s rental market, despite the large number of transient renters. Although the city has a high turnover rate, most New Yorkers will generally live in the same apartment for years. Those lucky enough to secure a rent stabilized unit may even stay for decades. Long-term renters who are intent on staying more than a year will generally prefer unfurnished units. This allows the tenant to bring their own furniture or buy new ones once they settle in. This is great for those who want to personalize their space but also amazing for those who want to save money in the long run as furnished units are traditionally more expensive than unfurnished ones. 

On the other hand, folks interested in a short term stay, will be much more interested in a furnished option. These types of renters are in the city for a short while and won’t want to bring their own furniture only to have to move everything again in a matter of weeks or months. However, there are far less landlords interested in offering short term rentals for reasons we’ll discuss later. As a result, it is much harder to find furnished apartments for short term in NYC.

Why are there less New York furnished rental listings?

Local Law 18

Over the last decade, many short term rental platforms such as Airbnb have grown extremely popular. Sadly, many hosts for Airbnb were illegally renting out their units. This led to fears that precious housing supply was being siphoned off for tourists rather than for NYC residents, exacerbating the housing crises. 

To combat this, NYC along with other cities have implemented strict laws around short-term rentals in recent years. Renting out a unit for less than 30 days is considered illegal in most residential buildings unless the permanent resident is staying in the unit at the same time and has registered their short term rental with the Mayor’s Office of Special Enforcement (OSE) per Local Law 18. In addition, listings that are New York City Housing Authority (NYCHA), rent-controlled, rent-stabilized, or single-Room Occupancy (SRO) units can never be rented out short term. All of these regulations effectively limit the pool of legal furnished rentals that can be offered for transient renters looking for a short term stay. 

Although these laws were passed to protect housing access. It had an impact on legitimate furnished short term rentals. Landlords who want to avoid the legal hassle of dealing with short term rentals, have opted instead to focus on stable, long-term tenants. Given this, it makes far more financial sense to offer an empty apartment. As that option would attract renters who want to settle in on their own terms in the long run. 

Higher Risk and Maintenance Costs for Landlords

There are up-front costs and ongoing maintenance burdens with providing a furnished apartment for rent. Landlords who want to provide a furnished unit must first invest their cash in furniture, appliances, kitchenware, electronics, decorations, and more. With each tenant, there is a risk of something breaking or getting damaged. Which ultimately puts additional financial strain on the landlord. 

A security deposit can usually help with mitigating some of the risks. However, it can still be a hassle to collect the deposit, keep an eye on the unit before and after a tenant moves in and out, and air out any disputes that may occur. Additionally, short term rentals inherently means more turnover within the unit itself. Meaning, more cleaning, maintenance, and possible repairs between tenants. This leads to more downtime, lower occupancy rates, and as a result, less predictable income. So while furnished units can generate higher monthly rents, they also come with more overhead, shorter lease terms, and higher turnover. For most landlords, the steady, reliable income from unfurnished, long-term tenants simply makes more sense. Ultimately, landlords don’t have much financial incentive to offer furnished rentals unless they’re targeting a specific niche market. It’s no wonder that NYC furnished apartment listings are so hard to find. 

How to find NYC furnished apartment listings?

So do you have to just type “furnished find” into Google and cross your fingers? No! There are still options for finding these rare furnished apartments in NYC. 

Corporate housing

Corporations may offer their own furnished housing options for their employees. Confirm with your HR department about their housing options if you are relocating due to a new job offer, promotion, or temporary assignment. Many of these furnished corporate housing are located in luxury buildings with concierge services, fitness centers, and other amenities such as commons spaces. 

Luxury housing

Luxury rentals may also come with an option to come furnished. Companies like Blueground or AnyPlace offer luxury furnished apartments that come with all the amenities mentioned above and more.

Hotel housing

Unlike regular apartments, companies like Aka, Sonder offer their furnished apartments in an extended-stay model, rather than a lease. If you’re not entirely sure when you plan to leave the city. An extended-stay model with all the amenities a hotel would offer, may be the housing option for you. 

RentHop

Check out RentHop’s available list of furnished apartments from landlords, real estate professionals, and tenants. Inventory is constantly being updated so don’t forget to check in frequently!