New Study: Airbnb Generated $632 Million in Economic Activity in New York

Hospitality Company Supports More Than 4,500 Jobs, Airbnb Guests Spend More Time and Money in New York Than Typical Tourists

Marketwired

NEW YORK, NY--(Marketwired - Oct 22, 2013) - Airbnb, the world's leading marketplace to list, discover and book unique, local accommodations today released a new study highlighting the Airbnb community's positive economic impact in New York City. Conducted by HR&A Advisors, the study found that Airbnb generated $632 million in economic activity in New York in one year and supported 4,580 jobs throughout all five boroughs. The study also found that nearly 90 percent of Airbnb hosts rent out the home they live in -- their primary residence -- and use the money they earn to help make ends meet, while Airbnb guests spend more time and money in New York than typical tourists.

HR&A Advisors also calculated that Airbnb guests paid $31 million in sales taxes to New York City and State while visiting New York.

"Airbnb is helping regular New Yorkers in all five boroughs pay their bills by sharing the home they live in and the city they love with travelers from around the world," said Airbnb CEO Brian Chesky. "And Airbnb makes it possible for more people to visit New York, connect with real New Yorkers and spend their money at local businesses."

"Airbnb represents a new kind of economic activity for New York City," said HR&A Advisors Partner Jamie Torres Springer. "We found Airbnb is helping to grow and diversify the City's economy: it brings new kinds of visitors who stay longer and spend more, and visit neighborhoods that don't traditionally benefit from tourism. It supports the City's new innovation economy. And it supports its largely middle income host community."

Highlights from the study include:

  • The typical Airbnb host occasionally rents out the property in which he or she actually lives. 87 percent of Airbnb hosts rent out the home they live in and the typical host earns $7,530 per year.

  • Airbnb helps New Yorkers stay in their homes, pay their bills and pursue their dreams. 62 percent of Airbnb hosts say Airbnb helped them stay in their homes and more than 50 percent of hosts are non-traditional workers (freelancers, part-time workers, students, etc.).

  • Airbnb visitors stay on average 6.4 nights (compared to 3.9 for hotel guests) and spend $880 at NYC businesses (compared to $690 for average New York visitors).

  • Airbnb brings visitors to neighborhoods that traditionally have not benefited from tourism. 82 percent of Airbnb listings in New York are outside of the main tourist hotel area of midtown Manhattan and the average Airbnb guest spends $740 in the neighborhood where she stays.

  • In one year, Airbnb generated $104 million in economic activity outside of Manhattan.

New York has been an important part of Airbnb since the company was founded in 2008 -- many of the first Airbnb hosts shared their space in New York. The company also partnered with Mayor Bloomberg and the City of New York to provide free or discounted housing to New Yorkers displaced by Superstorm Sandy.

The study released today examined data on Airbnb rental activity in New York City for the 12 months from August 2012 to July 2013.

About Airbnb
Founded in August of 2008 and based in San Francisco, California, Airbnb is a trusted community marketplace for people to list, discover, and book unique accommodations around the world -- online or from a mobile phone. Whether an apartment for a night, a castle for a week, or a villa for a month, Airbnb connects people to unique travel experiences, at any price point, in more than 34,000 cities and 192 countries. And with world-class customer service and a growing community of users, Airbnb is the easiest way for people to monetize their extra space and showcase it to an audience of millions. www.airbnb.com

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