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Airbnb numbers for the region released

January 11, 2019
By JESSE ADCOCK - For the News (news@lakeplacidnews.com) , Lake Placid News

This year, North Country Airbnb hosts received approximately $12 million from renting out their spaces to 77,700 short-term renters, according to data released by the company.

The short-term rental service has grown fastest in rural areas statewide this year, increasing 60 percent since since 2017. In New york, Airbnb has remitted more than $2.7 in local taxes through agreements like the 3 percent occupancy taxes in Essex County, St. Lawrence County and Clinton County, as well as the 5 percent occupancy tax in Franklin County. This means that whatever the list price is for renting out a room, 3, or 5 percent of that goes back to the locality where the room was rented.

Localities the world over have struggled with the way Airbnb and other short-term rental services have reworked the hospitality industry. Using an empty room, garage apartment or the like - a second income stream has been valuable to some North Country residents. In addition, second and third home owners often find renting out their empty spaces to short-term rentals earn them more money, and control over their property, versus long-term renters.

However, these homes can drive up property values and leave fewer places for work force housing, or long-term renters not ready to buy a home.

Lake Placid and the town of North Elba are currently working on a new law to regulate how vacation rentals operate. A Housing Work Group was just assembled in Saranac Lake, that among its goals, will study how Airbnb affects the housing market.

 
 

 

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