An NYC Airbnb Racked Up $1 Million in Fines. New Rules Would Block the Listing

(Bloomberg) — The two-story brick house in Flushing, New York, is a million-dollar home, but perhaps not in the way the owner intended.

Just off of Main Street in a residential neighborhood in Queens, not far from a car wash, a pharmacy and a T-Mobile store, the home has old newspapers on the door partially obscuring a yellowing notice from New York City’s Department of Buildings and a sign warning that security cameras are watching.

According to public records, the house has been used as an illegal Airbnb rental property and people have been living in the attic and basement. It has been on the city’s radar for years, accumulating violations, complaints from neighbors and an order to vacate a portion of the house that was illegally occupied, the city’s filings show. In 2021 alone, the homeowner racked up $984,000 in defaulted penalties, none of which have been paid, a Bloomberg calculation based on city records shows. The same filings show it accumulated more fines than almost any other illegal Airbnb property in 2021, the latest year of data available, by a large margin, accounting for about 11% of all fines issued for the entire year.

But it’s far from

Continue Reading

RentSpree Offers Insight on How Real Estate Agents Can Capitalize on the Growing Rental Market

The Rental Management Software Company Highlights the Unique Opportunity that Rentals Provide in a Challenging Housing Market

LOS ANGELES, dec. 20, 2022 /PRNewswire/ — RentSpree, the industry’s premier end-to-end rental management software provider, is dedicated to changing the mindset around the profitability of rental properties. A 2022 RentSpree + RealTrends Rental Power Rankings the study made it clear that many agents do not view rentals as worthy of their time and resources. Approximately 50% of the surveyed agents claimed that the commission was “too low” for the time and effort required to lease a rental property, and 43% of surveyed agents claimed that a lack of knowledge of the rental market kept them from working in that spaces. In short, many real estate agents see working with rentals as a poor return on investment (ROI).

RentSpree challenges that perception and highlights how rentals can increase agent profitability year-round, especially in an economic downturn. With new insights into the misconceptions of the rental industry, here are some tips on how agents can stay ahead of the economic forecast:

  • Leverage the Right Resources: With the right tools and industry knowledge, real estate agents can increase their cash flow by assisting tenants
Continue Reading