Converting properties into short-term rentals has become so profitable that real estate brokers make note of it in their marketing packages. Read this pamphlet from Coldwell Banker Commercial to get an inside look into how commonplace conversions to short-term rentals have become.
Thankfully, this property was kept as a residential apartment by the new owners despite Coldwell Banker's alluring suggestion to convert the building to short term use.
The Coldwell pamphlet reads "As a straight multi-family investment, The Morrison Apartments offering represents a rare opportunity to acquire a great multi-family building one of the highest-demand rental markets in the city where properties of this size rarely come available for sale”
“The building’s character, architectural details, location and history make it a prime candidate for conversion to short-term stay housing(check with city.) Current average asking rates for Airbnb single units in the area are approximately $138/night and $144/night for one-bedroom units. The Morrison Apartments is in an above average location so it is likely that it will over-perform the market as a whole."
While a conversion was avoided for this particular property, this kind of advertising is often tempting to property owners who wish to circumvent the Rent-Stabilization Ordinance.
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