Goodbye Short Term Rentals; Hello Enforcements

On Tuesday, September 5, Local Law 18 (which actually passed in New York City in 2022) will take effect and be enforced. This law empowers New York City to crack down on short-term rentals (STRs), rendering them illegal. The city, with its complex web of housing regulations and sky-high real estate prices, has always been on the frontline of the STR debate. Some critics argue STRs increase rents and decrease housing availability, while proponents highlight the economic benefits and convenience they bring.

Citing concerns ranging from housing shortages to safety, NYC decided to enforce its stance against STRs. This has led to a startling number: approximately 15,000 Airbnb listings were swiftly and aggressively removed from the market. The removal of these takes a serious bite from The Big Apple accommodations market. 

Timeshare Rentals: A Legal Alternative

As one door closes, another opens. Enter timeshare rentals in NYC, more specifically owner timeshare rentals. Unlike STRs, these rentals are situated in professionally managed hotels but are still “for-rent-by-owner.” Why should you care? Because this means they’re legal. In fact, that makes timeshare rentals, like the ones on KOALA, the only legal STR’s in New York City. If you’re a traveler, you don’t want to book something on Airbnb or Vrbo that will likely get canceled before arrival, or worse — your vacation disrupted mid-stay. Because they are enforcing this new regulation. 

The good news is there is an alternative. Remember the spacious comfort and competitive prices Airbnb is loved for? Timeshares, especially in NYC, offer a similar, if not better, proposition. Many New York City timeshares boast larger studios, or one and two-bedroom suites. Further, many owners rent out their timeshares to recover their fees, or just price well below retail – resulting in some jaw-droppingly good deals for travelers. Plus, you don’t need to stay in a stranger’s place. We’re sure the host “Paul” is a really swell guy, but we’d prefer a professionally managed hotel over his hopefully clean 4th floor walk-up.

What About Hotels?

We love hotels. They offer the certainty that trusted brands offer and amenities like fitness centers, check-in desks and more. However, with the Airbnb exodus, their prices have shot up. In this setting, timeshare rentals will emerge as the savvy traveler’s secret weapon. They deliver the space and comfort of an Airbnb, the safety and convenience of a hotel, all while ensuring the only dough you burn is from walking off all those New York bagels and not just wasted cash.

Timeshares in New York: The New York Experience Reimagined

When most people think of timeshares, they probably think of their Aunt Maude’s timeshare in Boca instead of West 57th Street (a.k.a. Billionaire’s Row) in New York. But I’m here to tell you the timeshare model is alive and well in this city, and there are no signs of stopping. Major brands like Marriott and Wyndham all have timeshares in New York, and Hilton has added2 purpose-built timeshare towers in Midtown under their more upmarket Hilton Club monaker.

Timeshare and NYC works magically well. When it comes to a quintessential New York experience, nothing beats experiencing it like a local. And let’s face it, most aren’t financially willing (or able) to spend millions on a part-time pied-à-terre to actually consider themselves one. Plus – as earlier discussed –  hotels have historically been very expensive in NYC. Enter the rise of timeshare developments in the city over the last decade. It works because New York lovers revel in owning a piece (albeit a small one) of Manhattan. Being a timeshare owner here enables them to revisit the city over and over without having to purchase or maintain a fully owned (and uber expensive) co-op or condo. In a piece for the New York Post, timeshare owner Linda Marks states “I wouldn’t be able to afford a place on West 57th Street.” She said, “I’m right near Lincoln Center and Times Square. The upkeep is all taken care of. They change my linens and clean up my room. I just show up and enjoy myself.”

But timeshare owners can have a lifestyle change like anyone else – and timeshares (even the ones in New York) are not easy to sell – at least not for anything close to what they’ve paid. This, plus the STR crackdown, positions timeshare rentals in New York to be the next big thing and creates a unique opportunity for both timeshare owners and deal-savvy travelers.

Where to Stay? Here are the City’s Top Timeshare Resorts:

• The Manhattan Club: A sophisticated retreat in the heart of Midtown. Just a stone’s throw away from Broadway theaters, The Manhattan Club combines luxury with location, offering multi room suites that are both spacious and stylish.
• The Hilton Club: New York: An embodiment of class and comfort. Located on Avenue of the Americas, this Hilton property promises a refined stay amidst NYC’s vibrancy.
• West 57th Street by Hilton Club: This is the first ever purpose-built timeshare in New York (and our favorite timeshare in NYC). I was even quoted saying “It was a game changer” in the New York Post article. West 57tht Street boasts modern fixtures and decor in a soaring, mostly glass high-rise. Penthouses feature a shared roof terrace with truly mesmerizing views. 
• The Quin Central Park by Hilton Club: A property that has not only embraced luxury but has also been embraced by the press. With its proximity to Central Park and a history rich with artistic and architectural achievement, it’s no wonder The Quin is making headlines. 
• Wyndham Midtown 45: Sleek, contemporary, and in the heart of Midtown Manhattan. Wyndham’s property ensures you’re always in the mix of things, offering a blend of modern amenities and urban charm.
• Marriott’s Pulse: Marriott’s Pulse promises an urban escape with a chic design. Located in the vibrant heart of the city, it’s a gateway to all things New York.

Timeshare rentals in New York City are not just about a place to sleep; they’re about experiencing the city in style, comfort, authenticity (and now legality!). With KOALA here to help you choose between the array of resort options, you’re sure to find a place that resonates with your Central Park adjacent dream and JFK adjacent budget. Whether it’s the historical allure of The Quin or the modern vibrancy of Wyndham Midtown 45, NYC’s timeshare scene is as diverse and dynamic as the city itself.

We Are NYC Timeshare Rental Experts

The good news is that KOALA is here to help guide you through this new quagmire of STR’s. Not only do we feature the best selection of New York City timeshare rentals, but our Headquarters is also based in Brooklyn, New York. That makes us bonafide experts in this field. 

With our understanding of the local market, we don’t just stop at offering you a place to stay. We have curated lists of things to do in the city, ensuring you can experience New York like a local – or a first timer if you prefer. I even wrote a recent blog post entitled: Top 10 Insider Tips For Enjoying New York City so you can have a more authentic experience on your next stay. 

NYC’s move to clamp down on STRs has undoubtedly reshaped its accommodation landscape. But for every traveler mourning the loss of their favorite Airbnb spot, there’s an exciting opportunity waiting to be discovered with timeshare rentals and KOALA. In the battle of value, comfort, and legality, it seems the timeshare rentals are the new black. Here’s to that unyielding New York spirit. After all, the city never sleeps; it just changes its tune from time to time! ??

To browse amazing deals in these resorts or to book a stay, head to KOALA. We’ve got you covered!

Mike Kennedy is CEO and Cofounder of KOALA and currently lives in Brooklyn, New York.