365 Day Airbnb Challenge in New York
I will be moving to New York in September to start a new job. I was struggling to find a place to live when it finally hit me –– why don't I just stay in Airbnbs for a while?
Why Stay in Airbnbs?
1 – There are so many great neighborhoods in New York. By using Airbnb for a while, I'll get to experience living in many different neighborhoods instead of locking myself into a 12-month lease in just one neighborhood.
2 – I have always been the type of person that likes and craves a change of scenery. I spent 20 years in the military and was able to move around a lot –– I really miss that. Hopefully, switching Airbnbs every month or so will give me a similar experience.
3 – I would like to travel full-time one day, and this will be a good way to learn how to get the most value out of using Airbnb.
Here is a video about my plan!
What About the Cost?
1 – There are a lot of costs associated with renting an apartment in New York other than the rent. There is almost always a broker fee of between 10 to 15 percent of the annual rent cost. I'd also have to provide a security deposit and buy furniture. When I calculated the costs of renting an apartment the traditional way and compared it to the cost of living in an Airbnb, there wasn't much difference.
2 – When you stay in an Airbnb for 28 days or more, you get a monthly discount –– so it's actually cheaper than you think. You can also negotiate a better monthly rate with the owner before you book your stay. In addition to the monthly discount, I received an additional discount on my first New York Airbnb by simply asking the owner for a better rate since I'd be staying for 60 days.
3 – All costs are included when using Airbnb. I don't have to worry about the electric, cable or internet bill.
4 – I have a Chase Sapphire Reserve credit card –– so I get 3x the points on Airbnb rentals. This will help offset the cost a little as well.
What About Your Mail?
1 - I rented a mailbox from UPS. It's kind of like a PO Box but you get a real street address with a mailbox number that looks like an apartment number when you provide someone your address. I was able to change all my bills except my brokerage account to this address. Additionally, when you pay for a full year it is much cheaper to rent a mailbox.
I plan on using Airbnb for the next 365 days and change the Airbnb I am staying in every 30 to 60 days. I have already booked a stay at my first Airbnb for 60 days in the Hell's Kitchen neighborhood. I'll move in at the end of September. I plan on writing a blog post for each Airbnb I stay in so check back for more updates!
Do you have any good neighborhood suggestions?
Thanks for reading,