New Research Finds Short Term Rentals Bring $40 Million To Jersey City Every Year
“Short term rentals give an enormous boost to Jersey City and its residents.”John Olsen, Director for the Northeast Region
Jersey City, NJ – New Internet Association research released today finds that short term rentals (STRs) create hundreds of jobs and add tens of millions of dollars to Jersey City’s economy each year. Internet Association, as the only trade association representing leading internet companies, examined the economic and job contributions of short term rental platforms like Airbnb and HomeAway to the Jersey City economy last year.
“Short term rentals give an enormous boost to Jersey City and its residents,” said IA’s Director for the Northeast Region John Olsen, “The city’s entire economy benefits from STRs and the tourism they help facilitate. Our research shows that STRs, on top of bringing more than $40 million of economic activity, also generate seven additional jobs in the city for every direct STR job.”
IA’s exclusive economic analysis combines federal government datasets with proprietary data. Key findings include:
- STRs in Jersey City have created an additional $40 million in economic activity through bookings for the city and its residents.
- The average revenue per listing in Jersey City is about $12,000, which adds an additional 18 percent to the median household income of residents who use an STR platform.
- The STR economy of Jersey City has created 356 additional jobs in the city across numerous industries, including 50 direct jobs, while opening up additional choices to visitors and tourists.
- The STR economy in Jersey City creates seven indirect jobs in related industries for every direct job created.
To read a 1-page summary of the report, click here.
To read the full report click here.