Extended-stay hotels take off in Manhattan
Softening rents, changes in hiring practices fuel rise in short-term housing
[NEW YORK] A fast-growing class of properties in New York is encouraging people not only to visit, but to stay awhile.
Known as extended-stay, corporate or short-term housing, these units have proliferated in recent years across Manhattan, both in buildings dedicated solely to this function and scattered inside existing rentals and condos.
A cross between hotel rooms and apartments, these furnished dwellings usually contain dishwashers and dining tables, like typical homes, but a tenant does not have to sign a full-year lease.
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