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.

Part of the uptick in supply can be explained by softening rents that are prompting landlords to search for alternate ways of filling units, analysts said. But they added...

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