The impact of Covid-19 on the european short-term rental market
Elisa Guglielminetti (),
Michele Loberto and
No 1379, Temi di discussione (Economic working papers) from Bank of Italy, Economic Research and International Relations Area
The spread of Covid-19 and the related containment measures practically halted tourism flows, which in many countries generate a significant share of GDP. By exploiting Airbnb data covering the main tourist destinations in Europe, we investigate the impact of the pandemic on the market for short-term rentals up to early 2021. We find that the epidemic dramatically reduced both the supply of apartments available for rent and customersâ€™ demand, up to 9 months ahead. Accommodation more exposed to foreign tourism was the hardest hit and owners reacted by cutting prices with results that were mainly driven by government-mandated restrictions. All in all, our findings point to a relevant but uneven impact of Covid-19 on the accommodation sector.
Keywords: Covid-19; Airbnb; tourism; travel activities; lockdown (search for similar items in EconPapers)
JEL-codes: L83 L85 R20 R30 Z30 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec, nep-tur and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:wptemi:td_1379_22
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