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The impact of Covid-19 on the european short-term rental market

Elisa Guglielminetti (), Michele Loberto and Alessandro Mistretta

No 1379, Temi di discussione (Economic working papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: 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 customers’ 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)
Date: 2022-07
New Economics Papers: this item is included in nep-eec, nep-tur and nep-ure
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