Do short-term rental platforms affect housing markets? Evidence from Airbnb in Barcelona
Jordi Jofre-Monseny (),
Rodrigo Martínez-Mazza () and
Mariona Segú ()
Additional contact information
Jordi Jofre-Monseny: Department of Economics , Universidad de Barcelona, 08034 Barcelona, Spain and Institut d´Economia de Barcelona (IEB)
Rodrigo Martínez-Mazza: Department of Economics , Universidad de Barcelona, 08034 Barcelona, Spain and Institut d´Economia de Barcelona (IEB)
Mariona Segú: RITM, Université Paris Sud, Paris Saclay
Working Papers from Department of Applied Economics at Universitat Autonoma of Barcelona
In this paper, we assess the impact of Airbnb on housing rents and prices in the city of Barcelona. Examining very detailed data on rents and both transaction and posted prices, we use several econometric approaches that exploit the exact timing and geography of Airbnb activity in the city. These include i) panel fixed-effects models, where we run multiple specifications that allow for different forms of heterogeneous time trends across neighborhoods, ii) an instrumental variables shift-share approach in which tourist amenities predict where Airbnb listings will locate and Google searches predict when listings appear, iii) event-study designs, and iv) finally, we present evidence from Sagrada Familia, a major tourist amenity that is not found in the city centre. Our main results imply that for the average neighborhood, Airbnb activity has increased rents by 1.9%, transaction prices by 4.6% and posted prices by 3.7%. The estimated impact in neighborhoods with high Airbnb activity is substantial. For neighborhoods in the top decile of Airbnb activity distribution, rents are estimated to have increased by 7%, while increases in transaction (posted) prices are estimated at 17% (14%).
Keywords: Housing markets; short-term rentals; Airbnb. (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-big and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7) Track citations by RSS feed
Downloads: (external link)
Journal Article: Do short-term rental platforms affect housing markets? Evidence from Airbnb in Barcelona (2020)
Working Paper: Do short-term rental platforms affect housing markets? Evidence from Airbnb in Barcelona (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:uab:wprdea:wpdea2006
Access Statistics for this paper
More papers in Working Papers from Department of Applied Economics at Universitat Autonoma of Barcelona Contact information at EDIRC.
Bibliographic data for series maintained by Dept. Economia Aplicada ().