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Do short-term rental platforms affect housing markets? Evidence from Airbnb in Barcelona

Miquel-Àngel Garcia-López, Jordi Jofre-Monseny (), Rodrigo Martínez-Mazza () and Mariona Segú ()
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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

Abstract: 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)
Date: 2020-09
New Economics Papers: this item is included in nep-big and nep-ure
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Citations: View citations in EconPapers (7) Track citations by RSS feed

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https://ecap.uab.cat/RePEc/doc/wpdea2006.pdf (application/pdf)

Related works:
Journal Article: Do short-term rental platforms affect housing markets? Evidence from Airbnb in Barcelona (2020) Downloads
Working Paper: Do short-term rental platforms affect housing markets? Evidence from Airbnb in Barcelona (2019) Downloads
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