Do short-term rental platforms affect housing markets? Evidence from Airbnb in Barcelona
García-López, Miquel-Àngel (Universitat Autònoma de Barcelona)
Jofre Monseny, Jordi (Universitat de Barcelona)
Martínez-Mazza, Rodrigo (Universitat de Barcelona)
Segú, Mariona (Université Paris Sud)
Universitat Autònoma de Barcelona. Departament d'Economia Aplicada

Imprint:	Universitat Autònoma de Barcelona. Departament d'Economia Aplicada 2020
Description:	39 pag.
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 ev- idence 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%).
Note:	18S02330-001
Note:	2017SGR-796
Note:	2017SGR-1301
Note:	ECO2016-75941R
Note:	RTI2018-097401-B-I00
Note:	https://econpapers.repec.org/paper/uabwprdea/wpdea2006.htm
Rights:	Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, i la comunicació pública de l'obra, sempre que no sigui amb finalitats comercials, i sempre que es reconegui l'autoria de l'obra original. No es permet la creació d'obres derivades.
Language:	Anglès
Series:	Document de treball (Universitat Autònoma de Barcelona. Departament d'Economia Aplicada) ; 06.20
Document:	Working paper
Subject:	Housing markets ; Short-term rentals ; Airbnb

39 p, 6.2 MB

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