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)

Imprint:	Elsevier, 2020
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%).
Grants:	Generalitat de Catalunya 2017 / SGR-796 Generalitat de Catalunya 2017 / SGR-1301 Agencia Estatal de Investigación ECO2016-75941R Agencia Estatal de Investigación RTI2018-097401-B-I00 Ministerio de Ciencia, Innovación y Universidades PID2019-108265RB-I00
Note:	Altres ajuts: Ajuntament de Barcelona (18S02330-001); Fundació Palladio
Rights:	Aquesta url de drets no existeix a la base de dades.
Language:	Anglès
Document:	Article ; recerca ; Versió publicada
Subject:	Housing markets ; Short-term rentals ; Airbnb ; SDG 11 - Sustainable Cities and Communities
Published in:	Journal of Urban Economics, Vol. 119 (2020) , p. 103278, ISSN 1095-9068

DOI: 10.1016/j.jue.2020.103278

19 p, 2.2 MB

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