The effect of home sharing on house price and rents evidence from airbnb
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The effect of home sharing on house price and rents evidence from airbnb
The Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb of home-sharing on residential house prices and rents. Using a dataset of Airbnb list ings from the entire United States and an instrumental variables estimation strategy. we show that Airbnb has a positive impact on house prices and rents. This effect is stronger in zipcodes with a lower share of o The effect of home sharing on house price and rents evidence from airbnb wner-occupiera, consistent wit h non-owner-occupiers being more likely to reallocate their homes from the long- to the short-term rental market. Al thThe effect of home sharing on house price and rents evidence from airbnb
e median owner-occupancy rate zipcode, we find that a 1% increase in Airbnb listings leads to a 0.013% increase in rents and a 0.026% increase in housThe Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb in house prices for the median zipcode in our data, which accounts for about one fifth of actual rent, growth and about one seventh of actual price growth. Finally, we formally test whether the Airbnb effect Is due to the reallocation of the housing supply. Consistent with this hypothesis, we find The effect of home sharing on house price and rents evidence from airbnb that., while the total supply of housing is not affected by the entry of Airbnb, Airbnb listings Increase the supply of short-term rental units ami deThe effect of home sharing on house price and rents evidence from airbnb
crease the supply of long-term rental units.Keywords: Sharing economy. peer-to-peer markets, housing markets, Airbnb **NBER; barronkftnber.org’ David The Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb f Southern California; proserpiữmarshall.usc.cdu8 Author names arc listed in alphabetical order.1Electronic copy available at. https://ssm.com/abstract=30068321 IntroductionThe sharing economy represents a set of peer-to-peer online marketplaces that facilitate matching between domanders and supplie The effect of home sharing on house price and rents evidence from airbnb rs of various goods and services. The suppliers in these markets are often small (mostly individuals), and they often share excess capacity that mightThe effect of home sharing on house price and rents evidence from airbnb
otherwise go unutilized hence the term “sharing economy.” Economic theory would suggest that the sharing economy improves economic efficiency by reduThe Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb omesharing) testifies to the underlying demand for such markets.The rapid growth of the sharing economy has also come at the cost of great disruption to traditional markets (Zervas Ct. al., 2017) as well as new regulatory cliallenges for cit ies and municipalities. Because of this, in the past few y The effect of home sharing on house price and rents evidence from airbnb ears, researchers have been extensively studying these platforms and their impact on our society at large. To date, whether t hese platforms generateThe effect of home sharing on house price and rents evidence from airbnb
positive welfare for cities and consumers Is still an open question. Those in favor of the sharing economy argue that those platforms bring several beThe Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb d Fhid-kin, 2018). However, critics argue that the negative externalities generated by the sharing economy outnumber the benefits recent research suggests that, the sharing economy is increasing societal inequality (Schor. 2017) ami financial hardship (Daniels and Grinstoin-Weiss, 2019), ami lowerin The effect of home sharing on house price and rents evidence from airbnb g city liveability (Barrios el al., 2019: Erhardt et al., 2019).Home-sharing, in particular, has been the subject of intense criticism. Namely, criticThe effect of home sharing on house price and rents evidence from airbnb
s argue that home-sharing platforms like Airbnb raise the cost of living for local renters while mainly bencfilting local landlords and non-resident tThe Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb se some landlords to switch from supplying t he market for long-term rentals in which residents arc more likely to participate to supplying the short-term market in which non-residents arc more likely to participate. Because t he total supply of housing is fixed or inelastic in the short run. this d The effect of home sharing on house price and rents evidence from airbnb rives up the rental rate in the long-term market. Concerns over the Impact of homo-sharing on housing affordability have garnered significant attentioThe effect of home sharing on house price and rents evidence from airbnb
n from policymakers and have motivatedElectronic copy available at. https://ssm.com/abstract=3006832many cities to impose stricter regulat ions on homThe Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb The market for short term rentals may be very small compared to the market for long term rentals. In tins case, even large changes to the short term market might not have 8 measurable effect on the long-term market . The short-term market could be small even if the short-t erm rental rat e is high The effect of home sharing on house price and rents evidence from airbnb relative to the long-term rale if landlords prefer more reliable long term tenants and a more stable income stream. Alternatively, it is passible thatThe effect of home sharing on house price and rents evidence from airbnb
home sharing simply docs not cause much reallocation from the long-term rental stock to the shortterm rental stock. Owner-occupiers those who own theThe Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb temporary absences, but cither way. the participation of owner-occupiers in the shortterm rental market may not cause a reallocation from the long-term rental stock if these housing units arc still primarily used as long-term rentals in the sense that the owners arc renting long-term to themselves. The effect of home sharing on house price and rents evidence from airbnb Another type of participation in the short-term rental market that would not result, in rcidlocation is vacation homes that would not have been rentedThe effect of home sharing on house price and rents evidence from airbnb
to long-term tenants anyway, perhaps due to the rcslrictiveness of long-term leases causing vacation home-owners to not want to rent to long-term tenThe Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb cation-home owners, these homes would not l>e made available to long-term tenants inde|>endeiitly of the existence of a homesharing platform. Instead, home-sharing provides these owners with an income stream for times when their housing capacity would otherwise be Imderutilized.In this paper, we stu The effect of home sharing on house price and rents evidence from airbnb dy the effect of home sharing on residential house prices and rents using a comprehensive dataset of all U.S. properties listed on Airbnb, t he worldThe effect of home sharing on house price and rents evidence from airbnb
s largest home-sharing platform. The data are collected from public-facing pages on the Airbnb website between 2012 and the end of 2016. covering the The Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb izing in residential real estate t ransactions, we obtain a |»mel of house price and rental rati1 indices, also at t he zipeode-1 For example, Santa Monica outlaws short-term, non-owner-occupied rentals of fewer than 30 days as does New York State for apartments in buildings with three or more resid The effect of home sharing on house price and rents evidence from airbnb ences. San FYancisco passed a fiO-day annual hard cap on shorUtcrm rentals (which was subsequently vetoed by the mayor). It is unclear, however, to whThe effect of home sharing on house price and rents evidence from airbnb
at d<-grcc these regulations arc enforced.3Electronic copy available at: https://ssm.com/abs3006832https://khothuvien.cori!year-month level. Zillow prThe Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb easures reflect sale prices and rental rates in the market for long-term housing. Finally, we supplement this data with a rich set of time-varying zipcode characteristics collected from the Census Bureau’s American Community Survey (ACS) and a sot of variables correlated with tourism demand such as The effect of home sharing on house price and rents evidence from airbnb hotel occupancy rates from STR, air|>orl travelers from the Bureau of Transportation Statistics (BTS), and hotels' online reviews from TripAdvisor.InThe effect of home sharing on house price and rents evidence from airbnb
the raw correlations, we find that the number of Airbnb listings in zipcodc t in ycar-month t is positively associated with Imth house prices and rentThe Effect of Home-Sharing on House Prices and Rents:Evidence from Airbill)Kyle Barron’ Edward Kung1 Davide Proserpio^AbstractWe assess the ini|MU't o The effect of home sharing on house price and rents evidence from airbnb ates and a 0.18% increase in house prices. Of course, these estimates should not 1)C interpreted as causal and may instead be picking up spurious correlations. For example, cities that are growing in population likely have rising rents, house prices, and numbers of Airbnb listings at the same t ime. The effect of home sharing on house price and rents evidence from airbnb We therefore exploit the panel nature of our dataset to control for unobserved zipcodc level effects and arbitrary' city level time trends. We includThe effect of home sharing on house price and rents evidence from airbnb
e zipcode fixed effects to absorb any permanent differences between zipcodcs while fixed effects at the Core Based Statistical Area (CBSA)-year-monthGọi ngay
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