Airbnb and Rental Markets: Evidence from Berlin

Tomaso Duso, Claus Michelsen, Maximilian Schaefer and Kevin Tran

No 16150, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We exploit two policy interventions in Berlin, Germany, to causally identify the impact of Airbnb on rental markets. While the first intervention significantly reduced the number of high-availability Airbnb listings bookable for most of the year, the second intervention led to the exit of mostly occasional, low-availability listings. We find that the reduction in Airbnb supply has a much larger impact on rents and long-term rental supply for the first reform. This is consistent with more professional Airbnb hosts substituting back to the long-term rental market. Accordingly, we estimate that one additional nearby high-availability Airbnb listing crowds out 0.6 long-term rentals and, consequently, increases the asked square-meter rent by 1.8 percent on average. This marginal effect tends to be smaller in districts with a higher Airbnb density. However, these district experienced a larger slowdown in rent increases following the reform due to larger reductions in Airbnb supply.

Keywords: Rents; Housing market; Short-term rental regulation; Sharing economy; Airbnb (search for similar items in EconPapers)
JEL-codes: R21 R31 R52 (search for similar items in EconPapers)
Date: 2021-05
References: Add references at CitEc
Citations:

Downloads: (external link)
https://cepr.org/publications/DP16150 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

Related works:
Working Paper: Airbnb and Rental Markets: Evidence from Berlin (2021)
Working Paper: Airbnb and Rental Markets: Evidence from Berlin (2021)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:16150

Ordering information: This working paper can be ordered from
https://cepr.org/publications/DP16150

Access Statistics for this paper

More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().