Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/235459 
Year of Publication: 
2021
Series/Report no.: 
CESifo Working Paper No. 9089
Publisher: 
Center for Economic Studies and Ifo Institute (CESifo), Munich
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.
Subjects: 
rents
housing market
short-term rental regulation
sharing economy
Airbnb
JEL: 
R21
R31
R52
Z30
Document Type: 
Working Paper
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