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Airbnb or not Airbnb? That is the question: How Airbnb bans disrupt rental markets

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  • Michael J. Seiler
  • Ralph B. Siebert
  • Liuming Yang

Abstract

This study focuses on legislative bans imposed on short‐term rentals (STRs) and evaluates their effects on long‐term rentals in Irvine, CA. We find that contract rental prices in the long‐term rental market decrease by 3.0% within approximately 2 years after the enforcement of STR ordinance. The results are primarily driven by the supply side for long‐term rentals. The decline in rents is more pronounced: (1) for long‐term rental units that have similar property characteristics as those listed through Airbnb and (2) for those located in geographic areas with greater Airbnb exposure before the ban was enforced.

Suggested Citation

  • Michael J. Seiler & Ralph B. Siebert & Liuming Yang, 2024. "Airbnb or not Airbnb? That is the question: How Airbnb bans disrupt rental markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(1), pages 239-270, January.
    • Handle: RePEc:bla:reesec:v:52:y:2024:i:1:p:239-270
    DOI: 10.1111/1540-6229.12440
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