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Airbnb and VRBO: the impact of short-term tourist rentals on residential property pricing

Author

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  • David Wyman
  • Chris Mothorpe
  • Brumby McLeod

Abstract

The contemporary phenomenon of Airbnb, VRBO and peer-to-peer home sharing markets has generated considerable controversy regarding positive and negative community impacts. Our study examines the economic motives and costs of short-term rental properties. Using home sales data from the City of Isle of Palms, SC, we find short-term rental properties sell at a price premium relative to long-term rentals and owner-occupied properties providing confirmatory evidence for why residential property owners select into short-term residential property operation. We also find no pricing impact associated with proximity to short-term rental properties indicating homebuyers are not concerned with the perceived community nuisances. The positive economic return accruing to short-term rental properties suggests the short-term rental marketplace will continue to develop as a strategic competitor to traditional tourist lodging operators.

Suggested Citation

  • David Wyman & Chris Mothorpe & Brumby McLeod, 2022. "Airbnb and VRBO: the impact of short-term tourist rentals on residential property pricing," Current Issues in Tourism, Taylor & Francis Journals, vol. 25(20), pages 3279-3290, October.
    • Handle: RePEc:taf:rcitxx:v:25:y:2022:i:20:p:3279-3290
    DOI: 10.1080/13683500.2019.1711027
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