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Visiting cities by networks: Evidence from Asian and European cities short-term rental markets

Author

Listed:
  • Paloma Taltavull de La Paz
  • Raúl Pérez
  • Francisco Juarez
  • Zhenyu Su

Abstract

The paper builds the cycles of transactions and prices in the short term rental market from 2015 to 2021 for 46 European and Asian cities to understand how short-term tenants move across the cities. Having the cycles at the city level, the paper builds a panel and estimates a supply-demand model for the short-term rental market and analyses the endogenous relationship and ripple effect among cities using the VECM framework. Results suggest the existence of links between cities, both in short-term rental contracts and prices, supporting the hypothesis that short-term rental market visitors choose cities clustered in networks and that those networks compete with each other as alternative destinations. The evidence suggests that, through the technological platforms and individually, a particular city network is chosen as an alternative to others, revealing tastes changes and inducing segmentation in rental price growth and investment.

Suggested Citation

  • Paloma Taltavull de La Paz & Raúl Pérez & Francisco Juarez & Zhenyu Su, 2022. "Visiting cities by networks: Evidence from Asian and European cities short-term rental markets," ERES 2022_134, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:2022_134
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    File URL: https://eres.architexturez.net/doc/eres-id-eres2022-134
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    More about this item

    Keywords

    Cities; population mobility; rental prices; short term rental market;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

    NEP fields

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