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Examining the Impact of Short-Term Rentals on Housing Prices in Washington, DC: Implications for Housing Policy and Equity

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  • Zhenpeng Zou

Abstract

As on-demand short-term rentals (STRs) grow popular with the rise of sharing platforms like Airbnb, regulations for the STR market have become the center of a debate among policymakers, housing interest groups, the hotel and lodging industry, and STR platforms. Washington, DC, the nation’s capital and one of the most popular tourist destinations in the United States, is on the front lines of legalizing and regulating the STR business. With the heated policy debate over whether STRs disrupt the rental housing market in DC, a concrete discussion about what STRs impose on the owner housing market is left out. Using web-scraped data from Airbnb and property-level data from the city, I investigated the net impact of STRs on single-family property prices through a series of hedonic analyses. The results suggest that having Airbnb establishments in the neighborhood can significantly inflate property prices. Because of the uneven spatial market penetration of STRs, such price impact could inequitably affect low-income homebuyers and add another hurdle to resolving the housing affordability issue faced by policymakers in Washington, DC.

Suggested Citation

  • Zhenpeng Zou, 2020. "Examining the Impact of Short-Term Rentals on Housing Prices in Washington, DC: Implications for Housing Policy and Equity," Housing Policy Debate, Taylor & Francis Journals, vol. 30(2), pages 269-290, March.
    • Handle: RePEc:taf:houspd:v:30:y:2020:i:2:p:269-290
    DOI: 10.1080/10511482.2019.1681016
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    Cited by:

    1. MaruÅ¡ka Vizek & NebojÅ¡a StojÄ ić & Josip Mikulić, 2023. "Spatial spillovers of tourism activity on housing prices: The case of Croatia," Tourism Economics, , vol. 29(5), pages 1376-1390, August.
    2. Morales-Alonso, Gustavo & Núñez, Yilsy M., 2022. "Dragging on multilisting: The reason why home-sharing platforms make long-term rental prices increase and how to fix it," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    3. Helen X. H. Bao & Saul Shah, 2020. "The Impact of Home Sharing on Residential Real Estate Markets," JRFM, MDPI, vol. 13(8), pages 1-18, July.
    4. M. L. Roark & L. Fox O’Mahony, 2023. "Real Property Transactions in the Network Society: Platform Real Estate, Housing Hactivism, and the Re-scaling of Public and Private Power," Journal of Consumer Policy, Springer, vol. 46(4), pages 445-463, December.
    5. Arnold Overwater & Neil Yorke-Smith, 2022. "Agent-based simulation of short-term peer-to-peer rentals: Evidence from the Amsterdam housing market," Environment and Planning B, , vol. 49(1), pages 223-240, January.
    6. Xiaotong Guo & Lingyan Li & Haiyan Xie & Wei Shi, 2020. "Improved Multi-Objective Optimization Model for Policy Design of Rental Housing Market," Sustainability, MDPI, vol. 12(14), pages 1-23, July.

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