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The effects of regulating the housing short-term rental market: Evidence from New Orleans

Author

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  • Maxence Valentin

Abstract

Municipalities across the world have regulated the short-term rental (STR) market in the recent years with however little comprehensive research on the effects of these regulations. This study exploits the enactment of regulations targeting Airbnb and other STR suppliers in New Orleans to identify its effects on market participants' behavior and housing value. I show that although new regulations reduced participation in the STR market as intended, STR usage increased in the neighborhoods adjacent to the properties the most affected by the amendments. I subsequently show that the new regulations depressed property values within the neighborhoods facing the tightest regulations implying that homeowners factor the option to participate in the STR market into their housing purchasing decision.

Suggested Citation

  • Maxence Valentin, 2019. "The effects of regulating the housing short-term rental market: Evidence from New Orleans," ERES eres2019_94, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2019_94
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2019-94
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    Cited by:

    1. Wei Chen & Zaiyan Wei & Karen Xie, 2022. "The Battle for Homes: How Does Home Sharing Disrupt Local Residential Markets?," Management Science, INFORMS, vol. 68(12), pages 8589-8612, December.
    2. Susana Peralta & João Pereira dos Santos & Duarte Gonçalves, 2020. "Do short-term rentals increase housing prices? Quasi-experimental evidence from Lisbon," GEE Papers 0155, Gabinete de Estratégia e Estudos, Ministério da Economia, revised Jul 2020.

    More about this item

    Keywords

    policy analysis; Property right; Sharing Economy; 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

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