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Hedonic Price Indices for Moscow Short-Term Rental Housing

Author

Listed:
  • Ekaterina Bobrovskaya

    (RANEPA)

  • Andrey Polbin

    (Gaidar Institute for Economic Policy; RANEPA)

  • Nikita Fokin

    (Gaidar Institute for Economic Policy; RANEPA)

Abstract

This paper analyses the dynamics of prices in the short-term rental housing market in Moscow based on data from the online Airbnb and sutochno.ru platforms for the period from 2015 to 2023. We build the simplest price indices based on average and median prices and create hedonic indices using alternative methods. The analysis conducted demonstrates that it is relevant to take the quality of housing into account in the analysis of rental price dynamics. The time-dummy method turns out to be quite robust to adding additional observations to the sample, while the results of the imputation method, on the contrary, change greatly depending on the choice of the base period. We believe that the adjacent period method is the best method for constructing an index. This method allows changes in the market structure and the preferences of tenants to be considered. The construction of indices for individual Moscow districts provides additional information about the situation on the rental market which may be useful to various economic agents.

Suggested Citation

  • Ekaterina Bobrovskaya & Andrey Polbin & Nikita Fokin, 2024. "Hedonic Price Indices for Moscow Short-Term Rental Housing," Russian Journal of Money and Finance, Bank of Russia, vol. 83(1), pages 77-103, March.
    • Handle: RePEc:bkr:journl:v:83:y:2024:i:1:p:77-103
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    More about this item

    Keywords

    Airbnb; sutochno.ru; short-term rental housing; housing market; house price index; hedonic regression;
    All these keywords.

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • Z39 - Other Special Topics - - Tourism Economics - - - Other

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