IDEAS home Printed from
   My bibliography  Save this paper

Airbnb and Rental Markets: Evidence from Berlin


  • Tomaso Duso
  • Claus Michelsen
  • Maximilian Schäfer
  • Kevin Ducbao Tran


We exploit two policy interventions in Berlin, Germany, to causally identify the impact of Airbnb on rental markets. While the first intervention significantly reduced the number of high-availability Airbnb listings bookable for most of the year, the second intervention led to the exit of mostly occasional, low-availability listings. We find that the reduction in Airbnb supply has a much larger impact on rents and long-term rental supply for the first reform. This is consistent with more professional Airbnb hosts substituting back to the long-term rental market. Accordingly, we estimate that one additional nearby high-availability Airbnb listing crowds out 0.6 long-term rentals and, consequently, increases the asked square-meter rent by 1.8 percent on average. This marginal effect tends to be smaller in districts with a higher Airbnb density. However, these district experienced a larger slowdown in rent increases following the reform due to larger reductions in Airbnb supply.

Suggested Citation

  • Tomaso Duso & Claus Michelsen & Maximilian Schäfer & Kevin Ducbao Tran, 2021. "Airbnb and Rental Markets: Evidence from Berlin," CESifo Working Paper Series 9089, CESifo.
  • Handle: RePEc:ces:ceswps:_9089

    Download full text from publisher

    File URL:
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    1. Victor Chernozhukov & Christian Hansen & Martin Spindler, 2015. "Post-Selection and Post-Regularization Inference in Linear Models with Many Controls and Instruments," American Economic Review, American Economic Association, vol. 105(5), pages 486-490, May.
    2. Achim Ahrens & Christian B. Hansen & Mark E Schaffer, 2018. "PDSLASSO: Stata module for post-selection and post-regularization OLS or IV estimation and inference," Statistical Software Components S458459, Boston College Department of Economics, revised 24 Jan 2019.
    3. Mense, Andreas & Michelsen, Claus & Cholodilin, Konstantin A., 2017. "Empirics on the causal effects of rent control in Germany," FAU Discussion Papers in Economics 24/2017, Friedrich-Alexander University Erlangen-Nuremberg, Institute for Economics.
    4. Alexandre Belloni & Victor Chernozhukov & Christian Hansen, 2014. "Inference on Treatment Effects after Selection among High-Dimensional Controlsâ€," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 81(2), pages 608-650.
    5. Kyle Barron & Edward Kung & Davide Proserpio, 2021. "The Effect of Home-Sharing on House Prices and Rents: Evidence from Airbnb," Marketing Science, INFORMS, vol. 40(1), pages 23-47, January.
    6. Kilian Huber & Volker Lindenthal & Fabian Waldinger, 2021. "Discrimination, Managers, and Firm Performance: Evidence from “Aryanizations” in Nazi Germany," Journal of Political Economy, University of Chicago Press, vol. 129(9), pages 2455-2503.
    7. Garcia-López, Miquel-Àngel & Jofre-Monseny, Jordi & Martínez-Mazza, Rodrigo & Segú, Mariona, 2020. "Do short-term rental platforms affect housing markets? Evidence from Airbnb in Barcelona," Journal of Urban Economics, Elsevier, vol. 119(C).
    8. Horn, Keren & Merante, Mark, 2017. "Is home sharing driving up rents? Evidence from Airbnb in Boston," Journal of Housing Economics, Elsevier, vol. 38(C), pages 14-24.
    9. Ismael Yrigoy, 2019. "Rent gap reloaded: Airbnb and the shift from residential to touristic rental housing in the Palma Old Quarter in Mallorca, Spain," Urban Studies, Urban Studies Journal Limited, vol. 56(13), pages 2709-2726, October.
    10. Henger, Ralph & Voigtländer, Michael, 2014. "Transaktions- und Angebotsdaten von Wohnimmobilien. Eine Analyse für Hamburg," IW-Trends – Vierteljahresschrift zur empirischen Wirtschaftsforschung, Institut der deutschen Wirtschaft (IW) / German Economic Institute, vol. 41(4), pages 85-100.
    11. Oliver Holtemöller & Rainer Schulz, 2010. "Investor Rationality and House Price Bubbles: Berlin and the German Reunification," German Economic Review, Verein für Socialpolitik, vol. 11, pages 465-486, November.
    12. Koster, Hans R.A. & van Ommeren, Jos & Volkhausen, Nicolas, 2021. "Short-term rentals and the housing market: Quasi-experimental evidence from Airbnb in Los Angeles," Journal of Urban Economics, Elsevier, vol. 124(C).
    13. Holtemöller Oliver & Schulz Rainer, 2010. "Investor Rationality and House Price Bubbles: Berlin and the German Reunification," German Economic Review, De Gruyter, vol. 11(4), pages 465-486, December.
    14. 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.
    15. Bernhard Faller & Christoph Helbach, & Andreas Vater & Reiner Braun, 2009. "Möglichkeiten zur Bildung eines Regionalindex Wohnkosten unter Verwendung von Angebotsdaten," RatSWD Research Notes 34, German Data Forum (RatSWD).
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Francisco Nobre & Diogo Gonçalves & Ronize Cruz, 2023. "Short-term rentals and housing market: Evidence from portuguese metropolitan areas," CeBER Working Papers 2023-04, Centre for Business and Economics Research (CeBER), University of Coimbra.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tomaso Duso & Claus Michelsen & Maximilian Schäfer & Kevin Ducbao Tran, 2020. "Airbnb and Rents: Evidence from Berlin," Discussion Papers of DIW Berlin 1890, DIW Berlin, German Institute for Economic Research.
    2. Lauriane Belloy, 2022. "Short-term rental revenues after the lockdown : An advantage for natural areas but always in dense rental spaces," Working papers of Transitions Energétiques et Environnementales (TREE) hal-03671537, HAL.
    3. Maruška Vizek & Tajana Barbić & Anita Čeh Časni, 2024. "The impact of the tourism accommodation composition on housing prices: The case of Croatia," Tourism Economics, , vol. 30(1), pages 267-274, February.
    4. David M. Harrison & Michael J. Seiler & Liuming Yang, 2024. "The Impact of iBuyers on Housing Market Dynamics," The Journal of Real Estate Finance and Economics, Springer, vol. 68(3), pages 425-461, April.
    5. Lauriane Belloy, 2022. "Short-term rental revenues after the lockdown : An advantage for natural areas but always in dense rental spaces," Working Papers hal-03671537, HAL.
    6. Garz, Marcel & Schneider, Andrea, 2023. "Data sharing and tax enforcement: Evidence from short-term rentals in Denmark," Regional Science and Urban Economics, Elsevier, vol. 101(C).
    7. Nocito, Samuel & Sartarelli, Marcello & Sobbrio, Francesco, 2023. "A beam of light: Media, tourism and economic development," Journal of Urban Economics, Elsevier, vol. 137(C).
    8. Bricongne, Jean-Charles & Meunier, Baptiste & Pouget, Sylvain, 2023. "Web-scraping housing prices in real-time: The Covid-19 crisis in the UK," Journal of Housing Economics, Elsevier, vol. 59(PB).
    9. Batalha, Mafalda & Gonçalves, Duarte & Peralta, Susana & Pereira dos Santos, João, 2022. "The virus that devastated tourism: The impact of covid-19 on the housing market," Regional Science and Urban Economics, Elsevier, vol. 95(C).
    10. Martin Falk & Miriam Scaglione, 2024. "Effects of regulations on the Airbnb market in Geneva," Tourism Economics, , vol. 30(3), pages 615-632, May.
    11. 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.
    12. Achim Ahrens & Christian B. Hansen & Mark E. Schaffer, 2020. "lassopack: Model selection and prediction with regularized regression in Stata," Stata Journal, StataCorp LP, vol. 20(1), pages 176-235, March.
    13. Mavropoulos, Antonios, 2021. "To rent or not to rent: A household finance perspective on Berlin's short-term rental regulation," IWH Discussion Papers 1/2021, Halle Institute for Economic Research (IWH).
    14. Maximilian Schäfer & Kevin Ducbao Tran, 2020. "Airbnb, Hotels, and Localized Competition," Discussion Papers of DIW Berlin 1889, DIW Berlin, German Institute for Economic Research.
    15. Ka Shing Cheung & Chung Yim Yiu, 2023. "The paradox of airbnb, crime and house prices: A reconciliation," Tourism Economics, , vol. 29(5), pages 1412-1418, August.
    16. David López-Rodríguez & María de los Llanos Matea, 2019. "Recent developments in the rental housing market in Spain," Economic Bulletin, Banco de España, issue SEP.
    17. Ron Bekkerman & Maxime C. Cohen & Edward Kung & John Maiden & Davide Proserpio, 2023. "The Effect of Short-Term Rentals on Residential Investment," Marketing Science, INFORMS, vol. 42(4), pages 819-834, July.
    18. Dirección General de Economía y Estadística, 2020. "El mercado de la vivienda en España entre 2014 y 2019," Occasional Papers 2013, Banco de España.
    19. Cong Liang & Matthew Chi Hei Yeung & Alan Kai Ming Au, 2022. "The impact of Airbnb on housing affordability: Evidence from Hong Kong," Environment and Planning B, , vol. 49(3), pages 1048-1066, March.
    20. Časni Anita Čeh & Filić Josipa, 2022. "Tourism housing price nexus," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 8(2), pages 53-65, December.

    More about this item


    rents; housing market; short-term rental regulation; sharing economy; Airbnb;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations
    • Z30 - Other Special Topics - - Tourism Economics - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ces:ceswps:_9089. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Klaus Wohlrabe (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.