The effect of short‐term rentals on local consumption amenities
Evidence from Madrid
Bibliographic Data
| ID | 21352858 |
|---|---|
| Authors | Alberto Hidalgo (0000-0002-5771-9433, Laboratory for the Analysis of Complex Economic Systems IMT School for Advanced Studies Lucca Italy, corresponding author), Massimo Riccaboni (0000-0003-4979-8933, Laboratory for the Analysis of Complex Economic Systems IMT School for Advanced Studies Lucca Italy), Francisco J Velázquez (0000-0002-2451-5653, Department of Applied & Structural Economics and History Universidad Complutense de Madrid, GRIPICO & ICEI, Campus Somosagua Madrid Spain) |
| Year | 2024 |
| Volume | 64 |
| Issue | 3 |
| Pages | 621-648 |
| Publication date | 2024-06-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Regional Science (JOURNAL) |
| Journal identifiers | ISSN: 0022-4146 • E-ISSN: 1467-9787 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/jors.12685 |
| OpenAlex | W4391401534 |
| Language | EN |
| Citations received | 5 |
| References cited | 42 |
This paper examines the impact of the arrival of Airbnb on local consumption amenities in Madrid. We exploit the exogenous variation created by the timing and uneven distribution of Airbnb listings in the city to determine the impact on food and beverage establishments. Using an instrumental variable strategy, we find positive local effects on both the number of restaurants and their employees: an increase of 14 Airbnb rooms in a given census tract leads to almost one more restaurant, and the same increase in a given neighborhood generates 11 new tourist‐related employees. The results are robust to the specification and sample composition. This paper contributes to the literature on the economic impact of the platform economy on urban areas by providing evidence of market expansion externalities from short‐term rentals
Business · Census · Census tract · Consumption (sociology) · Distribution (mathematics) · Econometrics · Economics · Exploit · Externality · Geography · Instrumental variable · Microeconomics · Population · Renting · Sample (material) · Sharing economy · Term (time) · Tourism · Consumer Retail Behavior Studies · Sharing Economy and Platforms · Transportation and Mobility Innovations
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| Unique citing works | 5 |
|---|---|
| Citations per year | 2,5 |
| Citation span | 2024 - 2026 (3) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 5 |