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New Findings Bring an Economic Lens to the Evolution and Profitability of Short-Term Rentals in New York City

Aerialview of Manhattan - Photo by JULIAN ALEXANDER on Unsplash

Airbnb Usage Across New York City Neighborhoods: Geographic Patterns and Regulatory Implications

New research reveals how the geography of Airbnb usage patterns in New York City has evolved over time while revealing unexpected trends in short- and long-term rental prices. The paper, Airbnb Usage Across New York City Neighborhoods: Geographic Patterns and Regulatory Implications,” is forthcoming in The Cambridge Handbook of the Law of the Sharing Economy.

Combining proprietary data from Airbnb with data from the American Community Survey, Zillow, and TripAdvisor, the researchers – NYU Stern Professor Arun Sundararajan, NYU Wagner Professor Ingrid Gould Ellen, NYU Wagner PhD student Xiaodi Li, and economists Peter Coles and Michael Egesdal of Airbnb – find that between 2011 and 2016:

The researchers also outline the advantages and disadvantages of different regulatory approaches to discourage the conversion of long-term to short-term rentals.

“Around the world, local governments are trying to institute an appropriate regulatory response, but they are doing so without vital evidence about usage patterns, geographic considerations, and the economic impact of both long- and short-term rentals in this new space,” the authors explain. “We do not advocate for a specific regulatory approach. Rather, we use an economic lens to identify approaches that preserve value while minimizing negative spillovers on neighborhoods.”

Posted by on October 13, 2017.

Categories: Trends

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