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Airbnb ensures rise in house prices Dutch Research shows
From Los Angeles to Amsterdam 3% rise in house prices recorded
In Los Angeles, the rental site generates an extra price increase of 3 percent on average. That effect probably also applies to Amsterdam. In areas where many homes are offered on Airbnb, rental and house prices are rising faster than in places where the rental platform is less popular.
This is evident from a study by the Vrije Universiteit https://www.vu.nl/en , It is the first time that such an effect has been demonstrated.
The researchers looked at the relationship between house prices and Airbnb’s popularity in the American metropolitan area of ‘‹’‹Los Angeles. They chose that area because some cities there have been renting through Airbnb for several years, while in other places few restrictions apply. In areas with little regulation, many more homes and apartments are offered on Airbnb.
By comparing the cities in the Los Angeles region in the period following the introduction of stricter Airbnb rules, the researchers found that Airbnb on average resulted in an extra 3 percent increase on top of the regular price increase. Considering tourist districts such as Venice, Downtown and Hollywood that were only popular with tourists, the effect was even greater. There, thanks to the rental site, the prices rose by another 25 per cent extra, with light researcher Hans Koster by phone.
"The effects of Airbnb may be small on average," the researchers write. "But in attractive areas for tourists, Airbnb can have major effects on house prices." Prices are rising mainly because Airbnb landlords are buying up homes to rent out to tourists. These homes are withdrawn from the regular housing market, creating scarcity.
Although their findings specifically concern Los Angeles, the researchers think that there is probably a similar effect in Amsterdam. In doing so, they place a comment that the price increases in the capital are probably "very local". Only the canal belt would have to deal with the Airbnb effect according to the VU team.
Amsterdam tries to restrict rentals through Airbnb. Some residents experience nuisance from the tourists, who are coming to the capital in increasing numbers. Whether the measures of the municipality yield results is still questionable. Last year, the number of accommodations offered appeared to be at record level, despite a new reporting obligation for landlords.
Source: Vincent Sondermeijer NRC.NL
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