Jump In Airbnb Listings Will Also Boost Rents
Airbnb listings are leading to price increases when it comes to both rent and home values.
A new study found that a 10% increase in Airbnb listings can raise rent in a neighborhood by 0.39%, the National Low Income Housing Coalition reports.
The study showed that rent hikes were more prevalent in neighborhoods with absentee landlords, while they remained weaker in areas where there were more owner-occupiers present.
According to the NLIHC, Airbnb encourages absentee landlords to remove properties from the long-term market by incentivizing them to rent them to short-term tenants through Airbnb or other short-term rental platforms. This in turn drives up rent for long-term leases.
But while Airbnb is not doing any favors for renters, listings have been found to increase the value of homes in the same neighborhood. A 10% increase in Airbnb listings can increase the value of a home by 0.65%, it found.
