Davide PROSERPIO, Ph.D. candidate, Department of Computer Science, Boston University (USA)Airbnb.com is an online community marketplace that facilitates short-term rentals of "unique spaces" around the world. Since its launch, Airbnb has grown from a few hundred bookings in 2008 to over ten million nights of cumulative bookings worldwide by the end of 2012, spanning more than 300,000 properties in 192 countries. Our work investigates the consequences of the rise of Airbnb as seen by the local economy, focusing on quantifying the impact of Airbnb's growth on the local hotel industry. To explore this question, we consider the state of Texas, where Airbnb adoption exhibits significant spatio-temporal variation across a large number of city-level markets. We leverage a dataset we collected from Airbnb.com, comprehensively spanning the thousands of Texas properties listed on Airbnb from 2008 to 2013, which we combine with a panel of quarterly tax revenue data for all hotels in the state of Texas from 2001 to 2013. Our analysis provides evidence that the hotel industry has experienced a decrease in revenue due to the entry of Airbnb in the market. Specifically, we find that a 1% increase in the size of the Airbnb market results in a 0.05% decrease in hotel revenue. Furthermore, our results indicate that losses are unevenly distributed among hotels in different price segments, with lower-priced hotels experiencing the largest impact.
Leer más arrow_right_alt