A new study by Oxford Economics commissioned by Airbnb highlights the constructive affect of quick time period leases on international locations throughout the EU. Vacationers staying in short-term leases generated €149 billion in financial advantages, supported 2.1 million jobs, and generated €40 billion in whole tax income in 2023.
Rural areas have notably benefited from this constructive affect, as 55 p.c of vacationers in short-term leases stayed exterior of main cities in 2023. This development is rising and the variety of short-term rental nights stayed in rural areas has doubled since 2020.
Brief-term leases enable on a regular basis folks to journey in Europe in an reasonably priced means, particularly throughout main occasions. In response to Oxford Economics, platforms like Airbnb have lowered the common worth of in a single day stays (both in a resort or short-term rental) by 7 euros in main EU locations in 20231. Throughout huge occasions, reminiscent of this summer season’s Paris Olympics Video games, native hosts itemizing their properties on short-term rental platforms assist to make stays cheaper for vacationers, whereas dispersing financial advantages to native households and companies.
This versatile and reasonably priced lodging choice is fashionable amongst European vacationers, particularly these touring with household. Within the EU, 67 p.c of stays in short-term leases have been made by Europeans, and households with kids accounted for almost 4 out of 10 (39%) bookings.
Whereas short-term leases have introduced important advantages to EU vacationers, households and companies, the examine challenges misconceptions concerning the affect of furnished vacationer lodging on housing provide and overtourism points in city facilities. In response to Oxford Economics, listings devoted to quick time period lets obtainable on Airbnb in Lisbon, Barcelona, Madrid, Paris, Berlin and Amsterdam don’t exceed 0.5 p.c of the native housing provide. The examine estimates that if all listings on Airbnb have been returned to the residential market, native home costs in these cities would fall by lower than 0.7 p.c.
“Over time, short-term leases have turn into a most well-liked resolution for a lot of on a regular basis European households to journey affordably all through Europe. By staying in a vacation residence, these vacationers have found new neighborhoods and landscapes,” mentioned Juliette Langlais, EMEA Public Affairs Director at Airbnb. “By directing vacationers away from crowded city locations the place resort provide, concentrated vacationer flows and native challenges accumulate, short-term leases have dispersed the advantages of tourism to native households and enterprise in numerous rural locations.”
Whereas Oxford Economics finds short-term leases’ affect on housing to be minimal and restricted to particular neighborhoods, extreme and poorly focused rules applied in some European cities have unsurprisingly failed to deal with native challenges:
- In Paris, a de facto prohibition on renting a second residence quick time period has failed to forestall a rise in common rents and property costs, which have risen by 21% and 15% respectively because the present guidelines for short-term leases have been applied six years in the past.
- In Amsterdam, the variety of vacationer in a single day stays has elevated by 12% since 2019 regardless of the introduction of strict guidelines limiting short-term leases to a most of 30 days per yr for your entire metropolis, and a corresponding 50% lower within the variety of stays in furnished vacationer lodging. Accommodations have thus pushed and benefitted from pent up vacationer stays in Amsterdam on the expense of native households.
Such disproportionate quick time period leases rules have additionally proven destructive negative effects regionally, together with a lack of financial alternatives for native hosts and companies. These rules create a major enhance in the price of stays, undermining the flexibility of on a regular basis Europeans and households to get pleasure from these locations.
- In Amsterdam, Oxford Economics estimates a lack of 269M€ in whole host earnings because the implementation of present quick time period leases rules. That is thousands and thousands of euros that not go into the pockets of on a regular basis hosts and small companies, usually to the good thing about massive resort chains.
- In Paris, the common worth of a resort evening has elevated by 77%, regardless of the addition of almost 4,000 new resort rooms in six years.
The report exhibits that quick time period leases should not the important thing driver of native challenges reminiscent of housing scarcity and overtourism. Airbnb believes native regulatory responses ought to be evidence-based and focused to neighbourhoods the place there’s a clear want whereas preserving the advantages that short-term leases deliver to locals and vacationers.
“Brief time period leases are a part of the answer to construct a extra sustainable tourism that preserves the proper of residents within the European Union international locations to stay, host, and journey affordably throughout Europe. Let’s proceed to protect them,” mentioned Langlais.
Airbnb has supported new EU guidelines, to make sure authorities have the info they should make knowledgeable coverage choices which protect the alternatives of quick time period leases for native hosts, vacationers and locations, in keeping with the EU STR regulation framework.
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