A nationwide analysis of Airbnb listings found that growth in short‑term rentals is associated with modest increases in local rents and home prices, according to research published in the journal Marketing Science.
What the study measured
The researchers examined Airbnb listings across the United States and quantified how changes in short‑term rental supply relate to housing costs at the ZIP‑code level. They report that a 1 percent increase in Airbnb listings corresponded with a 0.018 percent rise in rents and a 0.026 percent rise in house prices in a ZIP code with a typical owner‑occupancy rate.
Size of the effect for typical neighborhoods
The authors converted those percentage changes into dollar effects for the median ZIP code in their sample. Using the Airbnb growth observed during the study period, they estimated the increase equaled roughly $9 more in monthly rent and about $1,800 more in home value annually for the median ZIP code.
- The paper says the effects are small in many markets but not zero: short‑term rentals can be a contributor to rising housing costs where enough housing is converted from long‑term residences into commercial short‑term units.
- The study finds the effect is stronger in areas with lower owner‑occupancy rates, suggesting whole properties converted for tourist stays drive the biggest local impact.
Evidence from city regulation and other studies
City‑level research supports the mechanism the Marketing Science paper identifies: when short‑term rental availability falls because of regulation, housing markets can become more affordable. A 2025 study in Real Estate Economics examined San Francisco’s registration requirement for short‑term rentals and found the rule reduced Airbnb availability by roughly 20 to 27 percent and booked nights by 22 to 31 percent compared with surrounding cities that lacked the regulation. The San Francisco study also reported that long‑term housing prices fell after the regulation took effect, which the authors described as evidence of improved housing affordability.
Other academic work cited by the Marketing Science authors indicates the type of short‑term rental matters: professionally managed, whole‑home listings that operate like commercial lodging appear likelier to remove housing from the long‑term rental pool than occasional host listings such as a spare room.
What this means for renters and policymakers
The researchers conclude that while short‑term rentals are not solely responsible for America’s affordability challenges, they can contribute to local price pressure where conversions are large enough to affect supply. That finding helps explain why some cities have adopted registration, caps or other limits on short‑term units as part of broader housing strategies.
| Reported change | Magnitude |
|---|---|
| Rent change per 1% increase in Airbnb listings | +0.018% |
| House‑price change per 1% increase in Airbnb listings | +0.026% |
| Estimated effect for median ZIP | +$9 monthly rent; $1,800 annual home‑value gain |
The studies cited link short‑term rental policy choices to measurable shifts in supply and prices. For consumers and local officials weighing housing interventions, the research offers data showing that regulating commercial short‑term rentals can reduce their availability and, in some cases, ease pressure on long‑term housing costs.
