| Abstract: |
This study examines the association between short-term tourist rentals and
urban housing markets, local services, and liveability in three major European
cities: Paris, Milan, and Rome. Using empirical, place-based longitudinal
data, the research finds a statistically significant positive correlation
between the shares of short-term rentals and the advertised selling prices in
Milan and Rome, with areas having higher shares of Airbnb apartments
experiencing higher property values. In Paris, there is a positive association
with middle-sized houses, with higher transaction prices related to an
increase in short-term rental shares. Additionally, the study reveals that
short-term rentals are associated with declining residential services and
increasing tourist-oriented services in Milan and Paris. However, survey data
among residents suggests that the perceived liveability of neighbourhoods is
not significantly affected by tourism and short-term rentals, despite some
concerns about different forms of displacement. This study contributes to the
debate about balanced development of the short-term rental sector and the need
to exploit opportunities brought about by the tourism activity while also
protecting liveability for the locals and the availability of affordable
housing for all. Moreover, this analysis highlights the need to deepen the
research about the socioeconomic impacts of tourism at high spatial resolution
to draw evidence-based implications for urban planning and policymaking. |