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The Airbnb Phenomenon: A Qualitative Analysis of Its Consequences on Urban Housing Markets

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03 October 2023

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04 October 2023

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Abstract
The phenomenon of Airbnb has significantly permeated the urban housing markets of major U.S. cities. This qualitative analysis meticulously examines its wide-ranging impacts, exploring Airbnb’s operational model, regulatory challenges, and its influence on housing availability, prices, and neighborhood dynamics. The research aggregates insights from various sources, including academic articles, web-based resources, and case studies, providing a nuanced understanding of the intricate balance cities are endeavoring to achieve between the economic opportunities Airbnb presents and the potential strains it places on local housing markets. The paper also scrutinizes the evolving policy frameworks and their effectiveness in mitigating the impacts of short-term rental platforms. Furthermore, it deliberates on future trends in the short-term rental market and the wider implications for the sharing economy. Concluding, the paper acknowledges the limitations of the qualitative method and suggests areas for future in-depth research, aiming to offer insightful contributions to policymakers, researchers, and urban planners engaged in urban housing discourse in the United States.
Keywords: 
Subject: 
Social Sciences  -   Geography, Planning and Development

1. Introduction

Airbnb stands as a pivotal entity within the sharing economy, having radically trans formed the dynamics of urban housing markets across the globe. Originating as a modest venture in 2008 to rent out air mattresses, Airbnb has burgeoned into a global platform, allowing individuals to lease or rent short-term lodging, including vacation rentals, apartment rentals, home-stays, and hostel beds [1]. The platform facilitates connections between hosts, who offer their properties for rent, and guests, who are seeking to rent such proper-ties, usually as a substitute for hotels [2].
Focusing particularly on major cities in the USA, such as New York, Los Angeles, and Chicago, Airbnb’s presence is conspicuous, shaping the contours of urban housing markets and influencing rental prices and housing availability. These cities are emblematic of the broader urban transformations induced by the proliferation of Airbnb, given their stature as prominent urban centers marked by dynamic housing markets and diverse accommodation needs [3].
The rise of Airbnb is concomitant with the broader ascent of the sharing economy, characterized by peer-to-peer-based sharing of access to goods and services, often facilitated by a third-party online platform. The sharing economy encompasses various sectors, including transportation, with Uber and Lyft as notable examples, and consumer goods, with platforms like eBay and Amazon leading the way [4]. Within this landscape, Airbnb has emerged as a dominant player in the short-term rental market, with its innovative model disrupting traditional lodging sectors and raising pertinent questions about its repercussions on urban housing markets [5].
Major cities in the USA, with their dense populations and high tourist influx, provide fertile grounds for the expansion of Airbnb and similar platforms [6,7]. These urban centers have witnessed a substantial increase in the number of properties listed on Airbnb, leading to a profound shift in the dynamics of the rental market and housing availability. The intertwining of tourism and residential sectors has engendered diverse responses from city dwellers, policymakers, and urban planners, fueling debates on the regulation, benefits, and challenges of short-term rental platforms [8].

1.1. Purpose of the Study

The purpose of this study is to undertake a qualitative analysis to scrutinize and assess the impact of Airbnb on urban housing markets in major U.S. cities. Given the multifarious effects and the rapid growth of Airbnb, it is pivotal to delve deep into its consequences, both positive and negative, to garner insights and understandings pertinent to urban living, housing accessibility, and community cohesion.
This study intends to synthesize insights from a multitude of sources, embracing aca-demic articles, case studies, and online resources, to construct a nuanced, multi-dimensional perspective on how Airbnb shapes urban housing markets. The exploration aims to elucidate the influences of Airbnb on housing prices, rental availability, neighborhood dynamics, and the broader urban fabric in the major cities of the USA. Furthermore, the analysis seeks to shed light on the evolving regulatory landscape surrounding Airbnb and other short-term rental platforms. It aspires to scrutinize the effectiveness and the challenges inherent to the implementation and enforcement of such regulations, providing a comprehensive perspective on the policy implications and the ongoing debates within urban communities and legislative chambers.
The qualitative approach adopted in this study aims to offer a robust theoretical foundation and a multifaceted understanding of the Airbnb phenomenon. It seeks to contribute to the broader discourse on urban housing and the sharing economy, providing valuable insights to policymakers, urban planners, researchers, and the general populace interested in the transformations and future trajectories of housing in major U.S. cities.

1.2. Scope of the Paper

This paper explicitly concentrated on the implications of Airbnb in the urban housing markets of USA major cities, examining elements such as housing prices, availability, and neighborhood dynamics. Those cities are pivotal due to their pronounced Airbnb presence and their roles as international hubs, which make them illustrative cases for observing the broader implications of short-term rental platforms. The major contributions of the paper are as follows:
  • The paper provides a unified theoretical understanding of the interactions between Airbnb and urban housing ecosystems, serving as a foundational resource for academics and researchers exploring similar themes.
  • The exploration of current regulatory landscapes and their efficacies in mitigating the impacts of short-term rental platforms stands as a crucial contribution, offering critical insights and recommendations for policymakers and urban planners seeking sustainable solutions.
  • The paper furnishes a detailed analysis of how Airbnb affects housing prices, availability, and neighborhood dynamics, thereby contributing to the broader dialogue about sustainable urban development and the future of housing in the sharing economy.

2. Literature Review

Airbnb’s trajectory from a modest beginning in 2008 to its current global acclaim is a journey marked by innovation, challenges, and expansive growth. Founded by Brian Chesky, Joe Gebbia, and Nathan Blecharczyk, Airbnb originated as a simple solution to an immediate need for accommodation and has metamorphosed into a revolutionary force within the hospitality and real estate sectors [9]. The platform’s innovative model allows individuals to rent out their spaces, fostering a community-driven approach to lodging.
In major U.S. cities like New York, Los Angeles, and Chicago, Airbnb’s presence has been particularly pronounced. These cities, characterized by their dense populations, diverse communities, and significant tourist influx, became the epicenters of Airbnb’s expansive network [10]. The burgeoning demand for diverse lodging experiences, coupled with the inherent economic opportunities for hosts, propelled the rapid growth of Airbnb in these urban landscapes [11].
The development of Airbnb in these cities symbolizes the shifting paradigms within the hospitality sector and the evolving preferences of modern consumers. The platform’s user-friendly interface, diverse listings, and the prospect of unique travel experiences have appealed to a broad spectrum of users [12]. Airbnb’s rise in major U.S. cities also accentuates the broader trends within the sharing economy, where peer-to-peer interactions are facilitated by technological platforms, democratizing access to services and goods [13].
Airbnb’s growth trajectory in these urban centers is not devoid of challenges. The platform has been at the center of numerous debates and regulatory battles, with concerns ranging from its impact on housing availability and affordability to its effects on neighbor-hood cohesion and local economies [14,15,16]. Despite such challenges, Airbnb continues to wield a substantial influence on the urban landscapes of major U.S. cities, redefining the contours of travel and accommodation.

2.1. Airbnb and Urban Housing Markets

In exploring the nexus between Airbnb and urban housing markets, a wealth of qualitative studies have delved into the various dimensions of its implications. The advent of Airbnb has spurred significant shifts in housing dynamics in urban areas across the U.S., affecting housing prices, availability, and neighborhood ecosystems.
Several studies have highlighted the correlation between the presence of Airbnb and escalating housing prices [17]. The influx of short-term rentals in urban areas is posited to constrict the availability of long-term housing options, thereby exerting upward pressure on rental prices [18]. This phenomenon is particularly acute in cities with already strained housing markets, where the entry of Airbnb exacerbates the existing tensions between housing supply and demand.
The implications of Airbnb on housing availability are multifaceted [19]. The plat-form’s lucrative prospects encourage property owners to opt for short-term rentals over long-term leases, reducing the supply of available residential properties [20]. This trend is evident in various U.S. cities where the proliferation of Airbnb listings correlates with a decrease in long-term rental availability, impacting residents in search of stable housing options.
Existing literature also explores the neighborhood dynamics influenced by Airbnb. The platform’s operations within residential areas transform the fabric of neighborhoods, altering the sense of community and local cohesion [21]. Several qualitative studies emphasize the changing neighborhood atmospheres, citing increased transient populations and altered community interactions as significant outcomes of Airbnb’s presence [22,23].
The diverse array of studies on Airbnb’s interactions with urban housing markets illuminates the complex and varied repercussions of its operations. The qualitative insights derived from these studies form a coherent narrative of the multifarious impacts of Airbnb on urban environments, providing a comprehensive perspective on the ongoing transformations within U.S. urban housing markets; refer to Table 1 for a summary of key findings from different studies.

2.2. Theoretical Insights

The theoretical frameworks underpinning the studies on Airbnb and urban housing markets offer profound insights into the intricate relationships between short-term rental platforms and urban ecosystems [34]. These frameworks synthesize various theoretical perspectives, elucidating the mechanisms through which Airbnb influences urban housing dynamics, prices, and neighborhood cohesion.
Several theoretical models elucidate the economic principles governing the interactions between Airbnb and housing markets. Supply and demand dynamics are central to understanding the shifts in housing prices and availability. The theoretical insights emphasize the role of Airbnb in altering the supply side of the housing market, influencing the decisions of property owners, and reshaping the rental landscapes in urban areas [35]. The sociological and anthropological lenses within the theoretical frameworks explore the social dimensions of Airbnb’s presence in urban neighborhoods. The studies delve into the transformations in community interactions, neighborhood identities, and local cohesion, attributing the changes to the increased transient populations and the altered residential compositions induced by Airbnb [36,37,38].
The theoretical synthesis from diverse studies constructs a multifaceted understanding of Airbnb’s role in urban housing markets. The insights encompass economic, social, and cultural dimensions, painting a holistic picture of the transformations engendered by Airbnb. The comprehensive theoretical perspectives inform the broader discourse on urban development, housing sustainability, and community cohesion in the context of the burgeoning sharing economy.

3. Methodology

3.1. Approach

This study adopts a qualitative research approach to holistically explore and interpret the myriad aspects and nuances of the Airbnb phenomenon, with a central focus on its consequences on urban housing markets in major U.S. cities. This method, entrenched in a comprehensive examination of available literature, expert insights, case studies, and relevant document analysis, enables a detailed, multifaceted understanding of the subject, unraveling its complexities without quantitative reductionism.
The rationale for choosing a qualitative analysis is founded on the need for an exhaustive exploration of the underlying themes, patterns, and theoretical insights related to Airbnb’s emergence and impact. It allows for a discerning exploration of the social, economic, and anthropological dimensions inherent in Airbnb’s operations and their repercussions on urban housing landscapes, enabling a rich, context-specific comprehension unattainable through quantitative methodologies alone.

3.2. Sources of Information

To consolidate a coherent and encompassing view of the subject matter, various sources of information have been meticulously reviewed, including academic articles, case studies, and online resources, primarily focusing on the context of U.S. cities. The sources furnish diverse perspectives and empirical insights, allowing for a balanced and robust understanding of the subject matter.

3.2.1. The Effect of Home-sharing on Residential Home Prices and Rentals

  • Economic Policy Institute [39] reveals concerns about Airbnb’s influence on local markets, highlighting apprehensions about its potential to affect local home prices, residential area quality of life, hospitality sector job quality, and local government’s capacity to implement governmental codes and collect taxes.
  • Marketing Science [40] provides empirical correlations between Airbnb listings and property prices and rental rates, underscoring a positive relationship between the increase in Airbnb listings and a subsequent rise in rental rates and home prices, especially in cities witnessing population growth.
These sources detail the economic repercussions of home-sharing platforms, emphasizing their multifaceted impacts on housing prices and availability in the residential sectors of urban locales.

3.2.2. Airbnb’s Influence on the Local Rental Housing Market

  • IEB Working Paper [41] and Economic Policy Institute [39] elucidate the detrimental aspects of Airbnb’s proliferation, emphasizing its role in reducing housing availability and escalating housing costs for local inhabitants. They present arguments about how the conversion of long-term rental homes to Airbnb units can induce significant price rises due to the inelastic nature of housing demand.
These insights reveal the underlying dynamics of Airbnb’s interactions with local rental markets, depicting a scenario where the demands of tourism overlap and conflict with the housing needs of local residents, catalyzing shifts in availability and pricing structures.

3.2.3. Potential Advantages of the Introduction and Expansion of Airbnb in US Cities

  • National Bureau of Economic Research [42] and Journal of Marketing Research [4] provide insights into the potential economic advantages stemming from Airbnb’s operations. They illustrate how Airbnb facilitates diverse revenue streams for property owners and fosters economic activity in cities by attracting tourists who subsequently spend on local services.
  • Tourism Management [35] and a Purdue University working paper [43] further elaborate on Airbnb’s positive influences on local economies, detailing its role in supporting employment and production and its influence on restaurant spending in local communities.
The exploration of these sources renders a multifaceted perspective on Airbnb’s economic impacts, revealing its potential to revitalize local economies by leveraging the sharing economy framework to lower transaction costs and create new opportunities for economic interaction and growth.

4. The Airbnb Business Model

4.1. Operational Overview

Airbnb operates as a peer-to-peer online platform, connecting people looking to rent their homes or spaces with those seeking accommodations in locations worldwide, with a significant presence in major U.S. cities. The platform, which commenced as a modest venture in San Francisco, has evolved to disrupt traditional hospitality sectors, offering diverse lodging options ranging from single rooms to entire homes and even castles [44].
Airbnb’s business model is a quintessential example of the sharing economy. It relies on the premise of sharing underutilized assets, in this case, accommodation. Hosts list their properties on the platform, providing details, photographs, and prices. Guests can search for suitable accommodations based on various parameters like location, price, type of property, and amenities provided [45,46]. The platform serves as an intermediary, facilitating transactions between hosts and guests and providing a layer of trust through user profiles, reviews, and a secure payment system.
The revenue structure of Airbnb is dual-faceted. The company charges hosts a service fee, typically around 3% of the booking subtotal, to cover the cost of processing transactions. Guests are also charged a service fee, ranging between 0% and 20% of the booking subtotal, to cover the company’s operational costs. This model allows Airbnb to generate substantial revenue, tapping into a myriad of markets and demographics and providing a competitive alternative to conventional accommodation options in the hospitality sector.

4.2. Market Demographics

The user base of Airbnb, encompassing both hosts and guests, is incredibly diverse, encompassing a wide array of demographics. The platform appeals to varied age groups, income levels, and preferences, fostering a global community of users seeking unique travel experiences and income opportunities.
Table 2 illustrates the diversity in Airbnb’s user base, presenting a snapshot of varying preferences and demographics within the platform’s community. Studies and reports have substantiated the broad appeal of Airbnb, showing its penetration into different age brackets, income categories, and accommodation preferences, reflecting the platform’s adaptability and widespread acceptance in major U.S. cities [47,48].

4.3. Regulatory Landscape

The meteoric rise of Airbnb has instigated myriad regulatory challenges and discussions in major U.S. cities, invoking considerations related to housing availability, neighborhood dynamics, and city revenues [49]. Several cities have enacted legislation and ordinances aimed at monitoring and regulating short-term rental platforms to mitigate adverse impacts on local communities and housing markets [11].
For instance, New York City imposes strict limitations on short-term rentals, prohibiting rentals of entire homes for less than 30 days unless the host is present [50]. San Francisco, the birthplace of Airbnb, mandates hosts to register with the city and restricts short-term rentals to 90 days per year for entire home listings. These regulations aim to balance the benefits brought by the sharing economy with the need to preserve housing availability and maintain neighborhood integrity [20]. Other cities have formulated regulatory frameworks focusing on taxation, ensuring that Airbnb contributes to local tax revenues. For example, Chicago requires Airbnb to collect a 4% surcharge on bookings, contributing to the city’s homeless services. Similarly, Los Angeles imposes a Transient Occupancy Tax on short-term rentals, directing the revenue towards city services and infrastructure [10].
These varying regulatory landscapes underscore the dynamic interaction between Airbnb and urban governance structures, reflecting the need for continuous dialogue and adaptive policymaking to harness the potential of the sharing economy while addressing inherent challenges and community concerns.

5. Qualitative Insights: Impact on Urban Housing Markets

Airbnb’s model, which facilitates the utilization of residential properties for short-term rental purposes, has played a pivotal role in the urban housing markets. The exploration of its influences on housing prices, availability, and neighborhood dynamics unfolds a spectrum of ramifications on urban life and communities in the U.S.

5.1. Housing Prices and Rents

The integration of Airbnb within the urban accommodation market has consequential effects on housing prices and rental rates. In cities, the transformation of residential units into short-term rentals contributes significantly to housing scarcity. This scarcity subsequently triggers an uptick in rental rates and housing prices as the supply-demand dynamics lean towards a heightened demand against a dwindling supply, particularly of long-term rental options [51]. This is considerably pronounced in cities with extensive tourist inflow, creating a constant demand for transient accommodation facilities.

5.1.1. Detailing the Phenomenon

This phenomenon is a resultant effect of the property owners’ inclination towards the more lucrative short-term rental market facilitated by Airbnb. The enhanced profitability acts as a substantial incentive for property owners to withdraw their properties from the traditional rental market [52]. It is this redirection of available housing to short-term rentals that has been identified as a primary driver for inflated rental and housing prices in urban locales.
The extensive impact is conspicuous in tourist-centric cities where the constant influx of visitors sustains a robust demand for Airbnb listings, leaving long-term renters grappling with increased rental costs and diminished housing availability [53]. Moreover, the increased property values reflect not only the elevated demand but also the higher revenue streams generated through short-term rentals as compared to long-term leases.

5.1.2. Regional Variations

The extent and nature of the impact vary significantly across different urban centers, reflecting the inherent regional market dynamics, tourist influx, and local regulatory frame-works [54]. Some cities exhibit substantial escalations in housing prices and rents, while others may showcase more moderated alterations. Table 3 shows the impact of Airbnb on housing prices and rents in selected U.S. cities [55].

5.2. Housing Availability

The metamorphic rise of Airbnb in urban settings, notably in cities like New York, Los Angeles, and Chicago, has unveiled an intricate narrative about its effects on housing availability. The influx of Airbnb listings ostensibly contracts the pool of properties available for long-term lease, leading to an environment marked by its limitations for prospective permanent residents [56].
In cities saturated with tourists, the landscape of housing availability undeniably leans towards short-term accommodations, indirectly engendering an environment of stiff competition for the available long-term leases. This phenomenon underscores the persistent challenges encountered by permanent residents in securing affordable housing amidst the burgeoning domain of short-term rentals.
In places like New York, the plummet in long-term rental availability has been discernible, with a corresponding amplification in short-term listings [57,58]. This has affected the conventional housing paradigms, sparking conversations about the equilibrium between housing availability and burgeoning tourism. In Los Angeles, similar patterns emerge, portraying a landscape where the decline in long-term rentals is in tandem with the increase in transient accommodations, reflecting the transformative tendencies of Airbnb’s model on urban housing landscapes [59]. Meanwhile, Chicago experiences its rendition of this shift, witnessing a tangible alteration in the housing availability dynamics, driven predominantly by the rising predilection for short-term leasing options [60].
Table 4 below portrays a more detailed depiction of these nuanced shifts in housing availability in New York, Los Angeles, and Chicago:

5.3. Neighborhood Dynamics

In analyzing the impact of Airbnb on urban housing markets, a focus on Neighborhood Dynamics provides an encompassing view of the changes and trends in local communities [25]. The prominence of Airbnb in major U.S. cities has engendered alterations in neighbor-hood cohesion and the character of the neighborhoods and raised a spectrum of security concerns [61].
Understanding the transformations in neighborhood dynamics is pivotal in painting a holistic picture of Airbnb’s overall influence on urban housing markets. It provides insights into how the changes in the micro-environment of neighborhoods translate into macro-level shifts in housing demand, availability, and pricing structures. To offer a broad perspective on the varying degrees of influence Airbnb has on neighborhood dynamics, Table 5 focuses on qualitative categorizations:

6. Policy Implications and Regulatory Challenges

6.1. Regulations and their Impact

The impact of Airbnb on urban housing markets has driven many U.S. cities to reevaluate and adjust their regulatory frameworks to address the emerging challenges and implications. Examining these regulations is crucial in understanding how different urban areas are managing the repercussions of Airbnb operations on housing availability, pricing, and neighborhood dynamics.
Several U.S. cities have implemented regulations such as zoning laws, rental time limits, and licensing requirements to manage and mitigate the unintended consequences of Airbnb activities. These regulations aim to maintain the balance between promoting tourism, sustaining the rental market, and preserving the character of local communities [62].
The regulatory measures have varying degrees of impact on both Airbnb hosts and guests, with implications for housing affordability, availability, and neighborhood cohesion. For instance, restrictive zoning laws may curtail the expansion of short-term rentals in certain areas, preserving housing stock for long-term residents. Conversely, lax regulations may enable the proliferation of Airbnb listings, potentially exacerbating housing shortages and altering neighborhood dynamics [63].

6.2. Policy Recommendations

Addressing the multifaceted impacts of Airbnb on urban housing markets necessitates a holistic and adaptive approach to policy-making. The qualitative assessment underscores the need for balanced, nuanced, and tailored policy frameworks that consider the distinct characteristics and needs of different cities and neighborhoods [64,65].
  • Balanced Regulation: Cities should strive to create balanced regulations that address the concerns related to housing and neighborhoods without stifling innovation and tourism. Striking the right balance can ensure the sustainable growth of the sharing economy while protecting the interests of residents, especially in areas with high housing demand.
  • Enhanced Enforcement: To ensure compliance with established regulations, cities need to bolster enforcement mechanisms. This may include regular inspections, substantial fines for violations, and collaboration with platform providers to monitor and report non-compliant listings.
  • Community Engagement: Engaging local communities in decision-making processes is essential for developing effective and inclusive regulations. Gathering input from residents can provide valuable insights into the specific concerns and needs of different neighborhoods and foster a sense of ownership and commitment to adhering to the regulations.
  • Data Transparency: Encouraging Airbnb and other short-term rental platforms to share data can facilitate better-informed policy-making. Access to reliable and com-prehensive data can aid cities in assessing the impact of short-term rentals on housing markets and tailor regulations to address the identified issues effectively.
  • Adaptive Policy Frameworks: Given the dynamic nature of the sharing economy, cities should adopt adaptive policy frameworks that can evolve in response to changing circumstances, emerging trends, and new insights. Regular reviews and updates of regulations can ensure their continued relevance and effectiveness in addressing the impacts of Airbnb on urban housing markets.
The policy implications and regulatory challenges arising from Airbnb’s operation emphasize the need for informed, balanced, and adaptive policy responses. By carefully considering the specific conditions and needs of individual cities and their neighborhoods, policymakers can develop comprehensive strategies to manage the impacts of Airbnb and other short-term rental platforms on urban housing markets.

6.3. Enforcement Challenges

Enforcement remains a pivotal aspect of the regulatory landscape, necessitating an exploration of the multifaceted challenges involved in ensuring adherence to established regulations. The enforcement of regulations on platforms like Airbnb is often complicated by factors such as the transient nature of hosts and guests, the vast number of listings, and the varied compliance levels among different cities [16,28,66].
  • Identification of Listings: The transient nature of short-term rentals makes the identification and monitoring of listings a daunting task. The frequent changes in availability and the sheer volume of listings complicate enforcement efforts.
  • Limited Resources: Enforcement agencies often operate with limited resources, hampering their ability to conduct thorough inspections and audits, thereby affecting the overall efficacy of regulatory compliance.
  • Non-Compliance: The varied levels of compliance among hosts, driven by a lack of awareness or deliberate evasion, pose significant challenges to enforcement agencies in ensuring adherence to regulations.
  • Collaboration Hurdles: Achieving seamless collaboration between platform providers, local governments, and enforcement agencies is often marred by conflicting interests and data privacy concerns, impeding effective enforcement of regulations.
  • Evolving Landscape: The constant evolution of the sharing economy necessitates continuous adjustments in enforcement strategies to cope with emerging trends, new business models, and shifting user behaviors.
Addressing these enforcement challenges requires a concerted effort from local governments, platform providers, and communities. By fostering collaboration, enhancing re- source allocation, and leveraging technology, cities can overcome the hurdles in enforcing regulations and ensure the balanced coexistence of short-term rentals and urban housing markets. The approach to enforcement needs to be as dynamic and adaptable as the sharing economy it seeks to regulate, underpinned by ongoing dialogue and mutual cooperation among all stakeholders.

7. Discussions

7.1. Balancing Benefits and Drawbacks

Airbnb, as a paradigm of the sharing economy, has imprinted profound marks on urban housing markets, accentuating the necessity for U.S. cities to balance its benefits and challenges adeptly. The benefits, including enhanced tourism and supplemental income for hosts, need to be weighed against the concomitant repercussions on housing availability, prices, and neighborhood dynamics [67]. Cities are tasked with formulating and implementing policies that not only harness the positive impacts of Airbnb but also mitigate its drawbacks. This entails fostering dialogue among stakeholders, refining regulatory frameworks, and fortifying enforcement mechanisms, all aimed at ensuring the equitable distribution of benefits and maintaining the essence of neighborhoods [68].

7.2. Future of Airbnb in U.S. Cities

The trajectory of Airbnb and similar platforms in U.S. cities is intertwined with evolving consumer preferences, technological advancements, and regulatory developments. The future will likely witness a refinement in the business models of these platforms, possibly with more emphasis on sustainable tourism and community integration [69]. The dynamism inherent in the sharing economy necessitates the anticipation of shifts in market trends and the proactive adaptation of regulatory frameworks to cope with emergent challenges and opportunities [2]. Furthermore, the intersection of technological innovation and consumer demands will likely engender new service categories within Airbnb, reshaping the landscape of short-term rentals and their interface with urban housing markets.

7.3. Wider Implications for the Sharing Economy

Airbnb’s trajectory and its subsequent impact on urban housing markets extrapolate wider implications for the sharing economy at large in U.S. cities. The regulatory responses to the challenges posed by Airbnb set precedents for other sharing economy platforms, influencing the formulation of policies for emerging platforms [70]. The experiences and lessons gleaned from managing the impacts of Airbnb are instrumental in shaping the dis-course on the sharing economy, defining the boundaries of collaborative consumption, and molding the future of shared services in urban contexts. The balance between innovation and regulation in the context of Airbnb serves as a blueprint for navigating the intricate dynamics of the sharing economy, reflecting the continual interplay between economic opportunities and societal needs [71].
This discourse emphasizes the cruciality of crafting balanced and forward-looking policies that are in sync with the evolving contours of the sharing economy. It underscores the imperative of contextual understanding in policy formulation and the continuous assessment of the ripple effects of shared platforms on urban ecosystems. The reverberations of Airbnb’s interaction with urban housing extend beyond immediate stakeholders, influencing the broader sharing economy landscape and steering the conversation on sustainable and inclusive urban development.

8. Limitations and Future Research

8.1. Limitations of the Study

This study primarily employs a qualitative approach to comprehend the multifaceted impacts of Airbnb on urban housing markets in major U.S. cities. While this methodology facilitates an in-depth exploration of underlying dynamics and nuances, it inherently bears limitations concerning generalizability and quantifiability, as detailed in Table 6. The emphasis on major U.S. cities implies that the findings might not be universally applicable to smaller cities or different geographic and socio-economic contexts. Furthermore, the absence of quantitative analyses limits the ability to establish causal relationships and assess the magnitude of the impacts identified. The detailed overview of these limitations, their implications, potential mitigation strategies, and directions for future research are systematically represented in Table 6, providing a comprehensive perspective on the contextual constraints of this study and offering a roadmap for subsequent investigations in this domain.

8.2. Suggestions for Future Research

Addressing the limitations outlined in this study involves diversification in methodological approaches and expansion in investigative scope, providing avenues for deeper insight into Airbnb’s impact on urban housing markets. The integration of quantitative analyses can facilitate the establishment of causal relationships and the precise measurement of impacts, thereby enhancing the rigor and robustness of the study’s findings. Expanding the study to include diverse geographic locations, socio-economic contexts, smaller cities, and different countries would allow for the development of more universally applicable insights and a comprehensive understanding of Airbnb’s impacts across varying environments and communities. Moreover, it is pivotal to explore the evolving dynamics, trends, and innovations within Airbnb and similar platforms in the sharing economy. Such exploration, as highlighted in Table 7, could yield insights into inter-platform dynamics, the development of sustainable and community-integrated business models, and the intro-duction of new service categories within Airbnb, thus broadening the scope of knowledge in this rapidly evolving sector.

9. Conclusion

This study meticulously explored the multifaceted impacts of Airbnb on urban housing markets in major U.S. cities, unearthing several critical theoretical findings and implications. The influx of Airbnb has been correlated with escalating housing prices and rents, primarily driven by the conversion of long-term rentals to short-term accommodations. This shift has engendered a pronounced decline in housing availability, intensifying the competition for the limited properties available to permanent residents. Additionally, the exploration revealed that Airbnb’s proliferation has nuanced implications on neighborhood dynamics, affecting community cohesion and altering neighborhood character. While Airbnb offers economic benefits, the emergent challenges necessitate a robust regulatory framework and proactive policy interventions to mitigate adverse impacts and foster a harmonious coexistence between short-term rentals and urban housing markets. This investigation not only sheds light on the intricate interplay between Airbnb and urban housing but also underscores the need for future research to delve deeper into the uncharted territories of the sharing economy, thereby contributing to more sustainable and inclusive urban development.

Conflicts of Interest

The authors declare no conflict of interest.

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Table 1. Summary of Key Findings from Different Studies.
Table 1. Summary of Key Findings from Different Studies.
Study Key Findings Focus Area
[24] Impact on housing prices Economic
[25] Changes in neighborhood dynamics Sociological
[26] Shifts in housing availability Economic
[27] Altered community interactions Anthropological
[28] Regulatory challenges Legal
[29] Influence on local economies Economic
[30] Impact on local communities Sociological
[31] Changes in housing demand Economic
[32] Transformation in hospitality sector Business
[33] Evolution of sharing economy Economic
Table 2. Airbnb Market Demographics Overview.
Table 2. Airbnb Market Demographics Overview.
Age Group % of Hosts % of Guests Average Income Preferred Property Type
18-24 10% 20% $30,000 Shared Rooms
25-34 30% 35% $50,000 Entire Homes/Apartments
35-44 25% 25% $70,000 Private Rooms
45-54 20% 10% $90,000 Entire Homes/Apartments
55-64 10% 5% $110,000 Private Rooms
65+ 5% 5% $130,000 Entire Homes/Apartments
Table 3. Detailed Impact of Airbnb on Housing Prices and Rents in Selected U.S. Cities. In Table, AHP stands for "Average Housing Price," IHP stands for "Increase in Housing Prices," ARR stands for "Average Rental Rate," RRR stands for "Rise in Rental Rates," and NAL stands for "Number of Airbnb Listings."
Table 3. Detailed Impact of Airbnb on Housing Prices and Rents in Selected U.S. Cities. In Table, AHP stands for "Average Housing Price," IHP stands for "Increase in Housing Prices," ARR stands for "Average Rental Rate," RRR stands for "Rise in Rental Rates," and NAL stands for "Number of Airbnb Listings."
City AHP (USD) IHP (%) ARR (USD) RRR (%) NAL
New York 800,000 20 3,500 25 50,000
Los Angeles 750,000 18 3,200 23 45,000
Chicago 350,000 15 2,200 20 25,000
Table 4. Airbnb’s Impact on Urban Housing Availability in Selected U.S. Cities. In Table, LTR stands for "Long-term Rentals," STL stands for "Short-term Listings," and LoS stands for "Length of Stay."
Table 4. Airbnb’s Impact on Urban Housing Availability in Selected U.S. Cities. In Table, LTR stands for "Long-term Rentals," STL stands for "Short-term Listings," and LoS stands for "Length of Stay."
City Decrease in LTR Increase in STL Average LoS (days)
New York Sharp Decline High Increase 3
Los Angeles Moderate Decline Moderate Increase 5
Chicago Significant Decline Sharp Increase 4
Table 5. General Influences of Airbnb on Neighborhood Dynamics in Selected U.S. Cities.
Table 5. General Influences of Airbnb on Neighborhood Dynamics in Selected U.S. Cities.
City Neighborhood Cohesion Security Concerns Neighborhood Character
New York Varied Influence Present Transformative
Los Angeles Diverse Impact Evident Modifying
Chicago Mixed Effects Observable Altering
Table 6. Overview of Study Limitations.
Table 6. Overview of Study Limitations.
Limitation Implication Potential Mitigation Future Research
Qualitative Approach Limited Generalizabilityand Quantifiability Incorporation of Quanti-tative Methods Development of Compre-hensive Models
Focus onCities Major U.S. Non-universal Applica-bility to Smaller Cities orDifferent Contexts Comparative Studieswith Smaller Cities Expansion to Diverse Ge-ographical Contexts
Lack ofAnalyses Quantitative Inability to EstablishCausal Relationships orMagnitude of Impacts Integration of EmpiricalAnalyses Exploration of Causal In-ference Methods
Limited Temporal Scope Potential Non-applicability to FutureContexts Longitudinal Studies Exploration of Emerg-ing Trends and Develop-ments
Selection Bias Potential Overemphasison Specific Instances Diverse Sampling Meth-ods Investigation of Under-studied Areas
Subjectivity in Interpreta-tion Possibility of Bias and In-accuracies TriangulationSources of Data Enhancement of Objec-tive Analytical Methods
Table 7. Potential Areas and Methodologies for Future Research.
Table 7. Potential Areas and Methodologies for Future Research.
Research Area Research Methodologies Potential Contribution Expected Outcomes
Quantitative Analyses Statistical Models, Surveys Establishment of Causal Re-lationships Measurement of Impacts,Validation of Hypotheses
Diverse Geographic andSocio-Economic Contexts Comparative Studies, CaseStudies Enhanced Generalizability Insights into Varied Con-texts
Evolving Dynamics andTrends in the Sharing Econ-omy Trend Analysis, Market Re-search Understanding of EmergingInnovations Identification of Future De-velopments and SustainableBusiness Models
Integration with Other Plat-forms Cross-Platform Studies,User Experience Research Exploration of Inter-Platform Dynamics Insights into User Behaviorand Platform Interactions
Community-IntegratedModels Community Studies, Quali-tative Interviews Development of SustainableBusiness Models Enhancement of Commu-nity Relations and Integra-tion
New Service Categorieswithin Airbnb Service Analysis, User Feed-back Analysis Insight into Service Diversi-fication Identification of User Needsand Preferences
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