Three essays on housing economics: the impact of COVID-19 on short-, medium- and long-term rental housing

Llaneza Hesse, Catalina
Full Text
embargat.txt embargoed access
Request a copy
When filling the form you are requesting a copy of the article, that is deposited in the institutional repository (DUGiDocs), at the autor or main autor of the article. It will be the same author who decides to give a copy of the document to the person who requests it, if it considers it appropriate. In any case, the UdG Library doesn’t take part in this process because it is not authorized to provide restricted articles.
This dissertation evaluates the pandemic's impact on three coexisting urban rental markets: traditional long-term rentals (LTR), short-term rentals (STR) primarily catering to tourists, and seasonal month-by-month rentals also known as medium-term rental (MTR). Using web-scrapped Airbnb data and applying fixed effects and dummy interactions at the property level, the first two articles examine the impact of the pandemic in city of Barcelona. The results of the first article reveal a fee reduction and an increase in minimum stay for all types of STRs, particularly stronger for entire dwellings and the accommodations offered by a professionalized host. Prompted by the increase in listings with minimum stays exceeding 30 days, the second article examines the impact on MTRs compared to STRs. Conversely the findings uncover an increase in fees and supply for MTRs during the pandemic, along with a more favorable occupancy trend. Moreover, compared to STRs, the host of MTRs and of accommodations that switch at least one time between both markets during the pandemic, are more likely to offer accommodations with fewer bedrooms, at a lower fee, and by a super host. The third article expands to country-level data. Using a hedonic price model and owing to unique micro-data from a real estate company, it uncovers the effects on the cities of Madrid and Barcelona, compared to the rest of Spain. From the results it is to highlight a drop in rental prices during the pandemic of 9% for Barcelona and Madrid. Nevertheless, this effect rebounds after the COVD-19 restrictions are lifted. Additionally uncovered was, that tenants with higher education levels and non-Spaniards with EU nationality faced a stronger price drop. While in terms of rental discounts, defined as the gap between listed and transaction prices, the results suggest an increase during the COVID-19 period. Conversely, after the restrictions were lifted, the discount figures dropped, reaching even lower levels then in the pre-pandemic period. This dissertation unveils varying responses of urban rental market to the pandemic, with the MTR market emerging as the most resilient. experiencing a growth in prices and supply. Furthermore, it contributes to the existing literature on the impact of the pandemic on rental markets, by being the first to empirically analyze the dynamics of an MTR market and the pandemic's influence on price discounts in the LTR market ​
​ADVERTIMENT. Tots els drets reservats. L'accés als continguts d'aquesta tesi doctoral i la seva utilització ha de respectar els drets de la persona autora. Pot ser utilitzada per a consulta o estudi personal, així com en activitats o materials d'investigació i docència en els termes establerts a l'art. 32 del Text Refós de la Llei de Propietat Intel·lectual (RDL 1/1996). Per altres utilitzacions es requereix l'autorització prèvia i expressa de la persona autora. En qualsevol cas, en la utilització dels seus continguts caldrà indicar de forma clara el nom i cognoms de la persona autora i el títol de la tesi doctoral. No s'autoritza la seva reproducció o altres formes d'explotació efectuades amb finalitats de lucre ni la seva comunicació pública des d'un lloc aliè al servei TDX. Tampoc s'autoritza la presentació del seu contingut en una finestra o marc aliè a TDX (framing). Aquesta reserva de drets afecta tant als continguts de la tesi com als seus resums i índexs.