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Juin 2018

ATELIER PARISIEN D'URBANISMEapur.org

nOte n°128

BARCELONA, BERLIN, NEW YORK, PARIS

SHORT-TERM

R ENTAL S: AN

ANALYSIS OF METROPOLITAN

PUBLIC RE

S PON S E S

In the mid 1990s, the supply of short

term rentals (STR) began to increase in large cities. Throughout the years, these rentals grew more and more popular due to their affordability and convenience: they met growing demand from both from tourists and spacious accommodations at the heart of major urban areas. In the last decade, their development has been hastened by the emergence of internet platforms. These websites facilitate the matching of the local STR supply with national and international demand on a

whole new level, unlike ever before.But while STRs are meeting new types of demand from travelers and

diversifying the accommodation supply, they are also creating unwelcome competition for the hotel industry. The conversion of residential units has also arguably affected cities' housing stocks, reducing options for locals and driving scarcity when units are used for STRs throughout the year. In such cases, the upswing of STRs heightens tensions on the housing market and can contribute to the increase of real estate prices and rents.

The development of the STR market

thus provokes several concerns and embodies a new public policy problem due to its impact on the real estate and tourist market, as well as its impact on local residents' everyday lives (price increases, reduction of the available

CC by : Stéphane Peres - NC - 2.0

stock of primary residences, quality of life disturbances, etc.).

The nature, intensity, and the perception

of the modern STR market varies from one local context to another. It is therefore essential to understand how, beyond the Parisian context, other large cities have organized their means of intervention for answering these urban and social problematics. The cases of

Barcelona, Berlin, New York and Paris

are thus presented in a comparative approach. The insertion of STRs into the real estate and tourist contexts of regulations elaborated by each city and their implementation are compared. apur.org socio-demographic trends, housing market and tourism b arcelona context

Barcelona is home to 1,620,000

inhabitants extended over 102 square kilometers, making it one of the most densely populated cities in Europe.

Cataluña's capital acquired a huge

international visibility by hosting the Olympic Games in 1992, and by organizing the Universal Forum of

Culture in 2004. In 2017, 9 million

tourists visited the city.

There is a strong homeownership

culture in Barcelona, with sixty percent of primary residences owned and very little social housing. Sales prices have increased since 2014 due to the city's economic recovery and a burst in touristic activities, attracting investors.

Between 2014 and 2018, sales prices

have increased by 41%. Meanwhile average rents rose by 18% in 2016.

Barcelona and Spain in general suffered

a great deal after the 2008 crisis and many people struggled to afford living in their homes due to their high level

of debt. Thus, the short-term rental of properties appeared as a good way to earn additional revenues while increasing housing costs have played a role in the persistence of this activity.

Barcelona is characterized by a strong

economic dependence on the touristic sector, which generates 15% of the city

GDP while disturbing the residents'

daily life. Some neighborhoods such as Ciutat Vella, Gracia or Eixample suffered a population loss while, in the particular case of Ciutat Vella, touristic accommodations have outnumbered the residences. H O M

E AVERAGE RENT PRICEHOME AVERAGE SALES PRICE

Rental price per sqm in

12,3 to 13,6 €

13,6 to 15,1 €

15,1 to 16,4 €

16,4 to 17,8 €

17,8 to 19,2 €

Source : Idealista (2018)

Sales price per sqm in

2 200 to 2 800 €

2 800 to 3 400 €

3 400 to 4 000 €

4 000 to 4 600 €

4 600 to 5 200 €

Source : Idealista (2018)

Atelier pArisien d'urbAnismeapur.org

nOte n°128 - sHOrt-term rentAls: An AnAlYsis OF metrOpOlitAn publiC respOnses B erlin context

As both the capital city of the German

federal State and one of its federated states, Berlin gathers nearly 3.7 million inhabitants across 892 km². Throughout the last ten years, the city-state has become increasingly attractive for workers, young people, and tourists.

Overnight stays by visitors has grown

50% since 2009, and a hotel occupancy

rate close to 60% indicates that Berlin has become a major tourist destination in Europe. The upswing of tourism in the city makes it a favorable location for tourist apartments, especially in residential neighborhoods experiencing

In the 1990"s, the contrast between the

slow demographic growth of Berlin and its proactive building policy resulted in an oversupply of housing; but since

2009, the real estate market has been

subject to growing pressure. This pressure manifested in a fast increase of the price per m² for housing. Between

2010 and 2016, the median rent has thus

increased by 80% while the net income

per household only grew by 22%. With 85% of the primary residences comprised of rental units, the German

capital remains more affordable than most European metropolises, and is real estate investors. In this context, renting out properties as STRs can not only enable residents to compensate for the hike in their housing expenditures, but can also be a strategy for real estate investors wishing to accelerate their returns on investments. The recent spikes in rent have made the central districts inaccessible to households with modest incomes, a trend that political actors try to curb by fostering new construction and dedicating more space to affordable housing. H O M

E MEDIAN RENT PRICEHOME MEDIAN SALES PRICE

Sales price per sqm in

465 to 1 879 €

1 879 to 3 294 €3 294 to 4 708 €

4 708 to 6 123 €6 123 to 7 537 €

Source : Investition Bank Berlin Wohnungsmarktbericht (2017)

Rental price per sqm in

2,9 to 4,1 €

4,1 to 5,3 €5,3 to 6,6 €

6,6 to 7,8 €7,8 to 9,0 €

Source : Investition Bank Berlin Wohnungsmarktbericht (2017) apur.org As the display of new York's, berlin's, barcelona's and paris' city boundaries shows us, the four cities cover areas of very different sizes, and are thus unequally affected by the development of Airbnb activity. paris is the city with the most listings (approximately 60 000 on 105 km²), followed by a much vaster new York City (50 000 listings on 780 km²). berlin and barcelona have a more limited number of listings (approximately 20 000), with two different geographical patterns, concentrated in barcelona and spread out in berlin. DE N

SITY OF LISTI

NG

S OFFE

R E

D ON THE AIRBNB WEBSITE

New

YorkBerlinBarcelonaParis

number of listings48 85120 57518 52959 944 Sources: Data Inside Airbnb: march 2018 (New York, Paris), february 2018 (Barcelone), may 2017 (Berlin)

Radius 5 km

Density of listings

High Low

Atelier pArisien d'urbAnismeapur.org

nOte n°128 - sHOrt-term rentAls: An AnAlYsis OF metrOpOlitAn publiC respOnses N ew

York context

of the United States. It has over 8.6 million inhabitants spread out over 784 square kilometers. Two-thirds of New

Yorkers rent their homes, and over half

spend more than 30% of their income on rent. With an average rent increase between 35 and 80% in low-income neighborhoods over the last 15 years, poor families are facing increasing in these neighborhoods has become a major political issue.

A perennial destination for both

business and leisure travelers, the city received 36 million visitors in 2016.

Income from tourism in New York is

estimated at 20.2B€ and generates an additional 11B€ in tourist and sales H O M

E MEDIAN RENT PRICEHOME MEDIAN SALES PRICEtaxes. The traditional hotel industry is characterized by its comparatively

expensive prices, but also by its very high occupancy rates (86% in 2016).

Therefore New York City"s short-term

rental market can be viewed through two overlapping lenses: a perpetual housing crisis, where high demand and increase of prices; and a shift in the lodging industry ecosystem, which is seeing a diminishing of the hotel industry"s monopoly thanks to the increase of short term rentals.

Sales price per sqm in

1 300 to 4 600 €

4 600 to 9 000 €9 000 to 13 700 €

13 700 to 18 000 €18 000 to 26 700 €

Source : Trulia (2017)

Rental price per sqm in

11 to 21 €

21 to 32 €32 to 42 €

42 to 53 €

Source : Zumper (2017)

apur.org paris context

With 2 200 000 inhabitants in 2016 and

an area of 105 square kilometers, Paris is the most populated French city, as well as the densest one of the four studied.

While the population constantly grew

since 1999, it started decreasing in

2012 and has continued to do so ever

since. This recent development is due to demographic factors (a decrease in births and a continuous net loss of new population each year), but also to the housing context, notably the increase of unoccupied units. This category brings together vacant units, seasonal housing, and secondary residences and has increased by close to 30,000 units in

5 years, likely due to the development of

short-term rentals.

This decline in the number of main

residences worsens a housing market that is already plagued by important tensions and high prices. While 62% of Parisians rent their housing, rents have gone up by almost 20% between

2009 and 2016, going from an average

of 19€/m² to 23€/m². The sales prices of old apartments have also increased since 2015. In 2017, they overtook their highest historical level and culminated around 8940€/m².

At the same time, Paris is a major

touristic destination with more than 35 million touristic overnight stays (2015).

The occupancy rate of the city's hotels is

thus close to its saturation point (almost

80%). The Parisian hotel industry has

also recently seen a progressive increase in the quality and cost of its offerings.

All these factors create a fertile ground

for the development of accommodation solutions alternative to traditional hotels, of which short-term rentals are one of the most important.

9 0508 280

9 950

9 3708 400

11 420

10 500

11 180

8 920

11 670

11 290

12 22012 0107 090

7 610 8 350 8 310

8 7209 0309 470

18 e 19 e 20 e 1 er 2 e 3 e 4 e 5 e 6 e 7 e 8 e 9 e 10 e 11 e 12 e 13 e 14 e 15 e 16 e 17 e 18 e 19 e 20 e 1 er 2 e 3 e 4 e 5 e 6 e 7 e 8 e 9 e 10 e 11 e 12 e 13 e 14 e 15 e 16 e 17 e H O M E MEDIAN SALES PRICEAVERAGE RENT PRICE FOR A ONE-BEDROOM HOME

Sales price per sqm* in €

Less than 8 000 €

8 000 to 10 000 €10 000 to 12 000 €

12 000 € or more

* Median sales price for a two-bedrooms apartment in 2017 (€/sqm)

Source : Chambre des Notaires de Paris (2017)

Rental price per sqm in

19 to 22 €

22 to 23,5 €25 to 26 €

26 to 27,5 €30 to 37,7 €

23,5 to 25 €27,5 to 30 €

Source : OLAP (2016)

Atelier pArisien d'urbAnismeapur.org

nOte n°128 - sHOrt-term rentAls: An AnAlYsis OF metrOpOlitAn publiC respOnses MAIN DEMOGRAPHIC, REAL ESTATE AND TOURISTIC EVOLUTIONS

NYCBerlinBarcelonaParis

Population 20168 537 7003 670 6001 608 7002 199 800 % change in population (2010-2016)+ 4,2 %+ 8,4 %- 0,7 %- 2,0 %

Number of dwellings

3 469 240

(2017)1 916 500 (2016)827 600 (2017)1 362 200 (2014)

Number of dwellings (2011-2017)+ 3,5 %+ 2,6 %

(2010-2016)+ 1,4 %+ 0,7 % (2009-2014)

Rent (2010-2016)

+ 21 % (Median)+ 53 % (Median)+ 42 % (Average)+ 15 % (Average)

Housing sale price (2011-2017)

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