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Lessons from the pandemic: are short-term rentals driving rental prices in Lisbon?
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Using quarterly data on rental and sale prices and quantities between 2018 and2020, as well as on short-term rental registries, this paper uses difference-in-differences to evaluate the short-run impact of the pandemic on Lisbon’s property market in civil parishes differentially exposed to short-term rental density. Results suggest that more “touristic” areas suffered a steeper decrease in rental prices, driven by a reallocation of apartments from the short- to the long-term rental market. We also document a drop in sale prices with no visible impact on quantities for sale. To address endogeneity concerns, we use an instrument based on the density of museums per civil parish, showing that results are unchanged. We further analyze heterogeneous effects based on dwellings’ type.
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Covid-19 Rental market Short-term rentals Housing market Portugal