This article evaluates whether Airbnb rentals affect the rents in the private rental sector in eight cities in France. We estimate a hedonic equation for each city on individual data for apartments, allowing for heteroscedasticity and spatial error autocorrelation of unknown forms and using a large variety of structural and contextual characteristics of the apartments. We show that the density of Airbnb rentals puts upward pressure on rents in Lyon, Montpellier, and Paris, whereas it has no significant effect in other cities. If we restrict the analysis to the professional business of Airbnb rentals, which we define as the lodgings owned by an investor who rents either several “entire home” dwellings (regardless of the number of days) or an “entire home” dwelling for more than 120 days a year, we find a greater effect, which concerns only the two largest cities of France, that is, Marseille and Paris. When we focus on new tenancy agreements, the impact is even higher and concerns Paris, Marseille, and Montpellier. The impact of the Airbnb activity on rents is shown to increase with the proportion of owner-occupiers and decrease with hotel density, both in Montpellier and Paris. However, the share of second homes leads to contrasting effects.

中文翻译：

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Airbnb是否会扰乱私人租赁市场？法国城市的实证分析

本文评估了Airbnb的租金是否会影响法国八个城市的私人租赁行业的租金。我们根据公寓的单个数据估算每个城市的享乐方程，从而允许未知形式的异方差和空间误差自相关，并使用公寓的各种结构和环境特征。我们发现，Airbnb的租金密度给里昂，蒙彼利埃和巴黎的租金带来了上行压力，而在其他城市则没有显着影响。如果我们将分析仅限于Airbnb租赁的专业业务，我们将其定义为由出租人拥有的住房，该出租人或者租赁数套“整个房屋”的房屋（不考虑天数），或者出租“整个房屋”的房屋超过一年120天，我们会发现更大的影响，仅涉及法国的两个最大城市，即马赛和巴黎。当我们关注新的租赁协议时，影响甚至更大，涉及巴黎，马赛和蒙彼利埃。在蒙彼利埃和巴黎，Airbnb活动对房租的影响都随着所有者的比例增加而增加，而随着酒店密度的增加而减小。但是，第二套住房的份额会产生不同的效果。