摘要：Hedonic modelling techniques have frequently been used to examine real estate valuation, and they have
recently started to be applied to short-term rental valuation. Relying on a web-scraped data set of all
Airbnb transactions in New York City (NYC) between August 2014 and September 2016, this paper
presents the first hedonic regression model of Airbnb to take into account neighbourhood effects and to
predict both average price per night and revenue generated by each listing. The model demonstrates
that locational factors – above all, transit accessibility to jobs – and neighbourhood variation have a large
impact on both price per night and monthly revenue, and further reveals how professionalization of the
short-term rental market is driving more revenue to a narrower segment of hosts. Further, the findings
suggest that Airbnb hosts earn a significant premium by converting long-term housing in accessible
residential neighbourhoods into de facto Airbnb hotels. This premium incentivizes landlords and hosts
with properties in accessible neighbourhoods to replace long-term tenants with short-term guests,
forcing those in search of housing to less accessible neighbourhoods.
关键词：housing ; land use ; planning ; real estate ; transport ; short-term rentals ; hedonic analysis
