Rent Price Dynamics of Airbnb in New York
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Yongqi Li, Silei Xie
Rent price of Airbnb’s in New York is high, due to low vacancy rate of rooms, large number of tourists, and high income per person. We analyzed the significance between the Airbnb rent price in New York and low vacancy rate of rooms, large number of tourists, and high income per person, and expected rental price to establish a relationship between these three factors. For the vacancy rate, we gathered information from Mashvisor which analyzed the monthly vacancy rate per household in downtown Manhattan since this category looks mainly based on the Airbnb's official website data. Exploring this relationship revealed higher correlation between higher Airbnb rent price and lower vacancy rate. The second part researched cities with higher tourism may have different impact on rental price from those with lower tourism. This section focuses on whether cities with a large number of visitors may result in higher rental prices compared to cities with fewer visitors. The data was collected from government documents in official websites. We found that the Airbnb rental price did not rise greatly due to larger number of tourists. The third part explored the income per person of New York every year, to find out whether the different groups may have any different impact on the Airbnb rental price. We collected data from NYC database. It was discovered that the group with high income per person impacts different rent price of Airbnb in New York compared to the group with low income per person.
Rent price, Airbnb, New york