Abstract
The aim of the paper was to investigate the impact of different accommodation attributes on Airbnb listing prices in a touristic area. The study applied hedonic price modeling utilizing a sample of 2417 Airbnb accommodation rental offers in the Lake Balaton Touristic Region in Hungary. Our results revealed that property-related attributes significantly influence Airbnb prices although the magnitude of these effects is very diverse and complex. The OLS findings showed that the provision of air conditioning, free internet, and free parking are the main determinants of Airbnb price in the sample area, while the number of available photos and the presence of a kitchen does not significantly influence the price. The quantile regression results further demonstrated that capacity, the provision of breakfast, and TV leads to higher prices among the higher-priced accommodations, while the number of bedrooms and bathrooms, smoking, and free parking influence more the prices of lower-end accommodations.
Highlights
Every night, tens of thousands of people decide not to stay in traditional accommodations like hotels but use the services of peer-to-peer (P2P) accommodation sharing platforms that allow ordinary people to rent residences to tourists
We think it is important to examine the impact of these accommodation attributes – which are relevant to the traditional hotel industry – on price in the sharing economy based accommodation sector
All the selected dependent variables of the general OLS analysis have a significant effect on Airbnb price except ‘kitchen’ and ‘photo’, while the quantile regression results are showing us mixed and more complex and sophisticated results
Summary
Tens of thousands of people decide not to stay in traditional accommodations like hotels but use the services of peer-to-peer (P2P) accommodation sharing platforms that allow ordinary people to rent residences to tourists. P2P accommodation rental in its present form is relatively new, but the number of studies investigating the price determining factors and the underlying pricing strategies of this phenomenon is growing rapidly (Gibbs et al, 2017; Hrobath et al, 2017; Li et al, 2016a; Wang & Nicolau, 2017) The majority of these studies focus mainly on larger cities, the importance of Airbnb is rising in popular coastal resorts and holiday destinations and regions as well (Adamiak, 2018).
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