Hooton: “This research shows what many already know; short-term rentals help – and certainly do not harm – the Seattle housing market.”
Washington, DC – Internet Association today released new economic research on Seattle’s housing and short-term rental markets. This first-of-its-kind research uses new data from IA member companies to examine the impact of short-term rentals on the overall Seattle housing market and on the hotel market.
“This research shows what many already knew; short-term rentals help – and certainly do not harm – the Seattle housing market,” said Internet Association Chief Economist Dr. Christopher Hooton. “STRs can help safeguard home ownership and spark investment and consumer spending throughout the city. This new research will inject much-needed data into the housing discussion in Seattle.”
- There Is No Empirical Evidence To Support The Two Biggest Opposition Claims About STRs In The Seattle Market. IA found no statistically significant relationship between STRs and reduced owner-occupancy or increased commercial property listing activity.
- STRS And Hotels Service Geographically And Economically Distinct Areas Of Seattle. Our research found no evidence of hotels and STRs occupying similar markets in Seattle; they serve different communities at different price points.
- STRS Do Enormous Good For Cities Like Seattle And Their Residents. An Airbnb host in Seattle typically earns an extra $9,000 per year and nationally, 70 percent of HomeAway owners are able to cover at least half of their mortgage through rentals.
To read the full report, click here.
To read a two-page summary of the report, click here.