The COVID-19 Pandemic, Airbnb and Housing Market  Dynamics in Warsaw

Trojanek, Radosław; Głuszak, Michał; Hebdzyński, Michał; Tanaś, Justyna

doi:10.13060/23362839.2021.8.1.524

Cited by 36 publications

(38 citation statements)

References 18 publications

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“…When assessing the implications of the COVID-19 pandemic on the rent levels in the submarkets, we observed a decline in average rental prices within the submarkets by several Polish zloty (PLN) 2 per square meter ( Figure 3(c) and (d) ). These findings are consistent with Tomal and Marona (2021) for Cracow and Trojanek et al (2021) for Warsaw; however, they contradict those reported by Kadi et al (2020) , who examined short-term rentals for selected Austrian cities. Therefore, our results suggest that the more developed a rental housing market (like in Austria), the greater its resilience to various economic shocks, as proposed by Rubaszek and Rubio (2020) .…”

Section: Resultssupporting

confidence: 83%

“…Among them, Tomal and Marona (2021) found that the first wave of the pandemic led to a 6–7% price decline in the residential rental market in Cracow, Poland; the second wave led to an extra 6.25% decrease, which makes a return to pre-pandemic rent levels rather unlikely until the second half of 2022. Similar conclusions were reached by Trojanek et al (2021) , who estimated that housing rents in Warsaw fell by 7.7% between March and December 2020. Finally, the analysis conducted by Kuk et al (2021) showed that in the period immediately after the coronavirus outbreak—namely, from mid-March to early June 2020—apartment rental prices in the U.S. dropped by several percent.…”

Section: Literature Reviewsupporting

confidence: 80%

“…In Cracow alone, the unemployment rate increased by 1.3 percentage points between 2020Q1 and 2021Q1 ( Cracow Provincial Labor Office, 2021 ). Second, a likely factor is the influx of short-term rented apartments, mainly from Airbnb ( Trojanek et al., 2021 ), into the long-term rental market, which increases supply in this market and reduces prices. Third, the monetary policy of the state may also play a role: Since 2020Q2, interest rates in Poland have been at a record low level (<1%), which, accompanied by high inflation, increases the scale of investments in residential real estate.…”

Section: Resultsmentioning

confidence: 99%

See 2 more Smart Citations

The private rental housing market before and during the COVID-19 pandemic: A submarket analysis in Cracow, Poland

Tomal

Helbich

2022

Environment and Planning B: Urban Analytics and City Science

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How the COVID-19 pandemic has altered the segmentation of residential rental markets is largely unknown. We therefore assessed rental housing submarkets before and during the pandemic in Cracow, Poland. We used geographically and temporally weighted regression to investigate the marginal prices of housing attributes over space–time. The marginal prices were further reduced to a few principal components per time period and spatially clustered to identify housing submarkets. Finally, we applied the adjusted Rand index to evaluate the spatiotemporal stability of the housing submarkets. The results revealed that the pandemic outbreak significantly lowered rents and modified the relevance of some housing characteristics for rental prices. Proximity to the university was no longer among the residential amenities during the pandemic. Similarly, the virus outbreak diminished the effect of a housing unit’s proximity to the city center. The market partitioning showed that the number of Cracow’s residential rental submarkets increased significantly as a result of the COVID-19 pandemic, as it enhanced the spatial variation in the marginal prices of covariates. Our findings suggest that the emergence of the coronavirus reshaped the residential rental market in three ways: Rents were decreased, the underlying rental price-determining factors changed, and the spatiotemporal submarket structure was altered.

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Section: Resultssupporting

confidence: 83%

Section: Literature Reviewsupporting

confidence: 80%

Section: Resultsmentioning

confidence: 99%

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The private rental housing market before and during the COVID-19 pandemic: A submarket analysis in Cracow, Poland

Tomal

Helbich

2022

Environment and Planning B: Urban Analytics and City Science

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“…30, no. 2, 2022 quickly to market changes and needs (Marona & Tomal, 2020;Tomal, 2020;Akpan et al, 2020;Augustyniak et al, 2021;Bełej, 2021;Trojanek, 2021;Trojanek et al, 2021;Najbar, 2021;Stankowska & Stankowska-Mazur, 2022;Tomal & Helbich, 2022). While the problem of using modern technologies is present in scientific research (Starr et al, 2020;Baum 2017;Ullah et al, 2018), the manner in which they are applied in the work of brokers under the influence of the COVID-19 pandemic is underresearched.…”

Section: Introductionmentioning

confidence: 99%

The Impact of Covid-19 on the Use of Modern Technologies By Real Estate Brokers

Kania

Kmieć

2022

Real Estate Management and Valuation

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Real estate brokerage is the activity of matching parties to a real estate transaction. Due to the increasing ease of access to offers posted by sellers and landlords, various challenges in finding solutions that will attract potential customers have appeared before real estate brokers. Given the complexity of the processes in which brokers can participate, the use of modern technologies in real estate brokerage seems to be one way of maintaining and developing the broker industry. The COVID-19 pandemic has caused significant changes in the way brokers operate, forcing them to implement or accelerate the use of modern technologies in customer service. Therefore, the main goal of this article is an attempt to diagnose the use of modern technologies and the types of technologies used in customer service by real estate brokers as a result of the COVID-19 pandemic. The research was conducted in the form of a survey among representatives of the real estate brokerage industry. The answers obtained from the respondents have allowed us to state that real estate agencies use new technologies to a large extent. Over 40% of the interviewees stated that the real estate market has enormous potential for the application of modern technologies. Furthermore, over 70% of the respondents indicated a large or rather large impact of the COVID-19 on the application of modern technologies in the real estate industry. The restrictions related to the epidemic have forced companies to use modern technologies to replace direct contact between the seller and the customer. The research was conducted among real estate brokers in the period between June and October 2020.

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“…To date, there has not been a separate analysis of Vrbo in the Polish literature. However, the latest works on the pandemic based on AirDNA (e.g., [ 56 ]) looking at housing market dynamics in Warsaw have included the platform (see also [ 45 ]). On the eve of the pandemic, i.e., in September of 2019, the symptoms of saturation appeared in the tourist apartment markets of five tourist cities—Warsaw, Kraków, Gdańsk, Sopot and Wrocław.…”

Section: Introductionmentioning

confidence: 99%

How the COVID-19 Pandemic Affected the Functioning of Tourist Short-Term Rental Platforms (Airbnb and Vrbo) in Polish Cities

Kowalczyk-Anioł

Kacprzak

Szafrańska

2022

IJERPH

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The article presents the impact of the COVID-19 pandemic on urban tourism activity on short-term rental (STR) platforms in Central and Eastern Europe (CEE). It offers empirical evidence of how Airbnb and HomeAway (Vrbo) changed in Polish cities during the COVID-19 pandemic. A case study of Polish cities was also used to investigate what pandemic-induced scenarios of that impact are presented in the literature. In particular, the study identifies “loser” cities, in which the pandemic consolidated and deepened the decline in active STR volume, and “winner” cities, in which the volume and dynamics of the active STRs increased during the pandemic.

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The COVID-19 Pandemic, Airbnb and Housing Market Dynamics in Warsaw

Cited by 36 publications

References 18 publications

The private rental housing market before and during the COVID-19 pandemic: A submarket analysis in Cracow, Poland

The private rental housing market before and during the COVID-19 pandemic: A submarket analysis in Cracow, Poland

The Impact of Covid-19 on the Use of Modern Technologies By Real Estate Brokers

How the COVID-19 Pandemic Affected the Functioning of Tourist Short-Term Rental Platforms (Airbnb and Vrbo) in Polish Cities

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