PORTLAND, Ore. (KOIN) — Airbnb listings have a “minimal” impact on Portland’s housing affordability crisis, according to a new report from ECONorthwest.
The report was commissioned by Airbnb and concluded that entire home units rented out full time make up less than 0.03% of housing units in the city.
Mike Wilkerson, senior economist with ECONorthwest, said:
“ECONorthwest reviewed the most recent 12 months of Airbnb booking data and found Airbnb’s activities in the City of Portland have minimal impact on the current affordability crisis. Frequently booked Airbnb units comprise a tenth of one percent of the total City of Portland housing stock. Policymakers should consider trade-offs between the supplemental income earned by local households that host, visitor spending to neighborhood businesses, the incentives for housing unit creation provided by Airbnb, compared to its minimal impact on overall housing affordability.”
Airbnb said it was committed to working with Portland to promote responsible hosting and protect long-term housing stock in the city.
The 2,976 entire home listings available on Airbnb make up 1.1% of the housing units in Portland, according to the report, and the vast majority are rented “infrequently.” The report states 87% of entire home listings are rented for fewer than 180 nights, and 42% are rented out between one and 30 nights a year.
Between 83 and 377 entire home listings (0.03% of Portland’s housing units) are booked full time, according to ECONorthwest.
Few Airbnb listings are permanently on the market. The report found of listings that were active in January 2015, only 53 percent were still active in September 2016.
The report also states many units created for initial short-term rental use will eventually convert to long-term use, adding to total housing stock available in the Rose City.
To view the full report, click here.