Athens University of Economics | Empty homes, not Airbnb, are to blame for the housing crisis

A new study by the Athens University of Economics and Business highlights that homes exclusively available for short-term rentals account for just 0.4% of the total housing stock in Greece, confirming that Airbnb’s impact on the housing market is minimal. The study, published today, emphasizes that housing availability is affected significantly less by short-term rentals compared to the 2.28 million vacant homes currently in the country. At the same time, data shows that Airbnb contributed €3.25 billion to the Greek economy and supported more than 100,000 jobs in 2023.

The study examines both the economic benefits and the impact of short-term rentals at national, regional, and local levels. Short-term rentals are a key pillar of the Greek economy, having evolved into an important and structural element of Greece's tourism and accommodation ecosystem. In 2023, their contribution to Greece’s GDP is estimated between 4.5% and 5.4%. Thus, this is not just a niche market, but a strategic factor contributing to national economic output, public revenue, and regional tourism development.

Short-term rentals provide a flexible solution to meet the increasing demand for tourism, playing a vital role in absorbing demand surges—especially during peak summer months when hotel occupancy often exceeds 90%.

The findings also show that in historic cities like Athens, short-term rental listings are mainly concentrated in the city center. Nonetheless, vacancy rates remain significantly high, as only 1.1% of homes in central Athens are available for short-term rental, while the vacancy rate exceeds 25%. Additionally, 98% of individual hosts in Greece manage one or two properties, with the average monthly income from short-term rentals amounting to €628 per property.

Valentina Reino, Airbnb’s Policy Lead for Greece, stated:
“Short-term rental accommodations (STRs) are a key pillar of the Greek economy and a vital source of income for hundreds of thousands of hosts. According to recent study findings, short-term rentals are not responsible for the housing crisis in our country. On the contrary, they contribute to revitalizing neighborhoods, absorbing tourism peaks, and distributing tourism beyond the high season and outside crowded destinations, in areas where hotels do not exist. Limiting short-term rentals without evidence-based data will have negative consequences for both Greek citizens and the local economy.”

Professor Georgios Doukidis of the Athens University of Economics and Business stated:
“Short-term rentals in Greece are an integral part of the Greek tourism industry, with a significant contribution to the national economy and the support of many thousands of jobs. They meet growing accommodation needs across the country by providing essential alternative lodging for both foreign and Greek tourists. The overwhelming majority of providers are individuals with a single listing, offering a small but crucial income for many thousands of Greek families. Short-term rentals represent only 2.9% of the total number of homes and do not have a significant impact on housing supply.”

Airbnb is calling on policymakers to use evidence-based, data-driven methods to identify areas with high short-term rental activity and implement targeted regulations that consider the different types of hosts and the needs of each local community. As the study points out, such interventions will ensure that local communities continue to benefit economically from short-term rentals without disrupting the balance of the housing market.

Full study available here