on Nov 27, 2013
HR&A Study of Airbnb Economic Impacts Receives International Recognition
Airbnb, an online service for short-term vacation rentals, recently released HR&A’s study of the economic impacts of Airbnb rental activities in New York City.
A follow-on to HR&A’s previous study of the company’s impacts in San Francisco, the study found that Airbnb generated $632 million in economic activity in New York in one year and supported 4,580 jobs throughout all five boroughs.
In one of the most detailed studies of the new “sharing economy” to date, HR&A found that Airbnb is a new kind of economic activity that helps to grow and diversify the City’s economy. It brings new kinds of visitors who stay longer, spend more, and visit neighborhoods that do not traditional benefit from tourism. Moreover, it supports hosts who use the money they earn to help make ends meet, generating income through a more efficient use of resources that is facilitated by technology.
HR&A’s extensive study was based on a custom survey of 1,300 New York City hosts and guests, historic Airbnb booking data, and estimation of Airbnb’s direct, indirect, and induced economic effects.
HR&A’s Economic Impact Study on the City of New York has been covered by WNYC, The Wall Street Journal, Business Insider, Real Estate Weekly, Media Post, New York Business Journal, Digital Journal, Tech Hive, Curbed, and Morningstar.
The official press release for the New York Study is available online.