"Airbnb 'phenomenon', tripled turnover and record number of accommodations since 2017

An exponential growth, in the post Covid phase, which has seen an increase in the number of flats on the platform and, above all, the profitability of tourist rentals. This is the Airbnb phenomenon photographed by the Politecnico di Torino over the period 2017-2024. The time span also includes the pandemic period 'which saw a consistent decrease in the number of active housing units on Airbnb in Italy, from 642,300 in 2019 to 494,500 in 2021,' the researchers write. The exit from the pandemic, however, marked a recovery of short rentals through Airbnb, which returned to growth in 2022, surpassing pre-pandemic levels in 2023 and continuing its run in 2024, which closed with a record number of active accommodations on Airbnb: about 754,000 units, an increase of 52% compared to 2017".

The accommodation units on the platform experienced growth over the period of performance and profitability. The number of nights booked per unit per year reached 70 in 2024, an increase of 50 per cent, as did the average daily rate, which grew by 50 per cent to EUR 167 per night. This has translated into a marked increase in the economic values generated by rentals on Airbnb, with turnover rising from around €2.5 billion in 2017 to €8.8 billion in 2024, a value that has more than tripled. Revenues per single unit more than doubled from 5,200 euros in 2017 to 11,700 in 2024.

The growth in the number of transactions and their value is probably linked to a greater professionalisation of the service, at least this is the most evident correlation that emerges from the data analysis carried out by the team of the FULL Laboratory (Future Urban Legacy Lab) of the Politecnico di Torino, coordinated by Francesco Chiodelli. "There are Arbnb hosts that increasingly manage a growing number of flats, in the face of a property that is changing in appearance. Large properties that make large real estate investments are set to grow in importance, alongside the specialised brokerage agencies that represent the frontier of this phenomenon and offer cleaning, bureaucratic assistance and various services'. The growth in profitability, then, in turn attracts ad hoc investments to put the acquired properties on Airbnb.

Looking at the numbers, there were 350,000 active hosts on Airbnb last year, 36% more than in 2017. In most cases - 84% - these are small hosts who put one or two dwellings on the market, while large hosts - those who manage more than 10 dwellings - account for just over 1.3%, or 4,300. A figure, however, that should be interpreted because the number of large hosts has grown more strongly than small and medium-sized 'hosts' - +77% from 2017 to 2024 - and in any case the category manages a quarter of the dwellings on the platform, with an average of 42 flats each.

The trend of the Airbnb phenomenon over a broad period is actually driven by three drivers: sustained quantitative growth, increasing professionalisation and equally increasing profitability. 'These are phenomena,' adds Chiodelli, 'that have big implications, starting for example with the impact of Airbnb on the traditional rental market.