DeutschAirbnb is destroying the housing market. This is the common narrative in the media.
We have experienced both sides. As investors who have operated short-term rentals themselves. And as a companion for owners who have to work with regulatory frameworks.
The reality is more complex than the headlines suggest.
Vienna regulation: between protection and over-regulation
Vienna is considered an international model. The city reacted early. Clear rules for short-term rentals have been in effect since 2018.
Das result: Only 1.4% of the housing stockis offered via Airbnb. This is low compared to other metropolises.
The city has reacted to this in a massively stricter manner since 2024.
The 90-day rule, introduced in July 2024, has now been in effect for a year and a half. In the first few months after its introduction, only around 150 applications for exemptions were received. Many landlords have given up.
In our view, the regulation has overstepped the mark. What was sold as housing protection sometimes functions as a witch hunt.
The difference between law and reality
We did it ourselves. We operated short-term rentals between 2022 and the end of 2023. Legal, with local tax, with overnight stay statistics.
The special permit for an apartment on Mariengasse in the 17th district failed due to the escape route. The meter specification was set in such a way that existing buildings practically cannot meet it.
Even directing the fire department wouldn't have been enough.
That wasn't a security measure. This was a politically motivated regulation that is, in effect, a ban.
The economic calculation: less attractive than expected
Most owners massively overestimate the profitability of short-term rentals.
We have calculated it. If you factor in your own working hours, the wear and tear on the furniture, the operational load - then it becomes a zero-sum game.
The only real advantage: flexibility.
While you have a five-year time limit for commercial rentals in Austria, you can rent completely flexibly through Airbnb. Then you can sell the apartment or use it for something else.
But this flexibility comes at a price.
Why we stopped
Neighbors were a constant problem. Damage occurred again and again.
The most recent case was property damage to other apartments in the same building. That was our exit point.
It's hugely operational. Too operational for what's left in the end.
Many owners forget one factor in their calculations. Your own time. The wear and tear. The friction with the environment.
What the studies actually show
The debate is emotional. The data is on the table.
Rents are rising in Berlinby an average of 13 cents per square meter in the immediate vicinity of an additional Airbnb accommodation.This is measurable. But it's not dramatic.
After the introduction of the ban on misuse, the burden fell. The savings on newly concluded rental agreements amounted to up to 38 euros per month for a 65 square meter apartment.
But: Since only a small proportion of all Berlin apartments are affected, the ban does not significantly reduce the housing shortage.
The paradox of Amsterdam and Barcelona
Amsterdam increased the number of short-term rentals between 2019 and 202454% reduziert. Barcelona um 24%. Stand 2024.
Nevertheless, rents there continued to rise.
This shows that short-term rentals are a factor. But not the decisive one.
Population growth, construction costs, land prices, housing policy – these are the forces that really move markets.
Where Airbnb actually has influence
We don't want to downplay the impact. They exist.
In Vienna, around 3,000 apartments have been permanently removed from the market. That's 0.3% of the stock.
In sought-after inner-city locations, the effect can be felt locally. Especially where professional landlords own hundreds of apartments.
In Paris, the two largest Airbnb providers own over 700 and 500 apartments respectively. Overall, 31.7% of hosts are multiple landlords.
This is a different business model than casual rentals.
The difference between occasional landlord and investor
The typical Airbnb host in Austria earns around 5,400 euros a year. This indicates occasional rental.
The big investors who turn entire houses into unofficial hotels are a minority.
But they dominate the headlines. And they cause justifiable anger among neighbors.
European regulatory models in comparison
Other cities have chosen different paths.
Berlin:Strict ban on misuse since 2016. Living space may only be rented to tourists with permission. The number of offers fell significantly.Paris:Short-term rentals only for main residences, since 2025 a maximum of 90 days per year (previously 120 days). Fines of up to 100,000 euros for illegal landlords.Barcelona:Plans to eliminate all vacation rentals by 2028. New licenses have practically not been issued for years.Amsterdam:Maximum 30 nights per year. One of the strictest regulations in Europe.Vienna is in between. 90 days per year since July 2024, consistent enforcement by a special building police unit.
The right balance
Here the contradiction lies in our own experience.
We stopped at the end of 2023 because the practical problems became too great. Nevertheless, we argue against overregulation.
The difference: One is a free business decision. The other is politically imposed regulation.
There can be a framework. But this framework does not have to be as extremely strict as it has been since 2024.
What works
Casual rentals in your own home should remain permitted. It does not create any real loss of living space and provides many people with additional income.
Commercial mass rentals should be restricted. Through registration, daily limits, consistent penalties for illegal misappropriation.
Moderate and medium instead of prohibitions.
The actual price drivers
Short-term rentals take away living space. That's a fact.
The question is: Is this effect large enough to explain the current housing shortage?
Nein.
The study shows a minimal effect. Measurable, but not suitable to explain the basic rental price level.
Before you make Airbnb a scapegoat, you should clean up your own door. Promote housing construction. Actively do something about the housing shortage.
What we observe in practice
As a companion to real estate transactions, we see the factors that really drive prices.
Land prices. Construction costs. Regulatory hurdles for new buildings. Population growth in attractive locations.
Short-term rentals play an audible but limited role in this concert.
Conclusion: Differenzierung statt Pauschalurteile
Airbnb's impact on the housing market is real. But they are overrated.
In Vienna it is 0.3–1.4% of the housing market. Even in Paris, where the phenomenon is much larger, a complete disappearance of all Airbnbs would be noticeable - but not dramatic.
The basic problem of scarce living space would remain.
Drei Punkte bleiben:First: Short-term rentals have a measurable but moderate impact on rental prices. This effect can be noticeable locally in hotspots.
Second: The economic calculation for landlords is less attractive than expected. Many people overlook the operational burden and their own working hours.
Third: Differentiated regulation works better than total bans. Allow occasional rentals, restrict commercial mass rentals.
We have experienced both sides. As investors and as companions. The truth does not lie in the extremes.
📚 Related articles:
- best districts for real estate investments in Vienna
- Dedication and protection zones in Vienna
- Calculation of returns for Viennese real estate
Related articles:
Whether short-term rental or long-term sale – we will advise you on the best options for your Viennese property.Sell property in Vienna