An Examination of Short-Term Rental Platforms and Their Effect on the Traditional Rental Market in Abuja
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- NGN 5000
Background of the Study
The rise of short-term rental platforms such as Airbnb has significantly altered the dynamics of the global real estate market, especially in urban centers where there is high demand for temporary accommodation. In Abuja, the capital city of Nigeria, short-term rental platforms have rapidly gained popularity among both hosts and guests due to their convenience, flexibility, and competitive pricing (Oluwaseun & Ogunyemi, 2023). These platforms provide property owners with the opportunity to rent out their spaces on a short-term basis, often yielding higher rental income compared to traditional long-term leases (Ajibola & Umar, 2024).
However, the widespread adoption of short-term rentals has sparked debates regarding their impact on the traditional rental market. Some argue that short-term rental platforms have contributed to the rising costs of housing, reduced the availability of long-term rental properties, and led to increased competition for available rental units. Additionally, the growth of short-term rentals in areas previously dominated by long-term leases may result in shifts in property values and changes in neighborhood dynamics (Ojo & Musa, 2023). This study aims to examine the effect of short-term rental platforms on the traditional rental market in Abuja, exploring the implications for property owners, tenants, and the local economy.
Statement of the Problem
The emergence of short-term rental platforms in Abuja has led to concerns about their effect on the traditional rental market. While these platforms provide opportunities for property owners to earn higher income, they may also contribute to rising rents and the scarcity of long-term rental units, creating challenges for tenants seeking affordable housing. This study will investigate how short-term rental platforms are affecting the traditional rental market in Abuja and whether the growth of such platforms is beneficial or detrimental to the housing sector.
Objectives of the Study
- To evaluate the impact of short-term rental platforms on the traditional rental market in Abuja.
- To assess the effects of short-term rentals on housing affordability and availability in the city.
- To explore the implications of short-term rental growth on property values and neighborhood dynamics in Abuja.
Research Questions
- How do short-term rental platforms affect the traditional rental market in Abuja?
- What is the impact of short-term rentals on housing affordability and availability in Abuja?
- How has the growth of short-term rental platforms influenced property values and neighborhood dynamics in Abuja?
Research Hypotheses
- Short-term rental platforms negatively affect the availability and affordability of long-term rental properties in Abuja.
- The growth of short-term rental platforms leads to an increase in property values and rents in areas with high tourist demand in Abuja.
- Short-term rental platforms have a significant impact on neighborhood dynamics, particularly in terms of community cohesion and local businesses.
Scope and Limitations of the Study
This study will focus on the impact of short-term rental platforms on the traditional rental market in Abuja, particularly in areas with high concentrations of short-term rental listings. Data will be collected from property owners, tenants, and short-term rental platform users. Limitations may include difficulties in accessing data on rental prices and occupancy rates, as well as potential biases in self-reported data from platform hosts and guests.
Definitions of Terms
- Short-Term Rental Platforms: Online platforms, such as Airbnb and Booking.com, that facilitate the temporary rental of properties for short durations, typically ranging from a few days to several weeks.
- Traditional Rental Market: The conventional rental system where tenants lease properties for longer periods, typically ranging from one year to several years.
- Housing Affordability: The ability of households to afford rent without exceeding a significant portion of their income.
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