The effects of location before and during COVID-19: Impacts on revenue of Airbnb listings in Milan (Italy)

This article explores the ability of locational variables and spillover to influence Airbnb listing performance in Milan. The effects of different determinants are analyzed for the periods before and during the pandemic. The sample includes 7213 listings, is based on AirDNA data, and developed using two regression models. The findings confirm the hypotheses proposed. The revenue estimated for a standard apartment in 2020 was approximately double that estimated for 2021. The results showed some substantial changes during the pandemic, which considerably reduced the ability of well-known variables (such as size) to explain the listing performance variance. The role of host characteristics (superhost badge) increased during the pandemic, while some contractual terms were significantly changed, and the spatial spillover almost doubled.