'El fenómeno Airbnb en Valencia' (The Airbnb phenomenon in Valencia) is the title of the document that identifies the keys to tourist rental in the metropolis. Among the main conclusions, the high degree of professionalization of the activity stands out. This is clearly showed both in the type of advertisements - 5458 advertisements, 75,77% of the total, are commercial advertisements, that is, those whose aim is to be rented for as long as possible - and in the 'host' type: although 71,91% of hosts have only one advertisement on Airbnb, the remaining 28,09% controls more than half of the total advertisements (58,54%) and accumulate an average of 3,57 advertisements. This is due to the fact that in Valencia the income depends mainly on the number of advertisements that hosts possess. 

The report also stresses the characteristics of tourist accommodation. Thus, it is worth mentioning that entire homes are predominant (68,3%) on the tourist rental platform, largely second and third homes advertised on the tourism market most of the year (on average, 167 days) and that stand out for being rather small (0 to 3 bedrooms), since it is the most profitable type of property. 

Gil also emphasises spatial concentration in his work. In this sense, areas with the greatest tourist influx predominate: Ciutat Vella and Poblats Marítims are the districts that concentrate a larger number of advertisements and that house the most professionalized offer: in these areas, Airbnb advertisements account for 8,28% and 6,17% of the existing houses. In this sense, Gil points out that the Airbnb phenomenon has expanded not in relation to the difference in rent - between residential and tourist rental -, but according to absolute return: its capacity to generate real estate income. 

Regarding the revenue distribution, the Airbnb model fosters its concentration: 20% of hosts that make most profit concentrate 68% of city's income; in addition, almost 90% of the economic yield comes from commercials. 

Finally, the report tackles the relationship between short-term rental and the local housing market. According to the study, although a tourist accommodation offers a much higher economic yield than residential rental (about 500 euros to 1,200 euros more), the impact of Airbnb phenomenon is unequally distributed and in most districts the presence of Airbnb is residual. However, tourist rentals account for among 10% and 12% of first residences in Poblats Marítims and Ciutat Vella. Ciutat Vella, precisely, is the district where more properties have turned into tourist accommodation, specifically 905 properties, followed by Poblats Marítims, which has 510 houses. 

Javier Gil García is a post-doctoral researcher (Uppsala University) and Doctor in Sociology (UNED). He has published several papers in scientific journals and books about housing and property market, Airbnb, touristification and digital platforms. He is also a researcher in the project funded by the Ministry of Science, Innovation and Universities: "Like a local: efectos socioespaciales de Airbnb. Turismo y transformación en 4 ciudades de España" (Like a local: socio-spatial effects of Airbnb. Tourism and transformation in 4 Spanish cities), in which he investigates effects of COVID-19 on Airbnb market.