Not gentrification, not touristification: Short-term rentals as a housing assetization strategy

Abstract

The rapid growth of short-term rentals (STRs) is leading researchers to frame these urban transformations indifferently as gentrification, touristification or tourism gentrification. This paper proposes that these concepts, though closely related, are not best suited to explain the urban transformations created by STRs. Using a theoretical and empirical approach, it attempts to delve into this theoretical debate. Since housing assetization is what ultimately drives the process, STRs should be framed as a specific form of housing assetization. It is suggested that the term that best captures this urban accumulation strategy and has greater explanatory power is that of STR housing assetization. The aim of this paper is twofold. Firstly, to theoretically justify the suitability of the STR housing assetization concept and specify its particularities as an urban accumulation strategy. Secondly, this accumulation strategy can be empirically observed by analyzing how STR markets develop in particular cities. For this purpose, the Spanish city of Valencia has been chosen.