Nearly 5,000 Homes Lost to Airbnb in Brussels, Antwerp, and Ghent
Nearly 5,000 homes in Belgium’s three largest cities — Brussels, Antwerp, and Ghent — have been removed from the regular rental market because they are being used for short-term holiday rentals on platforms like Airbnb, according to a new study by ING bank. The figure represents approximately 0.8% of the rental housing stock in these cities, and the actual number is likely higher when including other platforms such as Booking.com and Expedia.
Context: Belgium’s Worsening Housing Crisis
The ING report lands amid a severe housing affordability crisis across Belgium. In March 2025, the Council of Europe ruled that Belgium — specifically Flanders — had violated the right to housing, criticizing unaffordable rents, discrimination in the housing market, and inadequate responses to homelessness. Rents in Flanders have doubled over the past 20 years, according to Flemish Housing Minister Melissa Depraetere, while over 50,000 households in Brussels are waiting for social housing.
Key Findings from the ING Study
“This amounts to approximately 0.8 percent of the rental supply that is currently unavailable for permanent residence because it is used for short-term rentals,” said Alissa Lefebre, economist at ING and the study’s lead author, as reported by HLN. “This share is likely even higher if we include other platforms such as Booking.com and Expedia.”
The Belga News Agency reports that ING’s analysis shows short-term rentals contribute to pressure on the housing market but are not the primary cause of housing shortages. Returning Airbnb properties to the long-term rental market would not, on its own, solve the problem.
Regulatory Crackdown Underway
The study comes just ten days after the Flemish government announced stricter rules for short-term holiday rentals. On 1 June 2026, Tourism Minister Hans Bonte declared that only properties with an official registration number from Tourism Flanders will be allowed on booking platforms, according to Belga News Agency. Local councils will receive stronger enforcement powers, and online platforms must share listing data with authorities.
Annual inspections by Tourism Flanders found that only six out of ten inspected properties complied with safety and hygiene regulations. Under the new rules, a report from a local council will be sufficient for Tourism Flanders to shut down a property violating planning rules, bypassing a legal process that previously could take years.
Brussels Faces an Even Bigger Challenge
In Brussels, the situation is particularly acute. A VRT NWS investigation from April 2026 revealed that over 90% of Airbnb listings in the capital — approximately 2,500 units — are being rented out illegally without proper registration. The complex registration process requires hosts to collect up to 11 different documents, including a difficult-to-obtain urban planning certificate. Fines range from €416 to €41,600 for non-compliance.
Clément Eulry, head of Airbnb Benelux and France, has blamed the complex regulatory framework for the low registration rates, arguing that “if complex procedures make it practically impossible to obtain a permit, that is a sign that the system is not working and must be revised.”
Analysis: A Contributor, Not the Root Cause
ING’s analysis offers a nuanced perspective on the role of short-term rentals in the housing crisis. While the withdrawal of nearly 5,000 homes from the long-term market exacerbates supply shortages and drives up rents, the bank argues that broader structural issues must be addressed.
“This primarily means that the housing supply must respond better to changing demand, among other things by encouraging and facilitating housing projects with smaller units,” Lefebre said. She also emphasized the need for a stable investment climate and warned that new regulations on housing quality and energy performance must not unintentionally reduce the available housing supply.
The Flemish government has pledged €6 billion for social housing construction and renovation, and landlords of poorly insulated homes will no longer be allowed to index prices from 2028. Other Belgian cities, including Ostend, have also moved to limit short-term rentals in certain districts.
What’s Next
The ING report provides data-driven support for the regulatory tightening already underway in Flanders and Brussels. However, the bank’s conclusion that short-term rentals are not the primary driver of the housing crisis suggests that policymakers must pursue a dual strategy: enforcing stricter rules on platforms like Airbnb while simultaneously addressing deeper structural issues in housing supply, affordability, and social housing provision. With over 50,000 households in Brussels alone waiting for social housing and rents continuing to climb, the pressure on Belgian authorities to deliver meaningful solutions shows no sign of easing.