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1\begin{tabular}{lrrrrrr}2\toprule3 & (1) & (2) & (3) & (4) & (5) & (5$'$) \\4Dependent variable: ln(price) & M1 & M2 & M3 & M4 & M5 & M5 \\5\midrule6ln(bedrooms) & 0.168*** & 0.154*** & 0.158*** & 0.164*** & 0.160*** & 0.160** \\7 & (0.043) & (0.042) & (0.042) & (0.042) & (0.042) & [0.068] \\8ln(1 + bathrooms) & 0.560*** & 0.514*** & 0.507*** & 0.464*** & 0.437*** & 0.437*** \\9 & (0.063) & (0.064) & (0.065) & (0.067) & (0.070) & [0.089] \\10ln(guests) & 0.351*** & 0.324*** & 0.327*** & 0.321*** & 0.331*** & 0.331*** \\11 & (0.038) & (0.037) & (0.038) & (0.037) & (0.037) & [0.035] \\12Shared bathroom & -0.441*** & -0.429*** & -0.423*** & -0.403*** & -0.385*** & -0.385*** \\13 & (0.053) & (0.052) & (0.053) & (0.052) & (0.053) & [0.061] \\14Studio & 0.189*** & 0.210*** & 0.213*** & 0.179*** & 0.147** & 0.147* \\15 & (0.061) & (0.063) & (0.063) & (0.062) & (0.062) & [0.089] \\16Chalet/cottage/cabin & 0.045 & 0.010 & 0.003 & 0.154*** & 0.099*** & 0.099** \\17 & (0.028) & (0.029) & (0.029) & (0.033) & (0.037) & [0.039] \\18House & -0.028 & -0.035 & -0.037 & 0.095*** & 0.079** & 0.079 \\19 & (0.031) & (0.031) & (0.032) & (0.033) & (0.034) & [0.049] \\20Condo/loft/apartment & -0.052 & -0.063* & -0.071* & -0.043 & -0.032 & -0.032 \\21 & (0.037) & (0.036) & (0.036) & (0.035) & (0.037) & [0.038] \\22Hotel/B\&B/hostel & 0.008 & 0.024 & 0.044 & 0.122** & 0.079 & 0.079* \\23 & (0.046) & (0.047) & (0.047) & (0.049) & (0.051) & [0.045] \\24Other/unconventional & 0.042 & 0.063 & 0.047 & 0.188** & 0.135 & 0.135 \\25 & (0.080) & (0.080) & (0.081) & (0.092) & (0.094) & [0.102] \\26ln(1 + amenities) & & 0.071** & 0.048 & 0.067* & 0.094** & 0.094** \\27 & & (0.035) & (0.037) & (0.037) & (0.038) & [0.038] \\28Pets allowed & & -0.048** & -0.044* & -0.032 & -0.044* & -0.044 \\29 & & (0.023) & (0.023) & (0.023) & (0.023) & [0.029] \\30ln(1 + photos) & & 0.115*** & 0.104*** & 0.092*** & 0.087*** & 0.087*** \\31 & & (0.022) & (0.022) & (0.022) & (0.022) & [0.024] \\32Superhost & & & 0.005 & 0.008 & 0.023 & 0.023 \\33 & & & (0.024) & (0.024) & (0.025) & [0.032] \\34Guest Favourite & & & -0.055** & -0.034 & -0.035 & -0.035 \\35 & & & (0.027) & (0.027) & (0.027) & [0.032] \\36ln(1 + reviews) & & & 0.020** & 0.015 & 0.015 & 0.015 \\37 & & & (0.010) & (0.010) & (0.010) & [0.026] \\38Rated (star shown) & & & -0.056 & -0.033 & -0.041 & -0.041 \\39 & & & (0.049) & (0.050) & (0.050) & [0.044] \\40Rating $-$ 4.8 (rated only) & & & 0.310*** & 0.328*** & 0.337*** & 0.337*** \\41 & & & (0.069) & (0.068) & (0.068) & [0.065] \\42ln(1 + km to centre) & & & & -0.002 & -0.035* & -0.035 \\43 & & & & (0.010) & (0.019) & [0.024] \\44ln(1 + listings within 1 km) & & & & 0.067*** & 0.064*** & 0.064*** \\45 & & & & (0.009) & (0.013) & [0.023] \\46\midrule47City / cell fixed effects & No & No & No & No & Yes & Yes \\48Standard errors & HC3 & HC3 & HC3 & HC3 & HC3 & Cluster \\49Observations & 2,480 & 2,480 & 2,480 & 2,480 & 2,480 & 2,480 \\50$R^2$ & 0.443 & 0.454 & 0.461 & 0.479 & 0.509 & 0.509 \\51Adjusted $R^2$ & 0.440 & 0.451 & 0.457 & 0.475 & 0.495 & 0.495 \\52RMSE & 0.506 & 0.501 & 0.498 & 0.490 & 0.475 & 0.475 \\53AIC & 3,686 & 3,639 & 3,619 & 3,539 & 3,490 & 3,490 \\54\bottomrule55\end{tabular}