Peak-Bust rental spreads

Giacoletti, Marco; Parsons, Christopher A.

doi:10.1016/j.jfineco.2021.05.061

Journal of Financial Economics

2022

DOI: 10.1016/j.jfineco.2021.05.061

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Peak-Bust rental spreads

Marco Giacoletti

Christopher A. Parsons

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Cited by 6 publications

References 38 publications

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Do Wall Street Landlords Undermine Renters’ Welfare?

Gurun

Xiao

et al. 2022

The Review of Financial Studies

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We examine the recent rise of institutional investment in the single-family home rental market and its implications for renters’ welfare. Using institutional mergers to identify local exogenous variation in institutional landlords’ scale and market share, we show that rents increase in neighborhoods where both merging firms owned properties (i.e., overlapped neighborhoods) relative to other nonoverlapped neighborhoods. Meanwhile, the crime rate also significantly decreases in overlapped neighborhoods after mergers. Our findings suggest that while institutional landlords leverage their market power to extract greater surplus from renters, they also improve the quality of rental services by enhancing neighborhood safety.

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Do Wall Street Landlords Undermine Renters’ Welfare?

Gurun

Xiao

et al. 2022

The Review of Financial Studies

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Reference Points Spillovers: Micro-Level Evidence from Real Estate

Giacoletti

Parsons

2023

The Review of Financial Studies

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Homeowners who originally bought when marketwide price levels were high (low) fetch high (low) sales prices and rents, even decades later. We study the propagation of reference-dependence to neighboring listings. The “spillover” reference point effect is about one-half as large as the “own” reference point effect. Neither house quality nor location appears capable of explaining the result. Using a simple model to provide empirical predictions, we find support for a competition-based mechanism. We quantify the aggregate effect of own and spillover reference point effects on aggregate prices and/or rents at the ZIP code level.

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Market Power and Consumer Welfare: Evidence from Home Rental Markets

Xiao

Xiao³

2019

SSRN Journal

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Peak-Bust rental spreads

Cited by 6 publications

References 38 publications

Do Wall Street Landlords Undermine Renters’ Welfare?

Do Wall Street Landlords Undermine Renters’ Welfare?

Reference Points Spillovers: Micro-Level Evidence from Real Estate

Market Power and Consumer Welfare: Evidence from Home Rental Markets

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