Do Wall Street Landlords Undermine Renters’ Welfare?

IF 6.8 1区 经济学 Q1 BUSINESS, FINANCE Review of Financial Studies Pub Date : 2022-03-18 DOI:10.1093/rfs/hhac017
Umit G. Gurun, Jiabin Wu, S. Xiao, Serena Wenjing Xiao
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引用次数: 2

Abstract

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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华尔街的地主们会降低租房者的福利吗?
我们研究了最近独栋房屋租赁市场机构投资的增长及其对租房者福利的影响。利用机构合并来识别机构房东规模和市场份额的局部外生变化,我们发现,与其他非重叠社区相比,合并公司拥有房产的社区(即重叠社区)的租金会增加。同时,合并后重叠社区的犯罪率也显著下降。我们的研究结果表明,虽然机构房东利用其市场力量从租房者那里获取更多盈余,但他们也通过加强社区安全来提高租房服务的质量。
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来源期刊
CiteScore
16.00
自引率
2.40%
发文量
83
期刊介绍: The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.
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