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The economic effects of real estate investors

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The economic effects of real estate investors.pdf (1.64 MB)
Date
2023
Authors
Garriga, Carlos
Tsouderou, Athena
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Court
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John Wiley and Sons Inc
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https://hdl.handle.net/20.500.14417/3023
DOI
https://doi.org/10.1111/1540-6229.12427
Abstract
We show five new results about small- and medium-sized real estate investors (SMREI) who participate through legal entities in US housing markets. First,SMREI have the largest growth across all cities post Great Recession,in contrast to Wall Street Landlords who concentrate in superstar cities. Second,SMREI increase house price growth and price-to-income ratio,especially in the bottom price tier. Third,this effect is reversed as investors trigger a medium-run supply response. Fourth,in areas with a high supply elasticity,SMREI affect rents more than prices. Finally,SMREI change the composition of the housing stock in favor of multifamily units. © 2023 American Real Estate and Urban Economics Association.
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IE Business School
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Garriga, C., Gete, P., & Tsouderou, A. (2023). The economic effects of real estate investors. Real Estate Economics, 51(3), 655-685.
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