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The COVID-19 Pandemic and the Rental Market: Evidence From Craigslist

Past research has demonstrated the racially and spatially uneven impacts of economic shocks and environmental disasters on various markets. In this article, we examine if and how the first few months of the COVID-19 pandemic affected the market for rental housing in the 49 largest metropolitan areas...

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Detalles Bibliográficos
Autores principales: Kuk, John, Schachter, Ariela, Faber, Jacob William, Besbris, Max
Formato: Online Artículo Texto
Lenguaje:English
Publicado: SAGE Publications 2021
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7992104/
http://dx.doi.org/10.1177/00027642211003149
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author Kuk, John
Schachter, Ariela
Faber, Jacob William
Besbris, Max
author_facet Kuk, John
Schachter, Ariela
Faber, Jacob William
Besbris, Max
author_sort Kuk, John
collection PubMed
description Past research has demonstrated the racially and spatially uneven impacts of economic shocks and environmental disasters on various markets. In this article, we examine if and how the first few months of the COVID-19 pandemic affected the market for rental housing in the 49 largest metropolitan areas in the United States. Using a unique data set of new rental listings gathered from Craigslist and localized measures of the pandemic’s severity we find that, from mid-March to early June, local spread of COVID-19 is followed by reduced median and mean rent. However, this trend is driven by dropping rents for listings in Black, Latino, and diverse neighborhoods. Listings in majority White neighborhoods experience rent increases during this time. Our analyses make multiple contributions. First, we add to the burgeoning literature examining the rental market as a key site of perpetuating sociospatial inequality. Second, we demonstrate the utility of data gathered online for analyzing housing. And third, by reflecting on research that shows how past crises have increased sociospatial inequality and up-to-date work showing the racially and spatially unequal effects of the COVID-19 pandemic, we discuss some possible mechanisms by which the pandemic may be affecting the market for rental housing as well as implications for long-term trends.
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spelling pubmed-79921042021-03-25 The COVID-19 Pandemic and the Rental Market: Evidence From Craigslist Kuk, John Schachter, Ariela Faber, Jacob William Besbris, Max Am Behav Sci Articles Past research has demonstrated the racially and spatially uneven impacts of economic shocks and environmental disasters on various markets. In this article, we examine if and how the first few months of the COVID-19 pandemic affected the market for rental housing in the 49 largest metropolitan areas in the United States. Using a unique data set of new rental listings gathered from Craigslist and localized measures of the pandemic’s severity we find that, from mid-March to early June, local spread of COVID-19 is followed by reduced median and mean rent. However, this trend is driven by dropping rents for listings in Black, Latino, and diverse neighborhoods. Listings in majority White neighborhoods experience rent increases during this time. Our analyses make multiple contributions. First, we add to the burgeoning literature examining the rental market as a key site of perpetuating sociospatial inequality. Second, we demonstrate the utility of data gathered online for analyzing housing. And third, by reflecting on research that shows how past crises have increased sociospatial inequality and up-to-date work showing the racially and spatially unequal effects of the COVID-19 pandemic, we discuss some possible mechanisms by which the pandemic may be affecting the market for rental housing as well as implications for long-term trends. SAGE Publications 2021-11 /pmc/articles/PMC7992104/ http://dx.doi.org/10.1177/00027642211003149 Text en © 2021 SAGE Publications https://creativecommons.org/licenses/by/4.0/This article is distributed under the terms of the Creative Commons Attribution 4.0 License (https://creativecommons.org/licenses/by/4.0/) which permits any use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub.com/en-us/nam/open-access-at-sage).
spellingShingle Articles
Kuk, John
Schachter, Ariela
Faber, Jacob William
Besbris, Max
The COVID-19 Pandemic and the Rental Market: Evidence From Craigslist
title The COVID-19 Pandemic and the Rental Market: Evidence From Craigslist
title_full The COVID-19 Pandemic and the Rental Market: Evidence From Craigslist
title_fullStr The COVID-19 Pandemic and the Rental Market: Evidence From Craigslist
title_full_unstemmed The COVID-19 Pandemic and the Rental Market: Evidence From Craigslist
title_short The COVID-19 Pandemic and the Rental Market: Evidence From Craigslist
title_sort covid-19 pandemic and the rental market: evidence from craigslist
topic Articles
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7992104/
http://dx.doi.org/10.1177/00027642211003149
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