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The 2015 European Refugee Crisis and Residential Housing Rents in Germany

Kathleen Kürschner Rauck () and Michael Kvasnicka
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Kathleen Kürschner Rauck: Otto-von-Guericke University Magdeburg

No 12047, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: We study the impact of the 2015 mass arrival of refugees to Germany on residential housing rents. Using unique data on end of year county-level refugee populations and data on monthly offers of flats for rent from Germany's leading online property broker Immobilienscout24, we find strong evidence in difference-in-differences regressions for a negative effect of refugee immigration on rental prices. Adverse price effects, however, appear attenuated in the heyday of the crisis in late 2015 if a larger share of refugees is housed in decentralized accommodation. Various robustness checks corroborate our findings, including IV regressions that exploit for identification information on the pre-crisis location of refugee reception centers and group quarters.

Keywords: refugee migration; housing rents; Germany (search for similar items in EconPapers)
JEL-codes: F22 R23 R21 R31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eur and nep-ure
Date: 2018-12
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