Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate

Arpit Gupta, Vrinda Mittal, Jonas Peeters and Stijn Van Nieuwerburgh

No 28675, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We show that the COVID-19 pandemic brought house price and rent declines in city centers, and price and rent increases away from the center, thereby flattening the bid-rent curve in most U.S. metropolitan areas. Across MSAs, the flattening of the bid-rent curve is larger when working from home is more prevalent, housing markets are more regulated, and supply is less elastic. Housing markets predict that urban rent growth will exceed suburban rent growth for the foreseeable future.

JEL-codes: G12 R12 R23 R51 (search for similar items in EconPapers)
Date: 2021-04
New Economics Papers: this item is included in nep-geo and nep-ure
Note: AP EFG
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Citations: View citations in EconPapers (63)

Published as Arpit Gupta & Vrinda Mittal & Jonas Peeters & Stijn Van Nieuwerburgh, 2021. "Flattening the curve: Pandemic-Induced revaluation of urban real estate," Journal of Financial Economics, .

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Journal Article: Flattening the curve: Pandemic-Induced revaluation of urban real estate (2022)
Working Paper: Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate (2021)
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