Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/193341 
Year of Publication: 
2018
Series/Report no.: 
IZA Discussion Papers No. 12047
Publisher: 
Institute of Labor Economics (IZA), Bonn
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.
Subjects: 
housing rents
refugee migration
Germany
JEL: 
F22
R23
R21
R31
Document Type: 
Working Paper

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