@TechReport{iza:izadps:dp12047,
            	author={Rauck, Kathleen Kürschner and Kvasnicka, Michael},
            	title={The 2015 European Refugee Crisis and Residential Housing Rents in Germany},
            	year={2018},
	month={Dec},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={12047},
            	url={https://www.iza.org/index.php/publications/dp12047},
	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},
            }