TY  - RPRT
        AU  - Rauck, Kathleen Kürschner
AU  - Kvasnicka, Michael
        TI  - The 2015 European Refugee Crisis and Residential Housing Rents in Germany
        PY  - 2018/Dec/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 12047
        UR  - https://www.iza.org/index.php/publications/dp12047
        AB  - 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.
        KW  - refugee migration
KW  - housing rents
KW  - Germany
        ER  -