%0 Report
        %A Rauck, Kathleen Kürschner
%A Kvasnicka, Michael
        %T The 2015 European Refugee Crisis and Residential Housing Rents in Germany
        %D 2018
        %8 2018 Dec
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 12047
        %U https://www.iza.org/publications/dp12047
        %X 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.
        %K refugee migration
%K housing rents
%K Germany