Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate
63 Pages Posted: 12 Apr 2021 Last revised: 17 May 2023
There are 3 versions of this paper
Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate
NYU Stern School of Business Forthcoming, Columbia Business School Research Paper Forthcoming
Number of pages: 80
Posted: 08 Feb 2021
Last Revised: 10 Aug 2021
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Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate
NBER Working Paper No. w28675
Number of pages: 63
Posted: 12 Apr 2021
Last Revised: 17 May 2023
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Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate
CEPR Discussion Paper No. DP16080
Number of pages: 67
Posted: 14 May 2021
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Date Written: April 2021
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.
Suggested Citation: Suggested Citation
Gupta, Arpit and Mittal, Vrinda and Peeters, Jonas and Van Nieuwerburgh, Stijn, Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate (April 2021). NBER Working Paper No. w28675, Available at SSRN: https://ssrn.com/abstract=3824558
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