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Working Paper
Institutional Housing Investors and the Great Recession
Before the Great Recession, residential institutional investors predominantly bought and rented out condos, but then they increased their market share of rental houses from 17 percent in 2001 to 28 percent in 2018. Along with this change, rental survey data show that the annual house operating-cost premium of institutional investors relative to homeowners fell from 44 percent in 2001 to 28 percent in 2015. To measure how these reduced costs affected the housing bust of 2007–2011, I build a heterogeneous agent model of the housing market featuring corporate investors and two types of ...