中文摘要
租赁投资者如何影响住房价格动态?本文构建了一个允许住房所有者投资于租赁住房的搜寻模型。该模型能够匹配挪威奥斯陆一场住房繁荣期间所观察到的高投资者份额与住房价格上涨,同时呈现房价租金比上升,以及购房出租份额与住房价格增长之间的相关性。在模型中,人口流入的外生冲击增加了对自有住房和租赁住房的需求。租赁需求上升促使更多购房出租投资者进入市场,为住房市场带来额外需求。搜寻摩擦对于解释房价租金比的上升至关重要。
Abstract
ABSTRACT How do rental investors affect housing price dynamics? I develop a search model that allows housing owners to invest in rental housing. The model matches the high investor share and housing price increase observed in a housing boom in Oslo, Norway, while featuring increasing price‐to‐rent, and correlation of the buy‐to‐let share with housing price growth. In the model, an exogenous shock to population inflow increases demand for both owned and rented housing. Increased rental demand induces more buy‐to‐let investors to enter the market, adding extra demand to the housing market. Search frictions are important to explain an increasing price‐to‐rent ratio.