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Mega-Events and Housing Costs: Raising the Rent while Raising the Roof?

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Author Info

  • Dennis Coates

    ()
    (Department of Economics, University of Maryland, Baltimore County)

  • Victor Matheson

    ()
    (Department of Economics, College of the Holy Cross)

Abstract

This paper examines the relationship between hosting mega-events such as the Super Bowl, Olympics, and World Cup and rental housing prices in host cities. If mega-events are amenities for local residents, then rental housing prices can serve as a proxy for estimating residents’ willingness to pay for these amenities. An analysis of rental prices in a panel of American cities from 1993-2005 fails to find a consistent impact of mega-events on rental prices. When controls are placed on the regression models to account for nationwide annual fluctuations in rental prices, mega-events generally exhibit little impact on rental prices in cities as a whole and are as likely to reduce rental prices as increase them. Somewhat stronger evidence exists, however, that mega-events affect rental prices outside of the center city in a fundamentally different manner than in the city core.

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File URL: http://college.holycross.edu/RePEc/hcx/spe/Coates-Matheson_MegaEventRents.pdf
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Bibliographic Info

Paper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 0903.

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Length: 37 pages
Date of creation: Feb 2009
Date of revision:
Handle: RePEc:hcx:wpaper:0903

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Web page: http://www.holycross.edu/departments/economics/website/
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Related research

Keywords: sports; stadiums; franchises; impact analysis; mega-event; housing;

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References

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  1. Florian Hagn & Wolfgang Maennig, 2007. "Labour Market Effects of the 2006 Soccer World Cup in Germany," Working Papers 0716, International Association of Sports Economists & North American Association of Sports Economists.
  2. Dennis Coates, 2006. "The Tax Benefits of Hosting the Super Bowl and the MLB All-Star Game: The Houston Experience," International Journal of Sport Finance, Fitness Information Technology, vol. 1(4), pages 239-252, November.
  3. Florian Hagn & Wolfgang Maennig, 2007. "Short-term to long-term employment effects of the Football World Cup 1974 in Germany," Working Papers 009, Chair for Economic Policy, University of Hamburg.
  4. Gabriel Ahlfeldt & Wolfgang Maennig, 2007. "The Impact of Sports Arenas on Land Values: Evidence from Berlin," Working Papers 003, Chair for Economic Policy, University of Hamburg.
  5. Gabriel M. Ahlfeldt & Wolfgang Maennig, 2010. "Impact of sports arenas on land values: evidence from Berlin," LSE Research Online Documents on Economics 25512, London School of Economics and Political Science, LSE Library.
  6. Peter A. Groothuis & Bruce K. Johnson & John C. Whitehead, 2002. "Public Funding of Professional Sports Stadiums: Public Choice or Civic Pride?," Working Papers 02-09, Department of Economics, Appalachian State University.
  7. Robert Baumann & Victor Matheson & Chihiro Muroi, 2008. "Bowling in Hawaii: Examining the Effectiveness of Sports-Based Tourism Strategies," Working Papers 0807, International Association of Sports Economists & North American Association of Sports Economists.
  8. Victor Matheson & Robert Baade, 2004. "Padding Required: Assessing the Economic Impact of the Super Bowl," Working Papers 0403, College of the Holy Cross, Department of Economics.
  9. Wolfgang Maennig, 2007. "One year later: A re-appraisal of the economics of the 2006 soccer World Cup," Working Papers 010, Chair for Economic Policy, University of Hamburg.
  10. John J. Siegfried & Andrew Zimbalist, 2000. "The Economics of Sports Facilities and Their Communities," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 95-114, Summer.
  11. Robert A. Baade & Victor A. Matheson, 2001. "Home Run or Wild Pitch?," Journal of Sports Economics, , vol. 2(4), pages 307-327, November.
  12. Robert Baade & Robert Baumann & Victor Matheson, 2005. "Selling the Big Game: Estimating the Economic Impact of Mega-Events through Taxable Sales," Working Papers 0510, College of the Holy Cross, Department of Economics.
  13. Victor Matheson, 2006. "Mega-Events: The effect of the world’s biggest sporting events on local, regional, and national economies," Working Papers 0610, College of the Holy Cross, Department of Economics.
  14. Dennis Coates & David Gearhart, 2008. "NASCAR as a Public Good," International Journal of Sport Finance, Fitness Information Technology, vol. 3(1), pages 41-57, February.
  15. Robert A. Baade & Robert Baumann & Victor A. Matheson, 2008. "Selling the Game: Estimating the Economic Impact of Professional Sports through Taxable Sales," Southern Economic Journal, Southern Economic Association, vol. 74(3), pages 794-810, January.
  16. Dennis Coates & Craig A. Depken, II, 2006. "Mega-Events: Is the Texas-Baylor game to Waco what the Super Bowl is to Houston?," Working Papers 0606, International Association of Sports Economists & North American Association of Sports Economists.
  17. Stephanie Jasmand & Wolfgang Maennig, 2007. "Regional Income and Employment Effects of the 1972 Munich Olympic Summer Games," Working Papers 007, Chair for Economic Policy, University of Hamburg.
  18. Dennis Coates & Brad R. Humphreys, 2002. "The Economic Impact of Postseason Play in Professional Sports," Journal of Sports Economics, , vol. 3(3), pages 291-299, August.
  19. Gerald Carlino & N. Edward Coulson, 2002. "Compensating differentials and the social benefits of the NFL," Working Papers 02-12, Federal Reserve Bank of Philadelphia.
  20. Coates, Dennis & Humphreys, Brad R. & Zimbalist, Andrew, 2006. "Compensating differentials and the social benefits of the NFL: A comment," Journal of Urban Economics, Elsevier, vol. 60(1), pages 124-131, July.
  21. Robert Baade & Victor Matheson, 2004. "The Quest for the Cup: Assessing the Economic Impact of the World Cup," Regional Studies, Taylor & Francis Journals, vol. 38(4), pages 343-354.
  22. Bruce K. Johnson & Peter A. Groothuis & John C. Whitehead, 2001. "The Value of Public Goods Generated by a Major League Sports Team: The CVM Approach," Journal of Sports Economics, , vol. 2(1), pages 6-21, February.
  23. Charles C. Tu, 2005. "How Does a New Sports Stadium Affect Housing Values? The Case of FedEx Field," Land Economics, University of Wisconsin Press, vol. 81(3).
  24. Xia Feng & Brad R. Humphreys, 2008. "Assessing the Economic Impact of Sports Facilities on Residential Property Values: A Spatial Hedonic Approach," Working Papers 0812, International Association of Sports Economists & North American Association of Sports Economists.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Brazil paying a high price as it prepares for World Cup 2014
    by Simon Chadwick, Professor of Sport Business Strategy at Coventry University in The Conversation on 2013-06-26 05:47:07
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Cited by:
  1. Arne Feddersen & Wolfgang Maennig, 2013. "Mega-Events And Sectoral Employment: The Case Of The 1996 Olympic Games," Contemporary Economic Policy, Western Economic Association International, vol. 31(3), pages 580-603, 07.
  2. Humphreys, Brad & Zhou, Li, 2013. "Sports Facilities, Agglomeration, and Urban Redevelopment," Working Papers 2013-4, University of Alberta, Department of Economics.
  3. Huang, Haifang & Humphreys, Brad, 2012. "Do New Sports Facilities Revitalize Urban Neighborhoods? Evidence from Residential Mortgage Applications," Working Papers 2012-5, University of Alberta, Department of Economics.

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