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Why is the rent so darn high? The role of growing demand to live in housing-supply-inelastic cities

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  • Howard, Greg
  • Liebersohn, Jack

Abstract

Real rents measured in the United States CPI increased 17.4 log-points from 2000 to 2018. We present a spatial equilibrium framework to decompose the increase into several channels, including demand to live in housing-supply-inelastic cities. We find location demand contributed significantly: using parameterizations from the literature and a new rent index, we find it is responsible for between 17 and 73 percent of the overall rent increase, and an even larger share in cities where CPI is measured. The wide range is primarily due to a lack of consensus over the population elasticity to rents, so we estimate it by comparing the effects of demand shocks across cities of differing housing supply elasticities. We find that demand changes have similar effects across cities, suggesting a high population elasticity. Therefore, our preferred estimate is that location demand accounts for more than half of the increase. We discuss implications for housing supply policy.

Suggested Citation

  • Howard, Greg & Liebersohn, Jack, 2021. "Why is the rent so darn high? The role of growing demand to live in housing-supply-inelastic cities," Journal of Urban Economics, Elsevier, vol. 124(C).
    • Handle: RePEc:eee:juecon:v:124:y:2021:i:c:s0094119021000516
    DOI: 10.1016/j.jue.2021.103369
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    Cited by:

    1. Elaine Drayton & Peter Levell & David Sturrock, 2024. "The determinants of local housing supply in England," IFS Working Papers W24/35, Institute for Fiscal Studies.
    2. Agarwal, Sumit & Deng, Yongheng & Li, Teng, 2019. "Environmental regulation as a double-edged sword for housing markets: Evidence from the NOx Budget Trading Program," Journal of Environmental Economics and Management, Elsevier, vol. 96(C), pages 286-309.
    3. Manfred M. Fischer & Florian Huber & Michael Pfarrhofer & Petra Staufer‐Steinnocher, 2021. "The Dynamic Impact of Monetary Policy on Regional Housing Prices in the United States," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(4), pages 1039-1068, December.
    4. Howard, Greg & Liebersohn, Jack & Ozimek, Adam, 2023. "The short- and long-run effects of remote work on U.S. housing markets," Journal of Financial Economics, Elsevier, vol. 150(1), pages 166-184.
    5. Molloy, Raven & Nathanson, Charles G. & Paciorek, Andrew, 2022. "Housing supply and affordability: Evidence from rents, housing consumption and household location," Journal of Urban Economics, Elsevier, vol. 129(C).
    6. Greg Howard & Carl Liebersohn, 2019. "What Explains U.S. House Prices? Regional Income Divergence," 2019 Meeting Papers 1054, Society for Economic Dynamics.
    7. Isaiah Hull & Conny Olovsson & Karl Walentin & Andreas Westermark, 2022. "Manufacturing Decline and House Price Volatility," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 264-281, July.
    8. Schuyler Louie & John Mondragon & Johannes F. Wieland, 2025. "Supply Constraints Do Not Explain House Price and Quantity Growth Across U.S. Cities," Working Paper Series 2025-06, Federal Reserve Bank of San Francisco.
    9. Dias, Daniel A. & Duarte, João B., 2015. "Monetary Policy and Homeownership: Empirical Evidence, Theory, and Policy Implications," MPRA Paper 112252, University Library of Munich, Germany, revised 05 Mar 2021.
    10. Greg Howard & Jack Liebersohn, 2023. "Regional Divergence and House Prices," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 312-350, July.
    11. Isil Erol & Umut Unal, 2023. "Local House Price Effects of Internal Migration in Queensland: Australia's Interstate Migration Capital," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 56(3), pages 308-327, September.
    12. Xiangyu Feng & Nir Jaimovich & Krishna Rao & Stephen J Terry & Nicolas Vincent, 2023. "Location, Location, Location: Manufacturing and House Price Growth," The Economic Journal, Royal Economic Society, vol. 133(653), pages 2055-2067.
    13. E. V. Antonov & N. K. Kurichev & A. I. Treivish, 2022. "Shrinking Urban System of the Largest Country: Research Progress and Unsolved Issues," Regional Research of Russia, Springer, vol. 12(1), pages 20-35, March.
    14. Parkhomenko, Andrii, 2023. "Local causes and aggregate implications of land use regulation," Journal of Urban Economics, Elsevier, vol. 138(C).
    15. Luis Lopez & Nitzan Tzur-Ilan, 2025. "Air Pollution and Rent Prices: Evidence from Wildfire Smoke Plumes," Working Papers 2502, Federal Reserve Bank of Dallas.
    16. Anthony Yezer, 2024. "Planning Regulations: Does Land Use Regulation Lower the Average Price of Housing in Cities?," Working Papers 2024-03, The George Washington University, Institute for International Economic Policy.
    17. Nikolay Kurichev & Ekaterina Kuricheva, 2020. "Interregional migration, the housing market, and a spatial shift in the metro area: Interrelationships in the case study of Moscow," Regional Science Policy & Practice, Wiley Blackwell, vol. 12(4), pages 689-703, August.
    18. Elaine Drayton & Peter Levell & David Sturrock, 2025. "The determinants of local housing supply in England," IFS Working Papers W25/04, Institute for Fiscal Studies.

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    More about this item

    Keywords

    Labor mobility; Housing affordability; Regional inequality;
    All these keywords.

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Regional Migration; Regional Labor Markets; Population
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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