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

Author

Listed:
  • 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.

Suggested Citation

  • Dennis Coates & Victor Matheson, 2009. "Mega-Events and Housing Costs: Raising the Rent while Raising the Roof?," Working Papers 0903, College of the Holy Cross, Department of Economics.
    • Handle: RePEc:hcx:wpaper:0903
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    File URL: https://hcapps.holycross.edu/hcs/RePEc/hcx/HC0903-Coates-Matheson_MegaEventRents.pdf
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    Citations

    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 10:47:07

    Citations

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    Cited by:

    1. Brad Humphreys & Li Zhou, 2013. "Sports Facilities, Agglomeration, and Urban Redevelopment," Working Papers 2013-04, University of Alberta, Department of Economics.
    2. Zachary T. Keeler & Heather M. Stephens & Brad R. Humphreys, 2021. "The Amenity Value of Sports Facilities: Evidence From the Staples Center in Los Angeles," Journal of Sports Economics, , vol. 22(7), pages 799-822, October.
    3. Pasquale Lucio Scandizzo & Maria Rita Pierleoni, 2018. "Assessing The Olympic Games: The Economic Impact And Beyond," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 649-682, July.
    4. Anping Chen & Marlon Boarnet & Mark Partridge & Haifang Huang & Brad R. Humphreys, 2014. "New Sports Facilities And Residential Housing Markets," Journal of Regional Science, Wiley Blackwell, vol. 54(4), pages 629-663, September.
    5. Haifang Huang & Brad Humphreys, 2012. "Do New Sports Facilities Revitalize Urban Neighborhoods? Evidence from Residential Mortgage Applications," Working Papers 2012-05, University of Alberta, Department of Economics.
    6. Philip K. Porter & Daniel M. Chin, 2012. "Economic Impact of Sports Events," Chapters, in: Wolfgang Maennig & Andrew Zimbalist (ed.), International Handbook on the Economics of Mega Sporting Events, chapter 15, Edward Elgar Publishing.
    7. Humphreys, Brad R. & Zhou, Li, 2015. "Sports facilities, agglomeration, and public subsidies," Regional Science and Urban Economics, Elsevier, vol. 54(C), pages 60-73.
    8. Peter A. Groothuis & Kurt W. Rotthoff, 2016. "The Economic Impact and Civic Pride Effects of Sports Teams and Mega-Events: Do The Public and the Professionals Agree?," Economic Affairs, Wiley Blackwell, vol. 36(1), pages 21-32, February.
    9. Pete Groothuis & Kurt W. Rotthoff, 2014. "Surveying the Literature and the People: The Economic Impact of Sports Teams and Civic Pride," Working Papers 14-05, Department of Economics, Appalachian State University.
    10. 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, July.

    More about this item

    Keywords

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    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock

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