Since the Great Recession, single-family rentals have increased as a share of the housing units within America's neighborhoods. Homeowners are concerned that this shift in housing tenure will lower their neighborhood's quality and have an adverse effect on their property values. However, no current evidence exists on whether these concerns have any validity. In this paper, we utilize a six-year balanced panel of neighborhoods from the state of Florida's metropolitan areas to study the impacts that single-family rentals have on the values of single-family homes. Our case for causality is buttressed by estimating house value models that include time and neighborhood fixed effects, treat the rentals as endogenous variables, and control for sample selection and changes in neighborhood demographics and land uses. Our results show that share increases in single-family rentals lower house values, but the effects vary between central cities and suburbs, across neighborhoods of different income levels and density, by the price of the rental unit, and whether the owner has a mailing address outside the state of Florida.

自大萧条以来，单户住宅租金在美国社区内的住房单元中所占的比例有所增加。房主担心这种住房使用权的转变会降低他们社区的质量，并对他们的财产价值产生不利影响。然而，目前没有证据表明这些担忧是否有效。在本文中，我们利用佛罗里达州大都市区的六年平衡小组来研究单户住宅租金对单户住宅价值的影响。我们的因果关系案例得到了估计房屋价值模型的支持，该模型包括时间和邻里固定效应，将租金视为内生变量，并控制样本选择以及邻里人口统计和土地使用的变化。