Buy to Let: The Role of Rental Investors in Housing Booms

• 成果类型: Article
• 署名作者: Bo, Erlend Eide
• 署名单位: Oslo Metropolitan University (OsloMet)
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.70054
• 发表日期: 2026
• 关键词: search; prices; MARKET; MODEL; time; hot

摘要

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.