Publication: The Rise and Fall of the Price-to-Rent Ratio: Why Are Superstar Cities Different?
The Rise and Fall of the Price-to-Rent Ratio: Why Are Superstar Cities Different?
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Hilber, C., & Mense, A. (2025). The Rise and Fall of the Price-to-Rent Ratio: Why Are Superstar Cities Different? The Economic Journal, ueaf124. https://doi.org/10.1093/ej/ueaf124
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Abstract In most countries, during the 2000s and 2010s, house prices rose substantially relative to rents. This trend, however, was not uniform across space or time. The price-to-rent ratio increased much more strongly in the countries’ superstar cities, surged during economic expansion periods, but fell during times of economic crisis. These stylised facts are consistent with a model that features spatial variation in the supply price elasticity and autocorrelated local demand changes that trigger persistent changes in rent growth ex
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Hilber, C., & Mense, A. (2025). The Rise and Fall of the Price-to-Rent Ratio: Why Are Superstar Cities Different? The Economic Journal, ueaf124. https://doi.org/10.1093/ej/ueaf124
