Wednesday, February 28, 2018

Craigslist and US Rental Housing Markets

http://geoffboeing.com/2016/08/craigslist-rental-housing-insights/
Long story short: there are incredibly few rental units below fair market rent in the hottest housing markets. This (along with the compression of rents) tells us there might be a big disconnect between housing vouchers and the largest rental housing information exchange (Craigslist). This problem doesn’t exclusively affect the poor: the median household in cities like New York and San Francisco would experience rent burden when paying the median rent.
These national, regional, and local patterns conform to general expectations, yet offer far fresher and finer-grained data. However, Craigslist listings provide advertised rents, not final negotiated rents in legal contracts, and some rental markets like New York’s are dominated by brokers. Craigslist is not representative of the entire housing market: individuals vary in levels of Internet access and technical savvy to list and search for housing online as a function of wealth, employment, education, language, and other socio-demographic traits. Nevertheless, Craigslist presents an invaluable data source for housing research.

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