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Peer reviewed2023Eleven U.S. cities

Local Effects of Large New Apartment Buildings in Low-Income Areas

Asquith, Mast & Reed

Main finding

Large market-rate buildings lowered nearby listed rents in low-income neighborhoods and drew movers from other low-income areas.

Nearby listed rents fell 5–7% relative to trend

Most important limitation

The main sample contains 96 buildings, and Zillow underrepresents cheaper rentals.

From the publication

Inspect the authors' figure directly

Figure from the paper

Figure 2 · Rent event studies

Both comparison strategies turn negative after treatment; the vertical bars show uncertainty.

Published rent event-study chart showing near-far and near-near estimates from three years before through three years after treatment, with confidence intervals.

Source: Asquith, Mast & Reed (2023), Figure 2; PDF p. 39.

Read carefully: The main sample contains 96 buildings, and Zillow listings underrepresent cheaper rentals.

How this study is used

Claims this evidence supports

Strong evidenceMore homes give renters more leverage.See the full evidence stack →Strong evidenceOne new home can open many doors.See the full evidence stack →Strong evidenceSaying no to new homes does not make newcomers disappear.See the full evidence stack →

Policy connection

Solution guides informed by this study

01Make room for apartments, shops, and neighbors05Put more homes where the connections already are

Reference

Asquith, Mast & Reed (2023). “Local Effects of Large New Apartment Buildings in Low-Income Areas.”

A stable public paper link is not yet recorded.