Comparing the impacts of COVID-19 on residential rental market across rental sectors: Evidence from city of Austin

The COVID-19 pandemic has impacted the rental housing market, with prior research highlighting its effects on rental housing prices. Nevertheless, comparative analysis across distinct residential categories needs improvement due to data limitations in previous literature. This study addresses this gap by examining a dataset of closed rental listings from the Multiple Listing Service spanning 48 months in the Austin region market and investigates the influence of COVID-19 on the residential leasing market, specifically for four types of residential properties. Results highlight the disparities in the influence of the pandemic. The number of COVID-19-related deaths and local awareness have positive effects on rental prices for single-family residences, with these effects being more pronounced for single-family houses in suburban areas and communities with lower population density; however, the number of positive COVID-19 cases exerts a negative impact on rental prices for condominiums and duplexes. In addition, during the pandemic, the effects of social factors on rental prices differ between single-family residences and condominiums. These findings contribute to the understanding of how COVID-19 indicators and socioeconomic drivers can influence the residential rental housing market. They have practical implications for real estate agencies and policymakers in the housing sector by providing specific quantifications about the impacts of unexpected shocks.