Project

Hurricane Effects on Rental Housing Market

Full Title: Hurricane Effects on the Market for Rental Housing in Florida
This research examines how high-intensity hurricane events affect rental prices and demographic composition in coastal communities, utilizing econometric techniques like the difference in differences design to isolate these effects. While existing studies indicate an increase in transacted prices post-hurricane, this research fills a gap in understanding by focusing on rental prices, thus enhancing our understanding of hurricane impacts on vulnerable populations in coastal areas.
Lead Investigator: Matt Varkony mvarkony@earth.miami.edu Dr. Renato Molina Asst. Professor Rosenstiel School of Marine, Atmospheric, and Earth Science rxm1278@miami.edu
Award Amount: $25,000
Year Funded: 2023
Award Period: 2/1/23 – 1/31/24
Project Abstract:

Hurricane events can change the demographic composition of coastal communities through increased housing prices and disruptions to the labor market. This research focuses specifically on a sub-population of the housing market and asks how property exposure to high intensity hurricane events can change the rental prices of impacted households. Additionally, this research will investigate what these price changes mean for the surrounding community. Econometric techniques such as the difference in differences design can isolate the effect of hurricane exposure on impacted rental prices while providing the opportunity to more robustly understand how hurricanes can alter the accessibility and affordability of coastal communities. Current research on hurricanes impacts to housing markets suggest that transacted prices increase in the aftermath of a hurricane. This suggests that rental prices may follow suit. However, the absence of high-resolution research on rental prices excludes a significant vulnerable population from our understanding of hurricane impacts. The results of this research will address that absence.

Project received a no cost extension through 2/29/24. Delays in accessing project funds, approximately two months from award acceptance, hindered the purchase of necessary data for analysis. Currently engaged in completing the analysis and finalizing the paper for peer review, the researcher respectfully requests an extension on the current grant to ensure completion of the analysis, preparation of the peer-reviewed article, and the required grant report.

 

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