Localized and Short‐Term Effects of Lockdowns on Urban Rental Markets: Evidence From Shanghai
ABSTRACT This paper investigates the localized and short‐term effects of COVID‐19‐induced lockdowns on Shanghai's rental market in the second half of 2022. Using Difference‐in‐Differences methodologies, we find that rental prices declined by 1.5% following the lockdowns on average, with areas c...
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| Format: | Article |
| Language: | English |
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Wiley
2025-06-01
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| Series: | International Studies of Economics |
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| Online Access: | https://doi.org/10.1002/ise3.70005 |
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| author | Yanpeng Jiang Xiaochi Shen |
| author_facet | Yanpeng Jiang Xiaochi Shen |
| author_sort | Yanpeng Jiang |
| collection | DOAJ |
| description | ABSTRACT This paper investigates the localized and short‐term effects of COVID‐19‐induced lockdowns on Shanghai's rental market in the second half of 2022. Using Difference‐in‐Differences methodologies, we find that rental prices declined by 1.5% following the lockdowns on average, with areas characterized by a high density of companies falling by 2.0% and no significant change in suburban areas. Event‐study analysis further reveals that this decline peaked at 3.0% 2 months post‐lockdown. This decline was temporary with rental prices returning to pre‐lockdown levels within 12 months. Robustness checks and comparisons with housing sale prices confirm the absence of significant spillover effects or structural shifts. These findings underscore the localized and temporary nature of lockdown‐induced disruptions in the rental market and may be valuable to housing policymakers considering responses to short‐term crises. |
| format | Article |
| id | doaj-art-351f6a622c61493c91d28384dc5bb636 |
| institution | Kabale University |
| issn | 2831-3224 |
| language | English |
| publishDate | 2025-06-01 |
| publisher | Wiley |
| record_format | Article |
| series | International Studies of Economics |
| spelling | doaj-art-351f6a622c61493c91d28384dc5bb6362025-08-20T03:58:48ZengWileyInternational Studies of Economics2831-32242025-06-0120217719410.1002/ise3.70005Localized and Short‐Term Effects of Lockdowns on Urban Rental Markets: Evidence From ShanghaiYanpeng Jiang0Xiaochi Shen1School of Economics Shanghai University of Finance and Economics Shanghai ChinaAntai College of Economics & Management Shanghai Jiao Tong University Shanghai ChinaABSTRACT This paper investigates the localized and short‐term effects of COVID‐19‐induced lockdowns on Shanghai's rental market in the second half of 2022. Using Difference‐in‐Differences methodologies, we find that rental prices declined by 1.5% following the lockdowns on average, with areas characterized by a high density of companies falling by 2.0% and no significant change in suburban areas. Event‐study analysis further reveals that this decline peaked at 3.0% 2 months post‐lockdown. This decline was temporary with rental prices returning to pre‐lockdown levels within 12 months. Robustness checks and comparisons with housing sale prices confirm the absence of significant spillover effects or structural shifts. These findings underscore the localized and temporary nature of lockdown‐induced disruptions in the rental market and may be valuable to housing policymakers considering responses to short‐term crises.https://doi.org/10.1002/ise3.70005lockdownpandemicrental marketspatial heterogeneityurban resilience |
| spellingShingle | Yanpeng Jiang Xiaochi Shen Localized and Short‐Term Effects of Lockdowns on Urban Rental Markets: Evidence From Shanghai International Studies of Economics lockdown pandemic rental market spatial heterogeneity urban resilience |
| title | Localized and Short‐Term Effects of Lockdowns on Urban Rental Markets: Evidence From Shanghai |
| title_full | Localized and Short‐Term Effects of Lockdowns on Urban Rental Markets: Evidence From Shanghai |
| title_fullStr | Localized and Short‐Term Effects of Lockdowns on Urban Rental Markets: Evidence From Shanghai |
| title_full_unstemmed | Localized and Short‐Term Effects of Lockdowns on Urban Rental Markets: Evidence From Shanghai |
| title_short | Localized and Short‐Term Effects of Lockdowns on Urban Rental Markets: Evidence From Shanghai |
| title_sort | localized and short term effects of lockdowns on urban rental markets evidence from shanghai |
| topic | lockdown pandemic rental market spatial heterogeneity urban resilience |
| url | https://doi.org/10.1002/ise3.70005 |
| work_keys_str_mv | AT yanpengjiang localizedandshorttermeffectsoflockdownsonurbanrentalmarketsevidencefromshanghai AT xiaochishen localizedandshorttermeffectsoflockdownsonurbanrentalmarketsevidencefromshanghai |