The inflow of Asian immigrants into U.S. cities has been associated with local housing price appreciation. This paper decomposes the impact of Asian immigrants on local housing markets into education and non-education channels, using 2009-2019 annual county-level data. To account for the endogeneity issues in Asian immigrants' location choice, we construct an instrumental variable by interacting the Asian population share in 1980 with the annual number of visas issued for Asian nationalities in the entire U.S. To causally identify the capitalization rate of educational quality in the housing market, we adopt the staggered roll-out of state-level teacher reforms as an instrumental variable for the changes in county-level test scores. First, we find that the housing price appreciation triggered by Asian immigrants is concentrated only in the counties with the top 5% of the Asian population share. Second, the increased percentage of Asians in neighborhoods leads to higher test scores for students of other races. Third, our back-of-envelope calculation shows that around a third of housing price appreciation driven by a higher Asian share is attributed to the improvement in school performance in neighborhoods.

The article deals with the housing market shock in Poland’s five largest cities caused by the

arrival of refugees from Ukraine following the Russian invasion in February 2022. The study

examines the changes in rent and house prices before and after the start of the war conflict in

Ukraine using a unique dataset on housing listings. We use a difference-in-difference quasi-

experimental scenario to test whether exposure to mass refugees inflow translates to housing

market dynamics. In particular ,we evaluate the causal response of apartment prices and

apartment rents to the time-varying exposure to mass refugee inflows from Ukraine in the cities

of Krakow, Lodz, Poznan, Warsaw and Wroclaw. According to our findings, an increase in a

city population of 1% caused by the inflow of refugees led to a 0.67% increase in housing rents.

Additionally, we found that the arrival of migrants may have increased apartment prices;

however, the effect is not statistically significant.

Using new high-frequency rent data for apartments in Chicago, this paper documents the determinants of flexible rent setting and its implications for rent, vacancy, and rental income. This paper finds that neither Calvo nor Taylor's models fully explain rent-setting behaviors because apartments adjust rents in response to seasonal rental-housing demand and competition, showing they choose the timing and degree of rent changes. While menu costs also do not fully explain heterogeneous rent-setting behaviors across landlords, flexible rent settings of apartments owned by professional, large, or experienced landlords suggest landlords' expertise in rent pricing is an important determinant of flexible rent settings. This paper further documents ex-ante flexible apartments that tend to adjust rent more frequently and substantially generated higher rental income during the rental-housing-market collapse as they aggressively discounted rent and consequently experienced lower vacancies. Interestingly, they also produced higher rental income during the market boom because they did not suffer from higher vacancies despite their extensive rent increases. The higher rental income gains during the COVID-19 pandemic than during normal times imply income or wealth is shifted toward expert landlords when the rental housing market is volatile.