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Mega-Events and Housing Costs: Raising the Rent while Raising the Roof?

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Author Info
Dennis Coates () (Department of Economics, University of Maryland, Baltimore County)
Victor Matheson () (Department of Economics, College of the Holy Cross)

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Abstract

This paper examines the relationship between hosting mega-events such as the Super Bowl, Olympics, and World Cup and rental housing prices in host cities. If mega-events are amenities for local residents, then rental housing prices can serve as a proxy for estimating residents’ willingness to pay for these amenities. An analysis of rental prices in a panel of American cities from 1993-2005 fails to find a consistent impact of mega-events on rental prices. When controls are placed on the regression models to account for nationwide annual fluctuations in rental prices, mega-events generally exhibit little impact on rental prices in cities as a whole and are as likely to reduce rental prices as increase them. Somewhat stronger evidence exists, however, that mega-events affect rental prices outside of the center city in a fundamentally different manner than in the city core.

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Publisher Info
Paper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 0903.

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Length: 37 pages
Date of creation: Feb 2009
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Handle: RePEc:hcx:wpaper:0903

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Related research
Keywords: sports; stadiums; franchises; impact analysis; mega-event; housing;

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Find related papers by JEL classification:
L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Recreation; Tourism
O18 - Economic Development, Technological Change, and Growth - - Economic Development - - - Regional, Urban, and Rural Analyses
R53 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock

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  1. Wolfgang Maennig, 2007. "One year later: A re-appraisal of the economics of the 2006 soccer World Cup," Working Papers 010, Chair for Economic Policy, University of Hamburg. [Downloadable!]
    Other versions:
  2. Xia Feng & Brad R. Humphreys, 2008. "Assessing the Economic Impact of Sports Facilities on Residential Property Values: A Spatial Hedonic Approach," Working Papers 0812, International Association of Sports Economists. [Downloadable!]
  3. Robert Baade & Victor Matheson, 2004. "The Quest for the Cup: Assessing the Economic Impact of the World Cup," Regional Studies, Taylor and Francis Journals, vol. 38(4), pages 343-354, June. [Downloadable!] (restricted)
    Other versions:
  4. Carlino, Gerald & Coulson, N. Edward, 2004. "Compensating differentials and the social benefits of the NFL," Journal of Urban Economics, Elsevier, vol. 56(1), pages 25-50, July. [Downloadable!] (restricted)
    Other versions:
  5. Peter A. Groothuis & Bruce K. Johnson & John C. Whitehead, 2004. "Public Funding of Professional Sports Stadiums: Public Choice or Civic Pride?," Eastern Economic Journal, Eastern Economic Association, vol. 30(4), pages 515-526, Fall. [Downloadable!]
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  6. Dennis Coates & David Gearhart, 2008. "NASCAR as a Public Good," International Journal of Sport Finance, Fitness Information Technology, vol. 3(1), pages 41-57, February. [Downloadable!] (restricted)
    Other versions:
  7. Bruce K. Johnson & Peter A. Groothuis & John C. Whitehead, 2000. "“The Value of Public Goods Generated by a Major League Sports Team: The CVM Approach,”," Working Papers 0014, East Carolina University, Department of Economics. [Downloadable!]
  8. Victor Matheson, 2006. "Mega-Events: The effect of the world’s biggest sporting events on local, regional, and national economies," Working Papers 0610, College of the Holy Cross, Department of Economics. [Downloadable!]
    Other versions:
  9. Stephanie Jasmand & Wolfgang Maennig, 2007. "Regional Income and Employment Effects of the 1972 Munich Olympic Summer Games," Working Papers 007, Chair for Economic Policy, University of Hamburg. [Downloadable!]
    Other versions:
  10. Victor Matheson & Robert Baade, 2004. "Padding Required: Assessing the Economic Impact of the Super Bowl," Working Papers 0403, College of the Holy Cross, Department of Economics. [Downloadable!]
  11. John Siegfried & Andrew Zimbalist, 2000. "The Economics of Sports Facilities and Their Communities," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 95-114, Summer. [Downloadable!] (restricted)
  12. Robert Baumann & Victor Matheson & Chihiro Muroi, 2008. "Bowling in Hawaii: Examining the Effectiveness of Sports-Based Tourism Strategies," Working Papers 0807, International Association of Sports Economists. [Downloadable!]
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  13. Florian Hagn & Wolfgang Maennig, 2007. "Short-term to long-term employment effects of the Football World Cup 1974 in Germany," Working Papers 009, Chair for Economic Policy, University of Hamburg. [Downloadable!]
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  14. Gabriel Ahlfeldt & Wolfgang Maennig, 2007. "Impact of Sports Arenas on Land Values: Evidence from Berlin," Working Papers 0703, International Association of Sports Economists. [Downloadable!]
  15. Coates, Dennis & Humphreys, Brad R. & Zimbalist, Andrew, 2006. "Compensating differentials and the social benefits of the NFL: A comment," Journal of Urban Economics, Elsevier, vol. 60(1), pages 124-131, July. [Downloadable!] (restricted)
  16. Charles C. Tu, 2005. "How Does a New Sports Stadium Affect Housing Values? The Case of FedEx Field," Land Economics, University of Wisconsin Press, vol. 81(3). [Downloadable!] (restricted)
  17. Florian Hagn & Wolfgang Maennig, 2007. "Labour Market Effects of the 2006 Soccer World Cup in Germany," Working Papers 008, Chair for Economic Policy, University of Hamburg. [Downloadable!]
    Other versions:
  18. Dennis Coates & Craig A. Depken, II, 2006. "Mega-Events: Is the Texas-Baylor game to Waco what the Super Bowl is to Houston?," Working Papers 0606, International Association of Sports Economists. [Downloadable!]
  19. Robert A. Baade & Robert Baumann & Victor A. Matheson, 2008. "Selling the Game: Estimating the Economic Impact of Professional Sports through Taxable Sales," Southern Economic Journal, Southern Economic Association, vol. 74(3), pages 794-810, January.
  20. Dennis Coates, 2006. "The Tax Benefits of Hosting the Super Bowl and the MLB All-Star Game: The Houston Experience," International Journal of Sport Finance, Fitness Information Technology, vol. 1(4), pages 239-252, November. [Downloadable!] (restricted)
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