Date of Award

2018

Document Type

Restricted Thesis

Degree Name

Bachelor of Arts

Department

Economics

First Advisor

Monica Das

Comments

The Great Recession had detrimental effects on the housing market. As unemployment increased households became unable to pay their mortgage, which resulted in many home foreclosures. Consequently, many homeowners entered the renting market. Causing a higher demand for rental units, which were already limited due to a supply shortage that can be explained by the bias towards homeownership since the 20th century. Since the Great Recession, many studies have focused on the housing market; however, limited studies have been performed on the rental market. Thus, this research seeks to examine the determinants of rent prices and its relationship to housing affordably. The study finds that unemployment, population, and income per capita have significant effect on prices. In addition, the study finds that there continues to be a shortage of rental units.

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