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E1b How Sports Venues Affect Rental Prices? The Case of the Atlanta Braves New Home – Truist Park
Key Words
Real Estate, Housing, Rental, Policy, Externalities, Difference-in-Difference, Quasi-experiment, Sports Economics
Short Description
Although the new construction for single-family rentals doubled in the United States in the past decade and hit a record high in 2020 (Hunter B, Forbes 2020), the question of how neighborhood amenities affect single-family rental prices remains largely unexplored. Past studies on the effect of new sports venues on property values have focused primarily on residential property sales prices (i.e., Tu, 2005; Dehring et al., 2007; Feng and Humphreys, 2018). The investigation of this effect on renters and landlords promises to be a productive and insightful research area. In particular, the Southeast has seen significant growth of the single-family renters market (Immergluck, 2018) and an evident increase in sports facilities investments the past four years - the Atlanta Braves, Falcons, and Hawks invested more than $2.5 billion in construction and renovations (Tucker, 2018). This paper examines the effects of the construction of a sports venue on the rental pricing for the fast-growing single-family renter segment in one of the inner suburbs of Atlanta.