新倉 博明

This study investigates whether local price information affects price dispersion and the time-on-market in the rental housing market. In September 2016, Lifull Home’s, one of the largest real estate marketing platforms in Japan launched a new service to provide highly localized price information (i.e., the average housing rent of the 20 closest existing listings at any location) in three western prefectures. Exploiting this unique information disclosure event and a large-scale rental listings dataset, we find that local price information substantially decreases quality-adjusted rent dispersion and shortens the time-on-market.