A guy just transcribed 30 years of for-rent ads. Here’s what it taught us about housing prices
Michael Andersen

There is something missing in this analysis: mortgage credit. Surely the big change in the housing market in countries like the US and UK (where I am) since 1979 was the freeing up of credit to house buyers by regulators that caused a series of housing bubbles as banks offered ever easier credit to home buyers. Of course a lot of these bubbles were also demand driven, but suck out the credit, and people would not be able to buy the houses at the credit inflated prices. Rents have to cover the house owner / builder’s mortgage costs, and so tend to rise along with house prices.

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