Abstract
This paper examines the role of information advantages in the returns to housing investments using novel data on rental contracts. Real estate agents are found to obtain higher contract rents by about 1 percent more for landlords who hold a real estate license (or are personally affiliated with one) than for other landlords. Similar rent disparities are found among small landlords but not large landlords. Differences in capital improvements, property management arrangements, tenant default risks, or bargaining power do not appear to fully explain the results. These findings shed light on information advantages and potential conflicts of interest that affect the wealth real estate holdings create.
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