Impact of the CARES Program
The Value of Community: Impact of the CARES Program on Rental Apartments
Lead Investigators: Zackary Hawley and Andrew Hanson (Marquette University)
Renters of multi-unit housing structures report weaker ties to their community than owner occupants. In response to the lack of a sense of community in multi-unit rental structures, owners and managers of these properties have implemented planned programs to establish stronger community ties for residents. We examine the effect of one such program, the CARES program, on the rental price of apartments using hedonic modeling and matching techniques. Our results suggest that renters are willing to pay a premium of between 3-7.5% of average rent for the stronger community that the CARES program creates. This research has been presented at the Southern Economic Association’s annual conference.