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Khalid ElFayoumi, Ms. Izabela Karpowicz, Ms. Jenny Lee, Ms. Marina Marinkov, Ms. Aiko Mineshima, Jorge Salas, Andreas Tudyka, and Ms. Andrea Schaechter
Many European economies have faced pressure from rental housing affordability that has widened social and economic divergence. While significant country and regional differences exist, this departmental paper finds that in many advanced European economies a large and rising share of low-income renters, the young, and those living in cities is overburdened. In several locations, middle-income groups also increasingly face rental affordability issues.
Khalid ElFayoumi, Jorge Salas, and Andreas Tudyka

differences in a household’s size and composition. The COVID-19 pandemic will likely aggravate rental housing affordability pressures and inequality in Europe. Many groups that rent are particularly vulnerable to the COVID-19 crisis as they work more frequently in contact-intensive industries and generally have less access to telework. Incomes are projected to take several years to recover and will likely take longer for those who need to transition into new sectors, amplifying pre-COVID trends of economic divergence. At the same time, in some locations potential

Khalid ElFayoumi, Jorge Salas, and Andreas Tudyka

, Washington, DC 20090, U.S.A. Tel. (202) 623-7430 Fax: (202) 623-7201 E-mail: publications@imf.org www.imfbookstore.org www.elibrary.imf.org Contents Abstract 1. Introduction and Main Findings 2. Key Characteristics of Rental Markets in Europe 3. Rental Housing Affordability: Key Facts How Much Do Tenants Spend on Rents? Who Is Overburdened by Rental Payments? How Has Affordability Evolved over Time? The Role of Rental Costs and Disposable Incomes to Explain Changes in Rental Affordability How Will the COVID-19 Pandemic Impact Rental

Khalid ElFayoumi, Jorge Salas, and Andreas Tudyka

.1162/003465303322369687 Saiz , Albert . 2007 . “ Immigration and Housing Rents in American Cities. ” Journal of Urban Economics 61 ( 2 ): 345 – 71 . 10.1016/j.jue.2006.07.004 Salas , Jorge . 2020 . “ Rental Housing Affordability in Spain, ” Spain: Selected Issues, IMF Country Report No. 20/299 , International Monetary Fund , Washington, DC . Salvi del Pero , Angelica , Willem Adema , Valeria Ferraro , and Valérie Frey . 2016 . “ Policies to Promote Access to Good-Quality Affordable Housing in OECD Countries. ” OECD Social, Employment and Migration Working