Abstract We estimate total returns to rental housing by studying over 170,000 hand-collected archival observations of prices and rents for individual houses in Paris (1809–1943) Amsterdam (1900–1979). The annualized real return, net costs taxes, is 4.0% 4.8% entirely comes from yields. Our weakly correlate with the implied Jordà et al. (2019) are substantially lower. decompose return risk at as...
