Our analysis shows that the return of investors in homes on the free rental market is falling due to the new regulation; the size of the decrease differs strongly per region and also depends on the final design of the regulation. Based on microdata, we estimated the effect of different variants of the regulation on the gross initial yield (BAR) of investors. In our basic variant, regulation with a ceiling of 33% for the inclusion of the WOZ value, the relative decrease in the average yield is stronger in Amsterdam (30.1%) than at the national level (12.5%). Furthermore, the elaboration of the regulation is decisive for the impact. The decrease in the return depends in particular on the maximum amount that the market value of the home can count towards when determining the maximum rent.
Corrigendum: In an earlier version of this Analysis, it was stated that the percentage of rented housing in the private sector was 13% of the total occupied housing stock. This should actually have been 8% (based on WoON-2021). This adjustment has no further effect on the results of the Analysis.