fern ramoutar
Assistant Professor
Department of Economics
University of Toronto
fern.ramoutar@utoronto.ca
fern ramoutar
Assistant Professor
Department of Economics
University of Toronto
fern.ramoutar@utoronto.ca
I am an Assistant Professor of Economics at the University of Toronto. I study topics in real estate and urban economics, using tools from empirical industrial organization and applied microeconomics. I received my PhD in Economics from the University of Chicago Booth School of Business in 2025.
Working Papers
Market Power in Residential Real Estate: Evidence from Chicago Rental Properties
Abstract: This paper investigates the impact of market power in residential real estate. I study this question empirically in the context of the Chicago rental market. To do so, I build a novel dataset that links the universe of market-rate multifamily properties and their owners from 2000 to 2023. Using a staggered event study design, I find that acquisitions of competing properties raise price and reduce occupancy. I then estimate a structural model of rental demand and supply, and use the estimates to calculate welfare under various policy counterfactuals. These results highlight how market power mediates the effectiveness of urban rental policies and shapes housing affordability in the 21st century.
Works in Progress
Imperfect Competition and Quality Degradation in Affordable Housing Markets
Race and Redevelopment (with A. Orokoh)
Place-Based Gentrification (with K. Burr)
Policy Writing
Tracing the Color Line: An Overview of Black-White Economic Inequality in the United States, with D. Jones, D. Francis, and B. Hardy. Lipman Center for Journalism on Civil and Human Rights, 2023.
Job Postings, Applications, and Wages: Evidence from Homebase, with A. Bartik, M. Bertrand, J. Rothstein, and D. Santos-Cardenas. Rustandy Center for Social Sector Innovation, 2021.