[1]  The series in the graph shows total rental income, including both cash rents paid by tenants to landlords, and the rental income imputed to owner-occupiers. Owner-occupiers' imputed rent is imputed using movements in cash rents as a guide, although the (slow-moving) relative quality of the owner-occupied housing stock relative to the rental stock also matters.
To reduce the resistance to change, social safety nets and positive adjustment support may be necessary. Model calculations show that increased competition may bring about significant positive effects. A study by Bayomi, Laxton and Pesenti from 2004 suggests that increasing competition in the euro area to the US level could boost output by no less than 12%.