Does high speed railway alleviate housing vacancy rates? Evidence from smart meter data of household electricity consumption

While high-speed railway (HSR) often brings regional prosperity and a boom in real estate, it is unclear how the housing vacancy rate (HVR) changes after the opening of HSR. We identify the HVR changes in response to HSR operation by employing smart meter data of approximately 10 million households in more than 80 counties in the middle and lower regions of the Yangtze River Basin. We find that HSR opening could reduce the urban HVR by 1.64% and its reducing effect is stronger in district-urban than in county-urban areas. The decreasing effect of HSR operation on urban HVR is more noticeable in areas with better air quality, lower living costs, and more service industries. The opposite effects are observed in rural areas, where the HSR operation has increased the rural HVR by 1.16%. Our findings indicate that the siphoning effect of HSR exists on HVR as the rural population along the HSR is attracted to central cities, and positive HSR promotion strategies contribute to reducing urban HVR. With the development of transportation infrastructure, the difference in HVR due to urban and rural population mobility should be taken into account.