The Online Appendix is divided into four sections: Appendix A reports additional empirical results that expand on evidence presented in Section 3. Appendix B includes proofs and details on the model solution. In Appendix C, we detail the computation of calibrated parameters and moments that are not already described in the paper. Finally, in Appendix D we study the prevalence of the rental market across countries. A Supplemental Appendix not intended for publication can be found on the authors’ websites.