The Berlin-Brandenburg airport (BER) has become well-known far beyond German borders due to substantial mis-planning and heavy delays in opening. Planned to open in March 2012, BER finally opened in 2020, after seven partly substantial and immediately announced delays. Focusing on the first two announcements, these unexpected delays form an exogeneous shock for residents surrounding the largest existing airport, Berlin-Tegel, which was expected to close immediately upon the opening of BER. We use this as a quasi-experiment to analyze the effect of airport noise and proximity to the airport on housing rental prices. The results suggest that there is a negative effect of noise on rental prices in the range of 2% to 5%, while there are positive effects from proximity to Berlin-Tegel of roughly 1% to 3%. We consider heterogeneity using quantile regression and find that the negative noise effects tend to be larger for higher priced apartments. We disentangle the effects of airport noise and other types of noise, and in this context find that airport noise lowers property values by 2% to 2.8% while those properties facing additional environmental noise experience a separate negative effect of approximately 1.7%.