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Agency and Ownership of Housing

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  • Williams, Joseph T

Abstract

In this model, landlords cannot enforce leases conditional on their tenants' efforts to care for their residences, but can exploit economies of scale in maintenance. Also, multifamily properties that have been converted from rental apartments to condominiums or cooperatives cannot be reconverted. In this case, tenants optimally expend less effort on care than homeowners, while landlords partly offset this reduced care with extra maintenance. As a result, single-family houses and residences in small multifamily dwellings are optimally owned by their occupants, while residences in large dwellings are optimally rented to tenants. These results are roughly consistent with the available data. Copyright 1993 by Kluwer Academic Publishers

Suggested Citation

  • Williams, Joseph T, 1993. "Agency and Ownership of Housing," The Journal of Real Estate Finance and Economics, Springer, vol. 7(2), pages 83-97, September.
    • Handle: RePEc:kap:jrefec:v:7:y:1993:i:2:p:83-97
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    Cited by:

    1. Sukumar Ganapati, 2010. "Enabling Housing Cooperatives: Policy Lessons from Sweden, India and the United States," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 34(2), pages 365-380, June.
    2. Spiegel, Matthew, 1999. "Housing Return and Construction Cycles," Research Program in Finance, Working Paper Series qt8647j8gq, Research Program in Finance, Institute for Business and Economic Research, UC Berkeley.
    3. John D. Benjamin & Peter T. Chinloy, 1995. "Technological Innovation in Real Estate Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 10(1), pages 35-44.
    4. Peter Chinloy & James Musumeci, 1994. "Shopping Center Financing: Pricing Loan Default Risk," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 49-64.
    5. Ben-Shahar, Danny, 1998. "On the Optimality of the Hybrid Tenure Mode," Journal of Housing Economics, Elsevier, vol. 7(1), pages 69-92, March.
    6. Matthew Spiegel, 1999. "Housing Return And Construction Cycles," Yale School of Management Working Papers ysm114, Yale School of Management, revised 01 Mar 2001.
    7. Bilgi Yilmaz & Ralf Korn & A. Sevtap Selcuk-Kestel, 2023. "The Impact of Large Investors on the Portfolio Optimization of Single-Family Houses in Housing Markets," Computational Economics, Springer;Society for Computational Economics, vol. 61(2), pages 855-873, February.
    8. James Mills & Raven S. Molloy & Rebecca Zarutskie, 2015. "Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class?," Finance and Economics Discussion Series 2015-84, Board of Governors of the Federal Reserve System (U.S.).
    9. Botsch, Matthew J. & Morris, Stephen D., 2021. "Job loss risk, expected mobility, and home ownership," Journal of Housing Economics, Elsevier, vol. 53(C).

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