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On the Supply of Landlord Labor in Small Real Estate Rental Firms

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  • Glascock, John L
  • Turnbull, Geoffrey K

Abstract

Small real estate rental firms in the United States tend to be employee-owner firms in which the landlord does maintenance and repairs as a part-time job rather than the principal-agent firms in which the landlord hires part-time workers. Applying work incentives theory to explain this observation, we find that the difference in incentive compatibility conditions for the two forms of organization provides a bias toward the employee-owner form of organization for sufficiently small-scale operations. By supplying labor to the firm, the landlord avoids transferring economic rents to contract labor; rents that function as incentives for assuring profit-maximizing maintenance effort even when worker productivity is at its lowest. Copyright 1994 by Kluwer Academic Publishers

Suggested Citation

  • Glascock, John L & Turnbull, Geoffrey K, 1994. "On the Supply of Landlord Labor in Small Real Estate Rental Firms," The Journal of Real Estate Finance and Economics, Springer, vol. 8(1), pages 21-33, January.
    • Handle: RePEc:kap:jrefec:v:8:y:1994:i:1:p:21-33
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