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The Price Adjustment Mechanism for Rental Housing in the United States

Author

Listed:
  • Arthur A. Eubank
  • C. R. Sirmans

Abstract

I. Introduction, 163—II. The model, 163.—III. Empirical results, 164.

Suggested Citation

  • Arthur A. Eubank & C. R. Sirmans, 1979. "The Price Adjustment Mechanism for Rental Housing in the United States," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 93(1), pages 163-168.
    • Handle: RePEc:oup:qjecon:v:93:y:1979:i:1:p:163-168.
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    Cited by:

    1. Wei Chen & Zaiyan Wei & Karen Xie, 2022. "The Battle for Homes: How Does Home Sharing Disrupt Local Residential Markets?," Management Science, INFORMS, vol. 68(12), pages 8589-8612, December.
    2. Gabriel, Stuart A. & Nothaft, Frank E., 2001. "Rental Housing Markets, the Incidence and Duration of Vacancy, and the Natural Vacancy Rate," Journal of Urban Economics, Elsevier, vol. 49(1), pages 121-149, January.
    3. Patric H. Hendershott & Bryan D. MacGregor & Raymond Y.C. Tse, 2002. "Estimation of the Rental Adjustment Process," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(2), pages 165-183.
    4. Yavas, Abdullah, 2001. "Resolution of Demand Uncertainty and Competitive Rent Adjustment," Journal of Housing Economics, Elsevier, vol. 10(4), pages 472-481, December.
    5. Honglin Wang & Chu Zhang & Weihang Dai, 2013. "Rental Adjustment and Housing Prices: Evidence from Hong Kong's Residential Property Market," Working Papers 012013, Hong Kong Institute for Monetary Research.
    6. Kenneth T. Rosen, 1984. "Toward a Model of the Office Building Sector," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 261-269, September.
    7. G. Stacy Sirmans & John D. Benjamin, 1991. "Determinants of Market Rent," Journal of Real Estate Research, American Real Estate Society, vol. 6(3), pages 357-380.
    8. Raymond Y. C. Tse & Bryan D. MacGregor, 1999. "Housing Vacancy and Rental Adjustment: Evidence from Hong Kong," Urban Studies, Urban Studies Journal Limited, vol. 36(10), pages 1769-1782, September.
    9. Petros S. Sivitanides, 1997. "The Rent Adjustment Process and the Structural Vacancy Rate in the Commercial Real Estate Market," Journal of Real Estate Research, American Real Estate Society, vol. 13(2), pages 195-210.
    10. Honglin Wang & Fan Yu & Yinggang Zhou, 2020. "Property Investment and Rental Rate under Housing Price Uncertainty: A Real Options Approach," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 48(2), pages 633-665, June.
    11. Austin J. Jaffe & C. F. Sirmans, 1984. "The Theory and Evidence on Real Estate Financial Decisions: A Review of the Issues," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 378-400, September.
    12. Miceli, Thomas J. & Sirmans, C.F., 2013. "Efficiency rents: A new theory of the natural vacancy rate for rental housing," Journal of Housing Economics, Elsevier, vol. 22(1), pages 20-24.
    13. John L. Glascock & Minbo Kim & C.F. Sirmans, 1993. "An Analysis of Office Market Rents: Parameter Constancy and Unobservable Variables," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 625-638.
    14. Arno J. van der Vlist & Cees Gorter & Piet Rietveld & Peter Nijkamp, 1998. "Vacancies and residential search in an empirical equilibrium search model," ERSA conference papers ersa98p291, European Regional Science Association.
    15. Eugenio Figueroa & George Lever, 1992. "Determinantes del Precio de Mercado de los Terrenos en el Área Urbana de Santiago," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 29(86), pages 99-114.
    16. Ernst Rätzer, 1987. "Mieterschutz und Wohnungsmarkt. Die Mietpreisbeschränkung im schweizerischen Missbrauchsbeschluss," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 123(I), pages 23-45, March.
    17. Peter Chinloy & Eric Maribojoc, 1998. "Expense and Rent Strategies in Real Estate Management," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 267-282.
    18. Honglin Wang & Fan Yu & Yinggang Zhou, 2013. "Rental Rates under Housing Price Uncertainty: A Real Options Approach," Working Papers 242013, Hong Kong Institute for Monetary Research.
    19. Lall B. Ramrattan, 1999. "The Decline of Rental Completions in the U. S. Housing Market: 1970–1994," The American Economist, Sage Publications, vol. 43(1), pages 35-46, March.
    20. Michael C Lens, 2018. "Extremely low-income households, housing affordability and the Great Recession," Urban Studies, Urban Studies Journal Limited, vol. 55(8), pages 1615-1635, June.
    21. Thomas J. Miceli, 1989. "Housing Rental Contracts and Adverse Selection with an Application to the Rent‐Own Decision," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(4), pages 403-421, December.
    22. Isaac F. Megbolugbe & Allen P. Marks & Mary B. Schwartz, 1991. "The Economic Theory of Housing Demand: A Critical Review," Journal of Real Estate Research, American Real Estate Society, vol. 6(3), pages 381-393.
    23. Patric H. Hendershott & Bryan D. MacGregor & Raymond Y.C. Tse, 2000. "Estimating the Rental Adjustment Process," NBER Working Papers 7912, National Bureau of Economic Research, Inc.
    24. Jean-Jacques Grannelle, 1996. "Le marché des bureaux. Une revue des modèles économétriques," Revue de l'OFCE, Programme National Persée, vol. 59(1), pages 167-211.
    25. G. Donald Jud & John D. Benjamin & G. Stacy Sirmans, 1996. "What Do We Know about Apartments and Their Markets?," Journal of Real Estate Research, American Real Estate Society, vol. 11(3), pages 243-258.

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