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Explaining the Variability of Apartment Rents

Author

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  • Karl L. Guntermann
  • Stefan Norrbin

Abstract

The research reported here uses regression analysis to analyze rent variations in a sample of apartment data from the Phoenix metropolitan area. Many of the variables used in hedonic price studies of houses are found to be significant in explaining variations in apartment rent. There are differences between hedonic studies of houses and apartments particularly with respect to common area features or amenities. The analysis of various submarkets also produced interesting results. Various uses can be made of the results of this and similar studies by appraisers (market‐derived adjustments), property managers (setting rents) and feasibility analysts (the design of apartment projects).

Suggested Citation

  • Karl L. Guntermann & Stefan Norrbin, 1987. "Explaining the Variability of Apartment Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 15(4), pages 321-340, December.
    • Handle: RePEc:bla:reesec:v:15:y:1987:i:4:p:321-340
    DOI: 10.1111/1540-6229.00435
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    Cited by:

    1. Kee S. Kim & Walt A. Nelson, 1996. "Assessing the Rental Value of Residential Properties: An Abductive Learning Networks Approach," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 63-78.
    2. Hao Xi & Lin Tang & Changchun Feng, 2022. "Research on the Measurement Method of Benchmark Price of Rental Housing," Land, MDPI, vol. 11(5), pages 1-15, May.
    3. William G. Hardin, III & Marvin L. Wolverton, 1996. "The Relationship between Foreclosure Status and Apartment Price," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 101-109.
    4. Zahra Saderion & Barton Smith & Charles A. Smith, 1994. "An Integrated Approach to the Evaluation of Commercial Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 9(2), pages 151-168.
    5. Yu-Chun Cheng & Jen-Jia Lin, 2014. "Job Accessibility Effects on Apartment Rentals," ERES eres2014_53, European Real Estate Society (ERES).
    6. John D. Benjamin & G. Stacy Sirmans, 1996. "Mass Transportation, Apartment Rent and Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 1-8.
    7. Charles A. Smith & Mark J. Kroll, 1989. "Utility Theory and Rent Optimization: Utilizing Cluster Analysis to Segment Rental Markets," Journal of Real Estate Research, American Real Estate Society, vol. 4(1), pages 61-71.
    8. G. Stacy Sirmans & C.F. Sirmans & John D. Benjamin, 1994. "Apartment Rent, Concessions and Occupancy Rates," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 299-312.
    9. Paul K. Asabere & Forrest E. Huffman, 1996. "Thoroughfares and Apartment Values," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 9-16.
    10. G. Stacy Sirmans & C.F. Sirmans, 1991. "Rents, Selling Prices and Financing Premiums," Urban Studies, Urban Studies Journal Limited, vol. 28(2), pages 267-276, April.
    11. Lin, Jen-Jia & Cheng, Yu-Chun, 2016. "Access to jobs and apartment rents," Journal of Transport Geography, Elsevier, vol. 55(C), pages 121-128.
    12. 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.
    13. 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.
    14. Francois Des Rosiers & Marius Theriault, 1996. "Rental Amenities and the Stability of Hedonic Prices: A Comparative Analysis of Five Market Segments," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 17-36.
    15. 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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