Atypicality and the Natural Vacancy Rate Hypothesis
AbstractThis paper formulates and tests a model of rent change based on the natural vacancy rate hypothesis. It incorporates the Haurin  hypothesis in which the natural rate for particular units is determined by their atypicality. Estimates of the model indicate a natural rate of 6.5%. However, the rate is shown to vary systematically across individual units: the more atypical an apartment unit, the higher the natural rate. Copyright American Real Estate and Urban Economics Association.
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Bibliographic InfoArticle provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.
Volume (Year): 18 (1990)
Issue (Month): 3 ()
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