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Do Owners Take Better Care of Their Housing Than Renters?

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Author Info
John Harding
Thomas J. Miceli
C.F. Sirmans

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Abstract

According to conventional wisdom, homeowners take better care of their housing than do renters, as a result of the rental externality. We argue that two forms of homeowner externality ootentially create similar incentives for owners to undermaintain their housing. The first is due to the inability of prospective buyers to fully observe past seller maintenance, and the second is a result of the limited liability of borrowers in the event of mortgage default. Empirical analysis verifies the existence of the mortgage externality, but we find no evidence for the resale externality. Copyright American Real Estate and Urban Economics Association.

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Publisher Info
Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

Volume (Year): 28 (2000)
Issue (Month): 4 ()
Pages: 663-681
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Handle: RePEc:bla:reesec:v:28:y:2000:i:4:p:663-681

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  1. Elias Oikarinen, 2008. "Empirical application of the housing-market no-arbitrage condition: problems, solutions and a Finnish case study," Discussion Papers 39, Aboa Centre for Economics. [Downloadable!]
  2. Anthony Pennington-Cross, 2006. "The Value of Foreclosed Property," Journal of Real Estate Research, American Real Estate Society, vol. 28(2), pages 193-214. [Downloadable!]
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This page was last updated on 2009-11-22.

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