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Rental externality, tenure security, and housing quality

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  • Iwata, Shinichiro
  • Yamaga, Hisaki

Abstract

This paper considers two tenure modes--owner- and renter-occupied housing--and models the effect of the rental externality and tenure security on single-family housing quality. We show that both rental externality and tenure security reduce renter-occupied housing quality when the user's utilization, which reduces the quality of the accommodation, and the owner's maintenance, which raises quality, are substitutes. Using single-family housing data in Japan, we obtain empirical results that are consistent with theoretical predictions. These results indicate that conventional wisdom--that the quality of renter-occupied housing is lower than that of owner-occupied housing--is supported for single-family housing in Japan.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Housing Economics.

Volume (Year): 17 (2008)
Issue (Month): 3 (September)
Pages: 201-211

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Handle: RePEc:eee:jhouse:v:17:y:2008:i:3:p:201-211

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Web page: http://www.elsevier.com/locate/inca/622881

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Keywords: Rental externality Tenure security Housing quality;

References

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  1. Benjamin, John D & de la Torre, Cris & Musumeci, Jim, 1995. "Controlling the Incentive Problems in Real Estate Leasing," The Journal of Real Estate Finance and Economics, Springer, vol. 10(2), pages 177-91, March.
  2. Seshimo, Hiroyuki, 2003. "Optimal tenant protection," Regional Science and Urban Economics, Elsevier, vol. 33(1), pages 59-92, January.
  3. John Harding & Thomas J. Miceli & C.F. Sirmans, 2000. "Do Owners Take Better Care of Their Housing Than Renters?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 28(4), pages 663-681.
  4. Sims, David P., 2007. "Out of control: What can we learn from the end of Massachusetts rent control?," Journal of Urban Economics, Elsevier, vol. 61(1), pages 129-151, January.
  5. Dean H. Gatzlaff & Richard K. Green & David C. Ling, 1997. "Cross-Tenure Differences in Home Maintenance and Appreciation," Land Economics, University of Wisconsin Press, vol. 73(3), pages 328-342.
  6. Moon, Choon-Geol & Stotsky, Janet G, 1993. "The Effect of Rent Control on Housing Quality Change: A Longitudinal Analysis," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1114-48, December.
  7. Seko, Miki & Sumita, Kazuto, 2007. "Effects of government policies on residential mobility in Japan: Income tax deduction system and the Rental Act," Journal of Housing Economics, Elsevier, vol. 16(2), pages 167-188, June.
  8. Kanemoto, Yoshitsugu, 1990. "Contract types in the property market," Regional Science and Urban Economics, Elsevier, vol. 20(1), pages 5-22, June.
  9. Gyourko, Joseph & Linneman, Peter, 1990. "Rent controls and rental housing quality: A note on the effects of New York City's old controls," Journal of Urban Economics, Elsevier, vol. 27(3), pages 398-409, May.
  10. Henderson, J Vernon & Ioannides, Yannis M, 1983. "A Model of Housing Tenure Choice," American Economic Review, American Economic Association, vol. 73(1), pages 98-113, March.
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Citations

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Cited by:
  1. Ignacio Navarro & Geoffrey Turnbull, 2014. "Property Rights and Urban Development: Initial Title Quality Matters Even When it No Longer Matters," The Journal of Real Estate Finance and Economics, Springer, vol. 49(1), pages 1-22, July.
  2. Zumbro, Timo, 2011. "The relationship between homeownership and life satisfaction in Germany," CAWM Discussion Papers 44, Center of Applied Economic Research Münster (CAWM), University of Münster.
  3. repec:aia:ginidp:dp42 is not listed on IDEAS
  4. Garner, Thesia I. & Short, Kathleen, 2009. "Accounting for owner-occupied dwelling services: Aggregates and distributions," Journal of Housing Economics, Elsevier, vol. 18(3), pages 233-248, September.
  5. Michelle Norris & Nessa Winston, 2012. "GINI DP 42: Home-Ownership, Housing Regimes and Income Inequalities in Western Europe," GINI Discussion Papers 42, AIAS, Amsterdam Institute for Advanced Labour Studies.
  6. Michelle Norris & Nessa Winston, 2012. "GINI DP 41: Home Ownership and Income Inequalities in Western Europe: Access, Affordability and Quality," GINI Discussion Papers 41, AIAS, Amsterdam Institute for Advanced Labour Studies.
  7. Konstantin A. Kholodilin & Claus Michelsen, 2014. "The Market Value of Energy Efficiency in Buildings and the Mode of Tenure," Discussion Papers of DIW Berlin 1398, DIW Berlin, German Institute for Economic Research.
  8. Geoffrey Turnbull & Velma Zahirovic-Herbert, 2012. "The Transitory and Legacy Effects of the Rental Externality on House Price and Liquidity," The Journal of Real Estate Finance and Economics, Springer, vol. 44(3), pages 275-297, April.

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