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Rent control and tenancy duration

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  • Munch, Jakob Roland
  • Svarer, Michael

Abstract

This paper investigates how rent control affects mobility on the Danish private rental housing market. Based on a unique and extensive data set a measure of the degree of rent regulation of each housing unit is calculated, and this is coupled with socio-economic characteristics and spells of tenancy duration for each household. To accommodate the special features of such a data set we apply a proportional hazard duration model, that encompasses both the presence of left truncated tenancy durations, right censored observations and allows for a very flexible specification of the time dependency as captured by the baseline hazard function. We find that tenancy mobility is severely reduced by the presence of rent control. Tenancy duration for a typical household in the private rental sector is found to be more than six years longer if the apartment belongs to the 10 per cent most regulated units than if it belongs to the 10 per cent least regulated units.

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Bibliographic Info

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

Volume (Year): 52 (2002)
Issue (Month): 3 (November)
Pages: 542-560

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Handle: RePEc:eee:juecon:v:52:y:2002:i:3:p:542-560

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Web page: http://www.elsevier.com/locate/inca/622905

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References

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  1. Arnott, Richard & Igarashi, Masahiro, 2000. "Rent control, mismatch costs and search efficiency," Regional Science and Urban Economics, Elsevier, vol. 30(3), pages 249-288, May.
  2. W. A. V. Clark & Allan D. Heskin, 1982. "The Impact of Rent Control on Tenure Discounts and Residential Mobility," Land Economics, University of Wisconsin Press, vol. 58(1), pages 109-117.
  3. Gyourko, Joseph & Linneman, Peter, 1990. "Measurement problems in quantifying the distributional effects of subsidy programs," Journal of Urban Economics, Elsevier, vol. 28(1), pages 19-33, July.
  4. Nagy John, 1995. "Increased Duration and Sample Attrition in New York City's Rent Controlled Sector," Journal of Urban Economics, Elsevier, vol. 38(2), pages 127-137, September.
  5. Gyourko, Joseph & Linneman, Peter, 1989. "Equity and efficiency aspects of rent control: An empirical study of New York City," Journal of Urban Economics, Elsevier, vol. 26(1), pages 54-74, July.
  6. Hardman, Anna M & Ioannides, Yannis M, 1999. " Residential Mobility and the Housing Market in a Two-Sector Neoclassical Growth Model," Scandinavian Journal of Economics, Wiley Blackwell, vol. 101(2), pages 315-35, June.
  7. Ault Richard W. & Jackson John D. & Saba Richard P., 1994. "The Effect of Long-Term Rent Control on Tenant Mobility," Journal of Urban Economics, Elsevier, vol. 35(2), pages 140-158, March.
  8. Hans Lind, 2001. "Rent Regulation: A Conceptual And Comparative Analysis," European Journal of Housing Policy, Taylor and Francis Journals, vol. 1(1), pages 41-57, April.
  9. Alston, Richard M & Kearl, J R & Vaughan, Michael B, 1992. "Is There a Consensus among Economists in the 1990's?," American Economic Review, American Economic Association, vol. 82(2), pages 203-09, May.
  10. Hackner, Jonas & Nyberg, Sten, 2000. " Rent Control and Prices of Owner-Occupied Housing," Scandinavian Journal of Economics, Wiley Blackwell, vol. 102(2), pages 311-24, June.
  11. Jovanovic, Boyan, 1979. "Job Matching and the Theory of Turnover," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 972-90, October.
  12. Hans Lind, 2001. "Rent Regulation: A Conceptual And Comparative Analysis," International Journal of Housing Policy, Taylor & Francis Journals, vol. 1(1), pages 41-57.
  13. Richard Arnott, 1995. "Time for Revisionism on Rent Control?," Journal of Economic Perspectives, American Economic Association, vol. 9(1), pages 99-120, Winter.
  14. 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.
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Citations

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Cited by:
  1. Svarer, Michael & Rosholm, Michael & Munch, Jakob Roland, 2005. "Rent control and unemployment duration," Journal of Public Economics, Elsevier, vol. 89(11-12), pages 2165-2181, December.
  2. Jakob Roland Munch & Michael Rosholm & Michael Svarer, 2006. "Home Ownership, Job Duration, and Wages," Economics Working Papers 2006-06, School of Economics and Management, University of Aarhus.
  3. Richard Arnott & Elizaveta Shevyakhova, 2007. "Tenancy Rent Control and Credible Commitment in Maintenance," Boston College Working Papers in Economics 661, Boston College Department of Economics.
  4. Juan S. Mora, 2008. "The institutions of house tenancy markets in post-war Western Europe: an economic analysis," Working Papers in Economic History wp08-11, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  5. Teemu Lyytikäinen & Hilber & A. L. Christian, 2013. "Housing transfer taxes and household mobility: Distortion on the housing or labour market?," Working Papers 47, Government Institute for Economic Research Finland (VATT).
  6. Jin, Songqing & Deininger, Klaus W. & Nagarajan, Hari K., 2006. "Equity and efficiency impacts of rural land rental restrictions: Evidence from India," 2006 Annual meeting, July 23-26, Long Beach, CA 21305, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  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. Ralph Bradburd & Stephen Sheppard & Joseph Bergeron & Eric Engler, 2004. "The Impact of Rent Controls in Non-Walrasian Markets: An Agent-Based Modeling Approach," Department of Economics Working Papers 2004-05, Department of Economics, Williams College, revised May 2005.
  9. Krol, Robert & Svorny, Shirley, 2005. "The effect of rent control on commute times," Journal of Urban Economics, Elsevier, vol. 58(3), pages 421-436, November.
  10. Simmons-Mosley, Tammie X. & Malpezzi, Stephen, 2006. "Household mobility in New York City's regulated rental housing market," Journal of Housing Economics, Elsevier, vol. 15(1), pages 38-62, March.
  11. Deininger, Klaus & Jin, Songqing & Nagarajan, Hari K., 2008. "Efficiency and equity impacts of rural land rental restrictions: Evidence from India," European Economic Review, Elsevier, vol. 52(5), pages 892-918, July.
  12. Juan S. Mora-Sanguinetti, 2011. "The Regulation of Residential Tenancy Markets in Post-War Western Europe: An Economic Analysis," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 8(1), pages 47-75, June.

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