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Security Measures and the Apartment Market

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Author Info
John D. Benjamin () (Department of Finance and Real Estate The American University Washington, DC 20016-8044)
G. Stacy Sirmans () (Department of Insurance, Real Estate, and Business Law The Florida State University Tallahassee, Florida 32306-1110)
Emily Norman Zietz () (Department of Economics and Finance Middle Tennessee State University Murfreesboro, Tennessee 37132)

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Abstract

This paper examines the effect of security measures on apartment rent and occupancy. Three variables representing various security measures are estimated in a simultaneous model of rent and occupancy. Providing 24 hour security has a significant positive effect on both rent and occupancy. Having a manager living on site or a manned front desk/restricted entry does not significantly affect rent. All three variables, however, have a significant positive effect on occupancy. It would appear that, although landlords cannot extract higher rents for some security measures, all three measures included in this study act to increase occupancy.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol14n03/v14p347.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 14 (1997)
Issue (Month): 3 ()
Pages: 347-358
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Handle: RePEc:jre:issued:v:14:n:3:1997:p:347-358

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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. 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. [Downloadable!]
  2. Grether, David M. & Mieszkowski, Peter, 1980. "The effects of nonresidential land uses on the prices of adjacent housing: Some estimates of proximity effects," Journal of Urban Economics, Elsevier, vol. 8(1), pages 1-15, July. [Downloadable!] (restricted)
  3. Mitchell Polinsky, A. & Shavell, Steven, 1976. "Amenities and property values in a model of an urban area," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 119-129. [Downloadable!] (restricted)
  4. Linneman, Peter, 1980. "Some empirical results on the nature of the hedonic price function for the urban housing market," Journal of Urban Economics, Elsevier, vol. 8(1), pages 47-68, July. [Downloadable!] (restricted)
  5. Asabere, Paul K, 1990. "The Value of a Neighborhood Street with Reference to the Cul-de-Sac," The Journal of Real Estate Finance and Economics, Springer, vol. 3(2), pages 185-93, June.
  6. Rueter, Frederick H, 1973. "Externalities in Urban Property Markets: An Empirical Test of the Zoning Ordinance of Pittsburgh," Journal of Law & Economics, University of Chicago Press, vol. 16(2), pages 313-49, October.
  7. Benjamin, John D & Lusht, Kenneth M, 1993. "Search Costs and Apartment Rents," The Journal of Real Estate Finance and Economics, Springer, vol. 6(2), pages 189-97, March.
  8. Wheaton, William C., 1977. "A bid rent approach to housing demand," Journal of Urban Economics, Elsevier, vol. 4(2), pages 200-217, April. [Downloadable!] (restricted)
  9. 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. [Downloadable!]
  10. Dean H. Gatzlaff & Marc T. Smith, 1993. "The Impact of the Miami Metrorail on the Value of Residences near Station Locations," Land Economics, University of Wisconsin Press, vol. 69(1), pages 54-66. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. John D. Benjamin & Peter Chinloy & William G. Hardin III, 2007. "Institutional-Grade Properties: Performance and Ownership," Journal of Real Estate Research, American Real Estate Society, vol. 29(3), pages 219_240. [Downloadable!]
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