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Security Measures and the Apartment Market

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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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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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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Web page: http://www.aresnet.org/

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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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  1. 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.
  2. Grether, David M. & Mieszkowski, Peter., . "The Effects of Non-residential Land Uses on the Prices of Adjacent Housing: Some Estimates of Proximity Effects," Working Papers 163, California Institute of Technology, Division of the Humanities and Social Sciences.
  3. Wheaton, William C., 1977. "A bid rent approach to housing demand," Journal of Urban Economics, Elsevier, vol. 4(2), pages 200-217, April.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. Rueter, Frederick H, 1973. "Externalities in Urban Property Markets: An Empirical Test of the Zoning Ordinance of Pittsburgh," Journal of Law and Economics, University of Chicago Press, vol. 16(2), pages 313-49, October.
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Cited by:
  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.

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