Aggregation Bias in Price Indices for Multi-Family Rental Properties
AbstractThis article examines aggregation bias in price index construction. Specifically, we test whether changes in values of 2- to 4-unit, multi-family rental housing properties vary systematically in the same market across property size. Moreover, we examine the time trend differences across locations within a geographic region for various sized multiplex properties, as well as investigate how size should be measured. Results suggest that absolute price changes are significantly different across property size, as determined by living area, and that the time trend does not differ across locations within a geographic region. Further research using this methodology is recommended for other property types.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 15 (1998)
Issue (Month): 3 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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