Determining Apartment Rent: The Value of Amenities, Services, and External Factors
AbstractThis paper examines the effects of various amenities, services, and external factors on rent for multifamily housing. The attributes studied include amenities and services such as covered parking, modern kitchen, and maid service, occupancy restrictions such as no pets allowed, and external factors such as traffic congestion, proximity to work, and access to public transportation. The empirical results show that a number of these characteristics do affect rent. Specifically, such items as covered parking and modern kitchen are important determinants of rent. External factors such as traffic congestion and access to public transportation also have a significant impact. A model is presented to compare the costs and benefits of providing certain amenities and services.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 4 (1989)
Issue (Month): 2 ()
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
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.:
- James R. Frew & G. Donald Jud, 1988. "The Vacancy Rate and Rent Levels in the Commercial Office Market," Journal of Real Estate Research, American Real Estate Society, vol. 3(1), pages 1-8.
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- Fuerst, Franz, 2007.
"Office Rent Determinants: A Hedonic Panel Analysis,"
11445, University Library of Munich, Germany.
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- C.F. Sirmans & Krisandra A. Guidry, 1993. "The Determinants of Shopping Center Rents," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 107-116.
- Fuerst, Franz & McAllister, Patrick, 2008.
"Green Noise or Green Value? Measuring the Price Effects of Environmental Certification in Commercial Buildings,"
11446, University Library of Munich, Germany, revised Sep 2008.
- Franz Fuerst & Patrick McAllister, 2008. "Green Noise or Green Value? Measuring the Price Effects of Environmental Certification in Commercial Buildings," Real Estate & Planning Working Papers rep-wp2008-09, Henley Business School, Reading University.
- Beth Wilson & James Frew, 2007. "Apartment Rents and Locations in Portland, Oregon: 1992 – 2002," Journal of Real Estate Research, American Real Estate Society, vol. 29(2), pages 201-218.
- G. Stacy Sirmans & C.F. Sirmans & John D. Benjamin, 1994. "Apartment Rent, Concessions and Occupancy Rates," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 299-312.
- Zhenguo Lin & Marcus Allen & Charles Carter, 2013. "Pet Policy and Housing Prices: Evidence from the Condominium Market," The Journal of Real Estate Finance and Economics, Springer, vol. 47(1), pages 109-122, July.
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