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Rental Concessions and Property Values

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    Abstract

    This paper examines apartment rental concessions and their effect on property values through apartment rent and occupancy rates. A simultaneous equation model is used to estimate rent and occupancy equations in linear, semilog, and logged form. The results show that rental concessions have a positive effect on both rent and occupancy rates. This would indicate that concessions have a positive effect on property values since higher capitalized value should follow. The results also reveal that various amenities and services provided by apartment units have significant effects on rent.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol05n01/v05p141.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 5 (1990)
    Issue (Month): 1 ()
    Pages: 141-152

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    Handle: RePEc:jre:issued:v:5:n:1:1990:p:141-152

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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. James R. Frew & G. Donald Jud & Daniel T. Winkler, 1990. "Atypicalities and Apartment Rent Concessions," Journal of Real Estate Research, American Real Estate Society, vol. 5(2), pages 195-202.
    2. Richard V. Butler, 1982. "The Specification of Hedonic Indexes for Urban Housing," Land Economics, University of Wisconsin Press, vol. 58(1), pages 96-108.
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    Cited by:
    1. Kenton L. Ownbey & Kyle Davis & Harvey H. Sundel, 1994. "The Effect of Location Variables on the Gross Rents of Neighborhood Shopping Centers," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 111-124.
    2. Franz Fuerst & Patrick McAllister, 2009. "An Investigation of the Effect of Eco-Labeling on Office Occupancy Rates," Real Estate & Planning Working Papers rep-wp2009-08, Henley Business School, Reading University.
    3. Stephen E. Roulac, 1994. "Retail Real Estate in the 21st Century: Information Technology + Time Consciousness + Unintelligent Stores = Intelligent Shopping? NOT!," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 125-150.
    4. Zahra Saderion & Barton Smith & Charles A. Smith, 1994. "An Integrated Approach to the Evaluation of Commercial Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 9(2), pages 151-168.

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