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Atypicalities and Apartment Rent Concessions

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    Abstract

    This paper examines the use and value of rental concession using a 1988 sample of apartment rents in the Greensboro/High Point/Winston-Salem (North Carolina) MSA. The first section develops an approach to the problem and the second section estimates a logit model to predict the use of concessions as a pricing strategy based on characteristics of the apartment. The third section employs a hedonic pricing model to measure the average value of rental concessions in the Greensboro market. The final section summarizes relevant findings.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol05n02/v05p195.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): 2 ()
    Pages: 195-202

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    Handle: RePEc:jre:issued:v:5:n:2:1990:p:195-202

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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. Fritz Machlup, 1955. "Characteristics and Types of Price Discrimination," NBER Chapters, in: Business Concentration and Price Policy, pages 397-440 National Bureau of Economic Research, Inc.
    2. 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.
    3. White, Halbert, 1982. "Maximum Likelihood Estimation of Misspecified Models," Econometrica, Econometric Society, vol. 50(1), pages 1-25, January.
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    Cited by:
    1. Marcus Allen & Ronald Rutherford & Thomas Thomson, 2009. "Residential Asking Rents and Time on the Market," The Journal of Real Estate Finance and Economics, Springer, vol. 38(4), pages 351-365, May.
    2. 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.
    3. Paul K. Asabere & Forrest E. Huffman, 1996. "Thoroughfares and Apartment Values," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 9-16.
    4. G. Stacy Sirmans & C.F. Sirmans & John D. Benjamin, 1990. "Rental Concessions and Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 141-152.

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