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Residential Search and Mobility in a Housing Market Equilibrium Model

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  • Van der Vlist, Arno J
  • Rietveld, Piet
  • Nijkamp, Peter

Abstract

In this paper, we propose an equilibrium model for the housing market which provides an explanation for observed housing consumption of households over their lifetimes. The moving behavior of households is described as a stochastic dynamic process in which households' moving decisions depend on information which is obtained over time. Households move when the offer exceeds an endogenously determined threshold. On the basis of the households' moving behavior, the steady-state distribution of households over the housing stock is obtained. On the supply side of the market, landlords are looking for households to occupy their vacant dwellings. Their strategy is to set rents in a mixed strategy in order to profit from imperfect information. After formulating search behavior of households as well as the behavior of landlords, the market equilibrium is derived. We explore the sensitivity of the equilibrium to changes in the structural parameters. Copyright 2002 by Kluwer Academic Publishers

Suggested Citation

  • Van der Vlist, Arno J & Rietveld, Piet & Nijkamp, Peter, 2002. "Residential Search and Mobility in a Housing Market Equilibrium Model," The Journal of Real Estate Finance and Economics, Springer, vol. 24(3), pages 277-299, May.
    • Handle: RePEc:kap:jrefec:v:24:y:2002:i:3:p:277-99
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    Cited by:

    1. Chihiro Shimizu & Kiyohiko G. Nishimura & Yasushi Asami, 2003. "Measuring the Cost of Imperfect Information in the Tokyo Housing Market," CIRJE F-Series CIRJE-F-238, CIRJE, Faculty of Economics, University of Tokyo.
    2. Arno J van der Vlist & Cees Gorter & Peter Nijkamp & Piet Rietveld, 2002. "Residential Mobility and Local Housing-Market Differences," Environment and Planning A, , vol. 34(7), pages 1147-1164, July.
    3. OzyIldIrIm, Suheyla & Onder, Zeynep & Yavas, Abdullah, 2005. "Mobility and optimal tenure choice," Journal of Housing Economics, Elsevier, vol. 14(4), pages 336-354, December.
    4. Arno J. Vlist & Piet Rietveld, 2007. "The Amsterdam Metropolitan Housing Market: How a Prosperous Metropolitan Area Co-exists with a Central City Dominated by Social Rental Housing for the Poor," Advances in Spatial Science, in: Åke E. Andersson & Lars Pettersson & Ulf Strömquist (ed.), European Metropolitan Housing Markets, chapter 7, pages 165-188, Springer.

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