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The Transitory and Legacy Effects of the Rental Externality on House Price and Liquidity

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  • Geoffrey Turnbull

    ()

  • Velma Zahirovic-Herbert

    ()

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11146-010-9235-6
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    Bibliographic Info

    Article provided by Springer in its journal The Journal of Real Estate Finance and Economics.

    Volume (Year): 44 (2012)
    Issue (Month): 3 (April)
    Pages: 275-297

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    Handle: RePEc:kap:jrefec:v:44:y:2012:i:3:p:275-297

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    Web page: http://www.springerlink.com/link.asp?id=102945

    Related research

    Keywords: Rental externality; Rental house; Liquidity; Time on market; D83; R21; R31;

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    References

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    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.:
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    1. Iwata, Shinichiro & Yamaga, Hisaki, 2008. "Rental externality, tenure security, and housing quality," Journal of Housing Economics, Elsevier, vol. 17(3), pages 201-211, September.
    2. Terrence M. Calurentie & Marvin L. Wolverton, 2006. "Leave Vacant or Rent: The Optimal Decision for Absentee Home Sellers," Journal of Real Estate Research, American Real Estate Society, vol. 28(1), pages 25-38.
    3. Ronald C. Rutherford & Thomas M. Springer & Abdullah Yavas, 2001. "The Impacts of Contract Type on Broker Performance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 29(3), pages 389-409.
    4. Stull, William J, 1975. "Community Environment, Zoning, and the Market Value of Single-Family Homes," Journal of Law and Economics, University of Chicago Press, vol. 18(2), pages 535-57, October.
    5. Huang, Ju-Chin & Palmquist, Raymond B, 2001. "Environmental Conditions, Reservation Prices, and Time on the Market for Housing," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 203-19, March-May.
    6. R. Cherry & E. J. Ford, 1975. "Concentration of Rental Housing Property and Rental Housing Markets in Urban Areas," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 3(1), pages 7-16.
    7. Velma Zahirovic-Herbert & Geoffrey Turnbull, 2008. "School Quality, House Prices and Liquidity," The Journal of Real Estate Finance and Economics, Springer, vol. 37(2), pages 113-130, August.
    8. Wang, Ko & Grissom, Terry V. & Webb, James R. & Spellman, Lewis, 1991. "The impact of rental properties on the value of single-family residences," Journal of Urban Economics, Elsevier, vol. 30(2), pages 152-166, September.
    9. Thaler, Richard, 1978. "A note on the value of crime control: Evidence from the property market," Journal of Urban Economics, Elsevier, vol. 5(1), pages 137-145, January.
    10. Munneke, Henry J & Slawson, V Carlos, Jr, 1999. "A Housing Price Model with Endogenous Externality Location: A Study of Mobile Home Parks," The Journal of Real Estate Finance and Economics, Springer, vol. 19(2), pages 113-31, September.
    11. Eberts, Randall W. & Gronberg, Timothy J., 1982. "Wage gradients, rent gradients, and the price elasticity of demand for housing: An empirical investigation," Journal of Urban Economics, Elsevier, vol. 12(2), pages 168-176, September.
    12. Williams, Joseph T, 1995. "Pricing Real Assets with Costly Search," Review of Financial Studies, Society for Financial Studies, vol. 8(1), pages 55-90.
    13. Lichtenstein, Larry & Kern, Clifford R., 1987. "The cost of quality in existing housing: Estimates from an implicit markets model," Journal of Urban Economics, Elsevier, vol. 22(3), pages 324-339, November.
    14. Jacob Belkin & Donald J. Hempel & Dennis W. McLeavey, 1976. "An Empirical Study of Time on Market Using Multidimensional Segmentation of Housing Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 4(2), pages 57-75.
    15. Geoffrey K. Turnbull & Jonathan Dombrow & C.F. Sirmans, 2006. "Big House, Little House: Relative Size and Value," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 34(3), pages 439-456, 09.
    16. Fred A. Forgey & Ronald C. Rutherford & Thomas M. Springer, 1996. "Search and Liquidity in Single-Family Housing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(3), pages 273-292.
    17. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey," Economic Inquiry, Western Economic Association International, vol. 14(3), pages 347-68, September.
    18. Han Bin Kang & Mona J. Gardner, 1989. "Selling Price and Marketing Time in the Residential Real Estate Market," Journal of Real Estate Research, American Real Estate Society, vol. 4(1), pages 21-35.
    19. John P. Harding & John R. Knight & C.F. Sirmans, 2003. "Estimating Bargaining Effects in Hedonic Models: Evidence from the Housing Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 31(4), pages 601-622, December.
    20. Donald Haurin, 1988. "The Duration of Marketing Time of Residential Housing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 396-410.
    21. Geoffrey Turnbull & Jonathan Dombrow, 2006. "Spatial Competition and Shopping Externalities: Evidence from the Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 32(4), pages 391-408, June.
    22. Edel, Matthew & Sclar, Elliott, 1974. "Taxes, Spending, and Property Values: Supply Adjustment in a Tiebout-Oates Model," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 941-54, Sept./Oct.
    23. Krumm, Ronald J., 1980. "Neighborhood amenities: An economic analysis," Journal of Urban Economics, Elsevier, vol. 7(2), pages 208-224, March.
    24. Abdullah Yavas & Shiawee Yang, 1995. "The Strategic Role of Listing Price in Marketing Real Estate: Theory and Evidence," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 23(3), pages 347-368.
    25. Richard Arnott, 1988. "Housing Vacancies, Thin Markets, and Idiosyncratic Tastes," Working Papers 722, Queen's University, Department of Economics.
    26. Springer, Thomas M, 1996. "Single-Family Housing Transactions: Seller Motivations, Price, and Marketing Time," The Journal of Real Estate Finance and Economics, Springer, vol. 13(3), pages 237-54, November.
    27. Mayer, Neil S., 1985. "The impacts of lending, race, and ownership on rental housing rehabilitation," Journal of Urban Economics, Elsevier, vol. 17(3), pages 349-374, May.
    28. Asabere, Paul K & Huffman, Forrest E, 1993. "The Impact of Settlement Period on Sales Price," The Journal of Real Estate Finance and Economics, Springer, vol. 7(3), pages 213-19, November.
    29. Wheaton, William C, 1990. "Vacancy, Search, and Prices in a Housing Market Matching Model," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1270-92, December.
    30. John R. Knight, 2002. "Listing Price, Time on Market, and Ultimate Selling Price: Causes and Effects of Listing Price Changes," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(2), pages 213-237.
    31. Mayer, Neil S., 1981. "Rehabilitation decisions in rental housing: An empirical analysis," Journal of Urban Economics, Elsevier, vol. 10(1), pages 76-94, July.
    32. Norman G. Miller, 1978. "Time on the Market and Selling Price," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 6(2), pages 164-174.
    33. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey: Part I," Economic Inquiry, Western Economic Association International, vol. 14(2), pages 155-89, June.
    34. Krainer, John, 2001. "A Theory of Liquidity in Residential Real Estate Markets," Journal of Urban Economics, Elsevier, vol. 49(1), pages 32-53, January.
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    Cited by:
    1. Ignacio Navarro & Geoffrey Turnbull, 2014. "Property Rights and Urban Development: Initial Title Quality Matters Even When it No Longer Matters," The Journal of Real Estate Finance and Economics, Springer, vol. 49(1), pages 1-22, July.
    2. Velma Zahirovic-Herbert & Karen Gibler, 2014. "Historic District Influence on House Prices and Marketing Duration," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 112-131, January.

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