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The Relationship Between School Quality and U.S. Multi-family Housing Rents

Author

Listed:
  • Jeremy Gabe

    (University of San Diego)

  • Spenser Robinson

    (Central Michigan University)

  • Andrew Sanderford

    (University of Virginia)

Abstract

Drawing on a sample, of U.S. multi-family apartment and school data from across 45 U.S. Core Based Statistical Areas, this paper examines the capitalization of school quality into apartment rents. It makes three contributions. First, in the context of the geographically diverse data, results tend to be consistent with individual market analyses in the extant literature though there is some important geographic variation. Second, capitalization patterns vary across measures of school quality and tend to consistent with observed patterns within the single-family oriented research including by region. Third, congruent with life cycle literature, multi-family renters appear, on average, to capitalize primary school quality to a greater extent than intermediate and secondary school levels. Results are robust when considering school choice and other inter-jurisdictional nuances or econometric techniques.

Suggested Citation

  • Jeremy Gabe & Spenser Robinson & Andrew Sanderford, 2022. "The Relationship Between School Quality and U.S. Multi-family Housing Rents," The Journal of Real Estate Finance and Economics, Springer, vol. 64(4), pages 615-645, May.
    • Handle: RePEc:kap:jrefec:v:64:y:2022:i:4:d:10.1007_s11146-020-09814-0
    DOI: 10.1007/s11146-020-09814-0
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    More about this item

    Keywords

    Education; Schools; Rental housing; Apartments;
    All these keywords.

    JEL classification:

    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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