Housing Market Equilibrium (almost) without Vacancies
AbstractThe Swiss housing market is characterised by an extraordinarily low vacancy rate, generally in the vicinity of 1â€‰perâ€‰cent. Is the Swiss housing market permanently in a condition of severe shortage? This paper uses both a standard non-accelerating rent inflation rate of vacancy approach and a new perception-based approach to answer this question. The available evidence confirms that a vacancy rate of 1â€“1.5â€‰perâ€‰cent is indeed sufficient for the Swiss housing market to be in equilibrium, provided only dwellings that are not only unoccupied but also actually offered for rent or purchase are counted (which makes this rate not easily comparable with other countries). The standard equilibrium vacancy rate approach suggests that even lower rates are sufficient in more densely built places whereas the approach based on perceptions makes no difference. This suggests that the dwellings listed by people who wish to move reduce the pressure on rents but not the feeling of housing shortage.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Urban Studies Journal Limited in its journal Urban Studies.
Volume (Year): 49 (2012)
Issue (Month): 8 (June)
Contact details of provider:
Web page: http://www.gla.ac.uk/departments/urbanstudiesjournal
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (SAGE Publications).
If references are entirely missing, you can add them using this form.