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Rental Housing Markets, the Incidence and Duration of Vacancy, and the Natural Vacancy Rate

  • Gabriel, Stuart A.
  • Nothaft, Frank E.

New intermetropolitan and time-series data from the BLS are used to derive and modelthe incidence and the duration of rental vacancies and to assess the importance of thoseindicators to the price adjustment mechanism for rental housing. Research findings indicatethat the duration of vacancy varies with measures of MSA housing costs and housing stockheterogeneity; in contrast, the incidence of vacancy varies directly with measures of populationmobility, presence of public housing units, and population growth. Results support a moregeneral specification of rental price adjustment in which the rate of real rent change reflectsdeviations in observed vacancy incidence and duration from their equilibrium levels. Based onthis innovation, the research provides new estimates of equilibrium vacancy rates for a large setof metropolitan areas over the 1987-1996 period.

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Article provided by Elsevier in its journal Journal of Urban Economics.

Volume (Year): 49 (2001)
Issue (Month): 1 (January)
Pages: 121-149

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Handle: RePEc:eee:juecon:v:49:y:2001:i:1:p:121-149
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622905

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  1. Eric Belsky & John L. Goodman, Jr., 1996. "Explaining the Vacancy Rate - Rent Paradox of the 1980s," Journal of Real Estate Research, American Real Estate Society, vol. 11(3), pages 309-323.
  2. Smith, Lawrence B, 1974. "A Note on the Price Adjustment Mechanism for Rental Housing," American Economic Review, American Economic Association, vol. 64(3), pages 478-81, June.
  3. Arnott, Richard, 1989. "Housing Vacancies, Thin Markets, and Idiosyncratic Tastes," The Journal of Real Estate Finance and Economics, Springer, vol. 2(1), pages 5-30, February.
  4. Stuart A. Gabriel & Frank E. Nothaft, 1988. "Rental Housing Markets and the Natural Vacancy Rate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 419-429.
  5. Eubank, Arthur A, Jr & Sirmans, C F, 1979. "The Price Adjustment Mechanism for Rental Housing in the United States," The Quarterly Journal of Economics, MIT Press, vol. 93(1), pages 163-68, February.
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