Rental Housing Markets, the Incidence and Duration of Vacancy, and the Natural Vacancy Rate
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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- 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.
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- Stuart A. Gabriel & Frank E. Nothaft, 1987. "Rental housing markets and the natural vacancy rate," Working Paper Series / Economic Activity Section 74, Board of Governors of the Federal Reserve System (U.S.).
- Arthur A. Eubank & C. R. Sirmans, 1979. "The Price Adjustment Mechanism for Rental Housing in the United States," The Quarterly Journal of Economics, Oxford University Press, vol. 93(1), pages 163-168.
- Linda Leighton & Jacob Mincer, 1982.
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in: The Youth Labor Market Problem: Its Nature, Causes, and Consequences, pages 235-276
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- Rosen, Kenneth T & Smith, Lawrence B, 1983. "The Price-Adjustment Process for Rental Housing and the Natural Vacancy Rate," American Economic Review, American Economic Association, vol. 73(4), pages 779-86, September.
- 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.
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