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Security Measures and the Apartment Market

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Abstract

This paper examines the effect of security measures on apartment rent and occupancy. Three variables representing various security measures are estimated in a simultaneous model of rent and occupancy. Providing 24 hour security has a significant positive effect on both rent and occupancy. Having a manager living on site or a manned front desk/restricted entry does not significantly affect rent. All three variables, however, have a significant positive effect on occupancy. It would appear that, although landlords cannot extract higher rents for some security measures, all three measures included in this study act to increase occupancy.

Suggested Citation

  • John D. Benjamin & G. Stacy Sirmans & Emily Norman Zietz, 1997. "Security Measures and the Apartment Market," Journal of Real Estate Research, American Real Estate Society, vol. 14(3), pages 347-358.
  • Handle: RePEc:jre:issued:v:14:n:3:1997:p:347-358
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    References listed on IDEAS

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    1. Grether, David M. & Mieszkowski, Peter, 1980. "The effects of nonresidential land uses on the prices of adjacent housing: Some estimates of proximity effects," Journal of Urban Economics, Elsevier, vol. 8(1), pages 1-15, July.
    2. Linneman, Peter, 1980. "Some empirical results on the nature of the hedonic price function for the urban housing market," Journal of Urban Economics, Elsevier, vol. 8(1), pages 47-68, July.
    3. G. Stacy Sirmans & John D. Benjamin, 1991. "Determinants of Market Rent," Journal of Real Estate Research, American Real Estate Society, vol. 6(3), pages 357-380.
    4. Rueter, Frederick H, 1973. "Externalities in Urban Property Markets: An Empirical Test of the Zoning Ordinance of Pittsburgh," Journal of Law and Economics, University of Chicago Press, vol. 16(2), pages 313-349, October.
    5. Wheaton, William C., 1977. "A bid rent approach to housing demand," Journal of Urban Economics, Elsevier, vol. 4(2), pages 200-217, April.
    6. Benjamin, John D & Lusht, Kenneth M, 1993. "Search Costs and Apartment Rents," The Journal of Real Estate Finance and Economics, Springer, vol. 6(2), pages 189-197, March.
    7. Asabere, Paul K, 1990. "The Value of a Neighborhood Street with Reference to the Cul-de-Sac," The Journal of Real Estate Finance and Economics, Springer, vol. 3(2), pages 185-193, June.
    8. Mitchell Polinsky, A. & Shavell, Steven, 1976. "Amenities and property values in a model of an urban area," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 119-129.
    9. Dean H. Gatzlaff & Marc T. Smith, 1993. "The Impact of the Miami Metrorail on the Value of Residences near Station Locations," Land Economics, University of Wisconsin Press, vol. 69(1), pages 54-66.
    10. G. Donald Jud & John D. Benjamin & G. Stacy Sirmans, 1996. "What Do We Know about Apartments and Their Markets?," Journal of Real Estate Research, American Real Estate Society, vol. 11(3), pages 243-258.
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    Cited by:

    1. John D. Benjamin & Peter Chinloy & William G. Hardin III, 2007. "Institutional-Grade Properties: Performance and Ownership," Journal of Real Estate Research, American Real Estate Society, vol. 29(3), pages 219-240.

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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