Vacancies and mobility in the housing market: an exploratory analysis
In this paper, vacancies in the housing market are studied in the context of a stock - flow framework. Two roles of vacancies are dealt with: vacancies are the consequence of residential mobility, but, at the same time, residential mobility is also determined by the number of vacancies. For an adequate insight into the meaning of vacancies in the housing market, a separate analysis of flows into and out of the vacant stock is necessary, rather than an analysis of net changes. Therefore, a method is developed to estimate inflow and outflow separately on the basis of data on vacancy duration. Numerical results are reported for the Netherlands during the period 1966 - 1981.