Housing rent dynamics in Italy
In this paper we focus on tenant rents in Italy and compare results from several methods for the rent dynamic estimation. We first document the sources of data available and then introduce quality-adjusted techniques, which enable us to separate the price variation due to qualitative changes in housing attributes from pure price changes. Finally, we compare these measures with unconditional and matched-type price indices derived from microdata. Over the period 1998-2006, we estimate a cumulative rent increase ranging between 40 and 80%. The upper bound refers to the average dynamic for a subset of flats entering the market in a given period. The hedonic approach suggests a substantially lower overall growth in tenant rent, around 40% for the same period.
|Date of creation:||Feb 2010|
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- Salvatore Muzzicato & Roberto Sabbatini & Francesco Zollino, 2008. "Prices of residential property in Italy: constructing a new indicator," Questioni di Economia e Finanza (Occasional Papers) 17, Bank of Italy, Economic Research and International Relations Area.
- Theodore M. Crone & Leonard I. Nakamura & Richard Voith, 2006.
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06-7, Federal Reserve Bank of Philadelphia.
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- Jack Triplett, 2004. "Handbook on Hedonic Indexes and Quality Adjustments in Price Indexes: Special Application to Information Technology Products," OECD Science, Technology and Industry Working Papers 2004/9, OECD Publishing.
- Hoffmann, Johannes & Kurz, Claudia, 2002.
"Rent indices for housing in West Germany 1985 to 1998,"
Discussion Paper Series 1: Economic Studies
2002,01, Deutsche Bundesbank, Research Centre.
- Hoffmann, Johannes & Kurz, Claudia, 2002. "Rent indices for housing in West Germany 1985 to 1998," Working Paper Series 0116, European Central Bank.
- Robert J. Gordon & Todd vanGoethem, 2005. "A Century of Housing Shelter Prices: Is There a Downward Bias in the CPI?," NBER Working Papers 11776, National Bureau of Economic Research, Inc.
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