What account for the differences in rent-price ratio and turnover rate? A search-and-matching approach

Material type: 文書・図像類

Author: Leung, Charles Ka Yuiほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2017-02

Material Format: Paper

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Note (General)：: We build an on-the-house-search model and show analytically that the rent-to-price ratio (or rental yield) and turnover rate, which are frequently use...

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Paper

Material Type: 文書・図像類
Title: What account for the differences in rent-price ratio and turnover rate? A search-and-matching approach
Author/Editor: Leung, Charles Ka Yui
Tse, Chung-Yi
Huang, Daisy J
Author Heading: Leung, Charles Ka Yui
Tse, Chung-Yi
Huang, Daisy J
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2017-02
Publication Date (W3CDTF): 2017-02
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 990
Volume: 990
Pages: 1-106
Text Language Code: eng
Subject Heading: housing rental yield
turnover rate
bootstrap
leave-one-out cross validation (LOOCV)
matching estimator
3 stages least squares (3SLS)
Target Audience: 一般
Note (General): We build an on-the-house-search model and show analytically that the rent-to-price ratio (or rental yield) and turnover rate, which are frequently used metrics for the housing market, are jointly determined in equilibrium. We therefore adopt a simultaneous equation approach on matched sale-rental pairs in our empirical investigation, as a housing unit cannot be owner-occupied and renter-occupied at the same time. Our empirical results confirm a higher turnover rate is associated with a lower rent-to-price ratio, as predicted by the model. Furthermore, our results suggest a form of“dichotomy”in the empirical determinants of rental yield and turnover at the real-estate-development (RED) level: the demographic structure, and past return performance affect its turnover rate, while popularity, human capital environment, mortgage burden, and long run rent growth determine the rental yield. No evidence of “thick market effect” is found. The robustness of our results are established through a series of tests. In addition to these findings, our tractable search-theoretic model, a ranking of more than 130 RED in Hong Kong based on the popularity index we construct, and the estimated brand-premium for different major real estate developers may also carry independent research and practical interests.
References (URI): URI
http://www.iser.osaka-u.ac.jp/library/dp/2017/DP0990.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華