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作者

来源

JOURNAL OF HOUSING ECONOMICS,Vol.44,P.112-130

语言

英文

关键字

Rent; User costs; Market equilibrium; Robust regression; ROBUST REGRESSION; HOUSE PRICES; INFLATION; COINTEGRATION; ALLOCATION; TAXES

作者单位

[Goeyvaerts, Geert; Buyst, Erik] Katholieke Univ Leuven, Dept Econ, Leuven, Belgium. Goeyvaerts, G (reprint author), Katholieke Univ Leuven, Dept Econ, Leuven, Belgium. E-Mail: geert.goeyvaerts@kuleuven.be

摘要

Although in many countries more than twenty percent of all households rely on the private rental market for housing, the research concerning the fundamentals of rental prices has been limited. Standard capital investment theory states that the market rental price of capital services will equal the user cost of capital in equilibrium. The empirical evidence in support of the rent-user cost equivalence theorem is, however, scarce if not non-existent. We examine the relationship between market rents and the user cost of rental properties based on a unique micro data set on the earnings and costs of Flemish landlords. Robust regression estimates of portfolio-average rental earnings on portfolio-average user costs point to a strong correspondence at the micro-level. In some cases, we find a user cost coefficient which is not significantly different from one together with an intercept estimate which is not significantly different from zero even when we control for landlord characteristics.