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作者

来源

REAL ESTATE ECONOMICS,Vol.45,Issue3,P.591-627

语言

英文

关键字

DURATION; INDEX

作者单位

[Verbrugge, Randal] Fed Reserve Bank Cleveland, 1455 East 6th St, Cleveland, OH 44114 USA. [Dorfman, Alan; Johnson, William; Marsh, Fred, III; Poole, Robert; Shoemaker, Owen] Bur Labor Stat, 2 Massachusetts Ave NE, Washington, DC 20212 USA. Verbrugge, R (reprint author), Fed Reserve Bank Cleveland, 1455 East 6th St, Cleveland, OH 44114 USA. E-Mail: randal.verbrugge@clev.frb.org; dorfman.alan@bls.gov; johnson.william@bls.gov; marsh.fred@bls.gov; poole.robert@bls.gov; shoemaker_o@bls.gov

摘要

This is a hedonic regression study of the 2001-2004 and 2004-2007 rent growth of 18,000 rental units. Which variables matter: Location? Age? Rent level? Occupancy duration? Structure type? The answers deepen understanding of the rental market and help guide statistical agency practice. We document significant rent stickiness. Initial relative rent level is the best predictor, mainly because of mean reversion. (This problem likely extends well beyond the present study.) "Location" comes in second, though often not statistically significant: the relative value of location is persistent. Age and occupancy duration are also notable. Our findings support statistical agency practices.