Duration of Residence in the Rental Housing Market

Topics:
Market Studies
Tags:
Duration,
Housing Market,
Tenant
Source:
University of Southern California

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Overview: "This paper estimates a proportional hazard model of duration of residence in rental housing. The study employs unique data from the BLS-CPI housing sample to construct the duration of rental occupancy for metropolitan areas over the 1987-1998 period. The paper employs an innovative semi-parametric estimation approach for group duration analysis of the proportional hazard model. Results of the analysis indicate that the duration of residence in rental housing varies significantly across individual units and market segments. In fact, the duration of residence is highly time dependent, given significant intertemporal variation in many of the housing and market covariates. The paper provides evidence of high tenant turnover rates at about 3 years of residence. Simulation results further indicate the sensitivity of duration of residence to housing locational and structural characteristics percent. The research provides new evidence as regards tenant and market characteristics that determine the duration of residency. Clearly, an improved understanding thereof offers new insights as regards fluctuations in tenant turnover, building occupancy, and rent flows, as well as new confidence in pro forma assumptions critical to rental housing development."

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Format: PDF | Size: 243KB | Date: Jan 2002 | Pages: 30

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