Journal article
Are there investor clienteles in rental housing?
Real Estate Economics, Vol.32(3), pp.413-436
2004
Abstract
The possible existence of investor clientele groups has received little attention in the real estate finance literature. In this paper we develop a clientele model, which in equilibrium produces a clustering of investors by tax characteristics. Low-tax-bracket investors are concentrated in low-value rental housing that attracts rents which are high in relation to property values. On the other hand, only high-tax-bracket investors will be observed in high-value rental housing, and they charge rents that are low in relation to property values. An empirical model is specified and estimated using a cross section of investors in Australian private rental housing markets. Investor clienteles are detected among property investors, though there is a weak diversification effect indicating that clientele effects may be stronger among single property investors
Details
- Title
- Are there investor clienteles in rental housing?
- Authors/Creators
- G.A. Wood (Author/Creator) - Murdoch UniversityY. Tu (Author/Creator) - National University of Singapore
- Publication Details
- Real Estate Economics, Vol.32(3), pp.413-436
- Publisher
- Wiley-Blackwell
- Identifiers
- 991005543242207891
- Murdoch Affiliation
- Murdoch University
- Language
- English
- Resource Type
- Journal article
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- 6 Social Sciences
- 6.86 Human Geography
- 6.86.789 Urban Housing Dynamics
- Web Of Science research areas
- Business, Finance
- Economics
- Urban Studies
- ESI research areas
- Economics & Business