Are there investor clienteles in rental housing?

Wood, G and Tu, Y 2004, 'Are there investor clienteles in rental housing?', Real Estate Economics, vol. 32, no. 3, pp. 413-436.


Document type: Journal Article
Collection: Journal Articles

Title Are there investor clienteles in rental housing?
Author(s) Wood, G
Tu, Y
Year 2004
Journal name Real Estate Economics
Volume number 32
Issue number 3
Start page 413
End page 436
Total pages 24
Publisher Blackwell Publishing
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.
Subject Applied Economics not elsewhere classified
DOI - identifier 10.1111/j.1080-8620.2004.00097.x
Copyright notice ©2008 American Real Estate and Urban Economics Association
ISSN 1080-8620
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