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Three Essays in Residential Real Estate Topics: An Examination of Rental Tenure, Green Residential Construction Policy, and Green Residential Rental Rates

Devine, Avis
http://rave.ohiolink.edu/etdc/view?acc_num=ucin1377868387

Abstract Details

2013, PhD, University of Cincinnati, Business: Business Administration.
Most United States MSAs saw their house prices plummet during the recent Great Recession. While many areas are only now beginning to pull away from their lowest house prices in recent history, other MSAs were well on their way to house price recovery in 2010. One attribute which separates these early winners is their rental tenure. MSAs with higher rental tenure possess a type of occupancy flexibility (modeled as a real option), allowing these areas more liquidity in their housing market which provides the opportunity for quicker house price recovery. I find an economically and statistically significant relationship between increased rental tenure and house price recovery for 2006 through 2010, and specifically for 2009-2010. These findings are robust with respect to a wide variety of house price fundamentals. For more than a decade, governments have been incentivizing, and now requiring, private developers to construct energy efficient, sustainable projects. We examine the types of incentive programs governing single family private, market-rate residential construction and determine whether or not these programs have successfully encouraged green construction. A cross-sectional comparison of municipalities with and without green private residential incentive programs indicates which type of certification program is most popular, which types of incentive programs prove most successful, and which government levels of policy issuance prove most effective. There is an active and growing literature examining the rental rate, sales price, and occupancy premiums associated with sustainable or energy efficient real estate. To date, the focus has rested largely on office properties and for-sale single family residential properties; we examine the rental rates achieved by green multifamily properties. We find an approximate 8.5 percent rental rate premium associated with LEED apartments. Additionally, this research provides the first indication that LEED certification garners an additional premium over non-certified space that identifies as green. Lastly, through an extensive hand-collecting process, our data provides the first look at the population of LEED market-rate, privately constructed apartments in the United States.
Shaun Bond, Ph.D. (Committee Chair)
David Brasington, Ph.D. (Committee Member)
Michael Ferguson, Ph.D. (Committee Member)
John Glascock, Ph.D. (Committee Member)
174 p.
Business Administration; Economics
Real Estate; Residential; Rental; Housing Crisis; Policy; Sustainability

Recommended Citations

Citations

  • Devine, A. (2013). Three Essays in Residential Real Estate Topics: An Examination of Rental Tenure, Green Residential Construction Policy, and Green Residential Rental Rates [Doctoral dissertation, University of Cincinnati]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1377868387

    APA Style (7th edition)

  • Devine, Avis. Three Essays in Residential Real Estate Topics: An Examination of Rental Tenure, Green Residential Construction Policy, and Green Residential Rental Rates. 2013. University of Cincinnati, Doctoral dissertation. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=ucin1377868387.

    MLA Style (8th edition)

  • Devine, Avis. "Three Essays in Residential Real Estate Topics: An Examination of Rental Tenure, Green Residential Construction Policy, and Green Residential Rental Rates." Doctoral dissertation, University of Cincinnati, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1377868387

    Chicago Manual of Style (17th edition)

ucin1377868387
358
© 2013, all rights reserved.
This open access ETD is published by University of Cincinnati and OhioLINK.