The impact of minimum energy efficiency standards on the private rental market

Purpose This study aims to identify the key factors affecting apartment rental prices in emerging urban markets such as the Nairobi metropolitan area (NMA), to facilitate improved investment, portfolio management decisions and policy development. Design/methodology/approach The paper uses a case study approach to analyse recent apartment lettings and apartment features in the NMA. A sample of 262 transactions was analysed using the hedonic pricing model. The data were collected between April and July 2025. Findings The study identified apartment size, location, provision of a gymnasium, availability of an electricity backup generator, number of bedrooms and the age of the apartment as key determinants of apartment market rent in the emerging urban housing market of the Nairobi metropolis. Research limitations/implications The findings of this paper can be utilised by property investors, developers, valuers, managers, architects, urban planners and policymakers to inform their decisions. This information supports investment decisions by developers and landlords, guides rent-setting and valuation practices for property managers and informs planning and infrastructure decisions by policymakers. However, the results are specific and based on data collected from an emerging urban housing market, the Nairobi metropolis. Originality/value There is limited literature on emerging rental housing markets in Sub-Saharan Africa. This study provides evidence-based insights from the NMA, drawing on location-specific structural, locational and amenity attributes that reflect the city's distinctive socioeconomic structure, level of market formalisation and urban spatial configuration. While these findings offer valuable lessons for comparable emerging cities, they may not be fully generalisable to countries where housing markets, income structures and institutional arrangements differ substantially.

Drawing on policy transfer literature, this paper examines efforts to transfer the cost rental model of affordable housing provision from Austria to Ireland. It explores the motivation for this transfer, the similarities between the Irish and Austrian versions of this model, its effectiveness in the Irish context and the factors that shaped these outcomes. This analysis reveals that, as the transfer process progressed, the differences between the Irish and Austrian models increased steadily. Many of the adaptations made during the transfer process were necessary to successfully establish this model in Ireland, where it has provided an effective short-term response to housing unaffordability. However, these adaptations also meant that what was originally envisaged as an enormously ambitious ‘systemic transfer’ (i.e., transfer of the full Austrian cost rental system to drive systemic transformation of Ireland’s ‘dual’ rental market into a ‘unitary’ system, in Kemeny’s conceptualisation), turned into a ‘scheme transfer (i.e., the transfer of parts of the Austrian system to establish an intermediate rental scheme in Ireland). On this basis the paper reflects on the challenges of transferring complex, multi-dimensional housing systems compared to single-dimensional housing schemes and of transforming dual rental markets into unitary systems.

Purpose This paper addresses structural deficiencies in housing justice and institutional financing within urban village renewal, especially in China case. It aims to develop a viable alternative to conventional debt-heavy models by proposing a multi-dimensional financing model (MDFM) that integrates risk-sharing-based (sukuk-compatible) capital, cooperative ownership, government support, and public asset monetization. Design/methodology/approach The study reconstructs an SPV-based cash-flow model and calibrates it using empirical data from Hangzhou’s self-financed renewal case. A 10,000-iteration Monte Carlo simulation is executed to test financial feasibility under realistic uncertainties, focusing on internal rate of return (IRR), net present value, and affordability for low-income households. Affordability metrics are benchmarked against market rent and mortgage comparators. A sensitivity analysis identifies the dominant value drivers (operational vs. financing variables). Findings The MDFM delivers a median project IRR of 7.10% and lowers median monthly resident outflow by 31% relative to market rent and by over 50% relative to a conventional mortgage, without direct facing a RMB 1.04 million down-payment. However, P10 affordability exceeds the 30% burden threshold, revealing a vulnerability cliff for low-income households. Sensitivity analysis shows that outcome variance is driven primarily by operational fundamentals (rental growth and vacancy), whereas the Sukuk redemption profile exerts minimal marginal influence. Research limitations/implications This study is validated through simulation rather than through empirical issuance or market adoption. The market appetite for sustainability-linked or Sharīʿah-aligned equity instruments in China has not yet been empirically verified. The regulatory acceptability of the model also requires qualitative validation through stakeholder interviews and expert consultations to identify concrete policy adjustments. Although calibrated to the Hangzhou case, the model’s broader applicability must be tested through further sensitivity analyses and pilot studies in cities with distinct institutional and market conditions such as Shenzhen and Guangzhou. Practical implications MDFM offers a scalable, fiscally sustainable solution for policymakers and developers, especially in contexts where informal settlements dominate. Its use of sukuk financing and asset-backed revenues provides a flexible alternative to conventional debt models in large-scale redevelopment. Social implications The model can pre-empt re-informalization and displacement by eliminating upfront capital barriers and embedding affordability through cooperative equity acquisition. It aligns investor profit with community stability, returns arise from sustained occupancy rather than speculative extraction. The P10 affordability cliff identifies where targeted support is required to protect vulnerable households. The design keeps residents in central labor markets, supporting job–housing balance and social mobility, and links renewal finance with low-carbon construction, enabling equity and environmental co-benefits simultaneously. Originality/value To the best of the authors’ knowledge, this study is the first to structurally integrate Islamic finance (Sukuk) with cooperative housing principles to address China’s urban village renewal. Its originality lies in the novel, risk-sharing MDFM, rigorously validated via a stochastic Monte Carlo simulation. The research provides unprecedented quantitative evidence on affordability outcomes and identifies operational performance, not financing terms, as the key value driver. It offers a groundbreaking, de-financialized pathway for urban regeneration, challenging conventional debt-driven redevelopment models and expanding the application of blended finance in a Chinese context.

ABSTRACT Amid the booming rental market in Santiago, new financial and institutional actors (real estate investment funds, insurance companies, and real estate firms) have emerged to increase their investment portfolios by owning and managing residential buildings for rent. Corporate landlords manage over 196 buildings in Santiago, featuring high-rise housing in downtown areas. Today, more than 45,000 households live under the management of a corporate landlord. How are corporate landlords transforming the daily experiences of renters in Santiago, Chile? To answer this question, the research focused on (1) accessibility, (2) affordability, and (3) administration by studying the application process of tenants, building experience, and landlord-tenant relationships. Using a qualitative approach that includes 46 interviews with tenants, this paper argues that, although their experiences vary according to their socioeconomic background, tenants navigate the system on their own. Their strategies are individualized on a case-by-case basis, seeking alternatives to their feelings of frustration, neglect, and abandonment. The lack of direct communication via digital tools transforms management into an invisible landlord. Hence, there is an uneven terrain of financialization when corporate landlords are present. While an invisible landlord may be convenient for those with financial resources, it is less reliable for low-income and vulnerable families.

We show remote work led to large drops in lease revenues, occupancy, and market rents in the commercial office sector. We revalue New York City office buildings, taking into account both the cash flow and discount rate implications of these shocks, and find a 46 percent decline in long-run value. For all US office markets combined, we find a $556.8 billion value destruction. Higher-quality buildings were buffered against these trends due to a flight to quality, while lower-quality offices are at risk of becoming a stranded asset. These valuation changes have repercussions for financial stability and local public finances. (JEL E31, E32, G12, J22, M51, R33)

Renewable energy investments, climate mitigation technologies, productive capacity and fiscal policy challenges: Responsible resource production and consumption implications from top-10 resource exporting economies.

The meteoric rise of platform-mediated short-term rentals (P2P), epitomized by Airbnb, has fundamentally reshaped the global hospitality landscape, triggering a profound socio-economic crisis in key tourist destinations. While celebrated as a disruptive innovation offering consumer choice, the unbridled expansion of P2P rentals has been linked to the erosion of urban communities and posed an existential threat to the traditional hotel industry, particularly in the economy and mid-scale segments. Existing literature confirms a negative correlation, yet critical gaps remain: a scarcity of cross-jurisdictional comparative studies accounting for regulatory heterogeneity and a lack of micro-level, brand-specific causal evidence. This study addresses these gaps by employing a quasi-experimental Difference-in-Differences (DiD) design to quantify the causal impact of P2P rental market penetration on hotel operational efficiency. Analyzing a balanced sample of ten global cities-stratified into "treatment" (liberal regulation) and "control" (strict regulation) groups-we construct a novel composite index for P2P penetration. Utilizing performance data (RevPAR) from major hotel conglomerates like Accor and Hilton, we isolate the "pure" Airbnb effect from broader market trends. The findings reveal a statistically significant negative causal relationship, with an average RevPAR penalty of €28.45 for hotels in liberal-regime cities. Crucially, the impact exhibits a clear downward gradient, being most severe for economy brands and substantially weaker for luxury segments. This research contributes to the discourse on the platform economy by providing robust causal evidence and highlights regulatory policy as a decisive factor in preserving market equilibrium and hotel industry viability.

This article examines how the discursive logic of quasi-markets in Swedish university real-estate management enables depoliticisation while consolidating state control. Sweden is a distinctive case where universities are public agencies, yet most campus property is owned by Akademiska Hus AB, a profit-seeking corporation wholly owned by the state. Using interpretive policy and frame analysis of legislation, government decisions, and public debate, we trace how market rents were introduced and justified. We show that depoliticising narratives portraying academics as fiscally unaccountable and university space as wasteful legitimise New Public Management reforms. Extending the ‘ghost in the machine’ metaphor, we demonstrate how political logics permeate welfare governance but are rendered less visible. The quasi-market sustains centralised control and fuels distrust between universities and government, risking a cycle of expanding quasi-market instruments and reduced institutional autonomy. Diminished autonomy may in turn have implications for academic freedom.

Abstract While the geographical distribution of eviction filings has been explored in Toronto, the intersection of rental housing financialization, race and eviction remains underexplored. Financial actors and their intermediaries, who fuel the eviction crisis in economically disenfranchised Black renter communities, exert significant influence over housing stability, which demands deeper scrutiny. Evictions for non‐payment of rent consistently make up most filings in Toronto, with racialized communities disproportionately affected, worsened by the unequal toll of the COVID‐19 pandemic. Between 2016 and 2021, eviction filings were highest in Black‐majority neighbourhoods, where corporate landlords dominate the rental market. In some areas, eviction rates have reached 36%—36 filings per 100 rental units—exposing the scale of displacement driven by these entities. In this article we investigate the economic violence embedded in the financialization of rental housing in Toronto’s Black‐majority neighbourhoods to illustrate how profit‐driven motives systematically undermine Black lives and spaces. Yet, amid this violence, tenant resistance has emerged as a powerful counter‐narrative, underscoring the transformative potential of grassroots organizing in advancing housing as a human right. Through quantitative and spatial analyses, this study exposes the financial actors fuelling Toronto’s eviction crisis, producing racialized geographies of eviction and housing instability to offer insights into the dynamics perpetuating housing insecurity.

Amidst Portugal’s ongoing housing crisis, particularly pronounced in the Lisbon Metropolitan Area, thousands of residential units remain vacant. This article investigates why property owners often refrain from placing these homes on the rental market, despite high demand and rising prices. Drawing on empirical data from successive editions of the ALP (Lisbon Landlords Association) Barometer and framed by the literature on housing financialization, institutional trust, and patrimonial ownership cultures, the study shows that vacancy is not merely a result of speculation or neglect. Rather, it emerges as a rational response to a complex interplay of regulatory instability, legal mistrust, and deeply rooted socio-cultural norms. Landlords act not only as economic agents but also as custodians of family heritage, navigating uncertainty in a legal and symbolic environment increasingly perceived as hostile. The article argues that mobilizing Lisbon’s empty housing stock requires more than tax incentives or coercive measures. It demands rebuilding trust, ensuring legal predictability, and acknowledging the cultural meanings that shape property decisions. Policy recommendations include stabilizing rental legislation and designing culturally sensitive engagement strategies for small landlords.

Housing costs and food purchasing characteristics: The role of SNAP participation and SNAP purchasing power.

The article aimed to study structural imbalances in Minnesota's rental housing market, with a focus on the shortage of affordable housing for middle-income populations. Methods employed included comparative analysis and the examination of statistical reports and housing affordability indicators. The results demonstrate a systemic distortion of demand: higher-income households are displacing lower-income households from the affordable housing market, and the pace of construction of middle-class housing significantly lags behind that of upscale projects. Particular attention is paid to the Twin Cities agglomeration, where the supply crisis has been exacerbated by a decrease in the number of building permits. The problem of the Minnesota housing market was found to lie in an acute shortage of housing for those with incomes below 30% of the state average, which is associated with a decrease in construction volumes. Despite the growth of real median incomes in the state, middle-income households are provided with housing. By contrast, very low-income households are being priced out of the rental market because it is so affordable for the middle classes. Rising rents are exacerbating the problem of rental affordability for the state’s poorest residents. Overall, Minnesota’s rental market is experiencing a systemic shortage of affordable housing, with households at all income levels spending a growing proportion of their income on rent as real incomes fall. Further research should examine the effectiveness of local housing support policies and the impact of institutional investors on the rental market structure.

Purpose The study aims to investigate how US households form expectations about housing market variables, particularly mortgage rates, home prices and rent, and how these expectations influence their buying, selling and renting decisions. It also seeks to understand how broader macroeconomic factors like inflation and interest rates shape consumer sentiment and behavior in the housing market. Design/methodology/approach The study uses a behavioral economics lens and relies on survey-based consumer sentiment data. It examines the relationships between perceived inflation, mortgage rates and housing decisions using comparative analysis across different decision types - buying, selling, and renting. Econometric tools such as regression analysis are used to interpret these relationships. Findings Households generally believe that persistent inflation will lead to higher mortgage rates, which in turn are expected to put downward pressure on home prices. Among the factors shaping home price expectations, mortgage rates exert the strongest influence. Buyers tend to be most responsive to recent home price trends, whereas sellers are more sensitive to changes in interest rates. In the rental market, inflation emerges as the primary driver of expected rent increases. Overall, market sentiment significantly shapes consumer decision-making in the housing market. Research limitations/implications The research adds to the literature on expectation formation in housing markets by distinguishing between how inflation and interest rates affect buyers, sellers, and renters differently. It highlights the need for future research on the temporal dynamics and predictive power of consumer sentiment in forecasting housing asset prices. Practical implications For policymakers, understanding how inflation expectations translate into housing decisions can help smooth monetary policy communication. For central banks, signals that consumers are more reactive to mortgage rates than federal funds rates may influence how rate changes are timed and explained. For Real Estate Professionals, knowing that movers are more likely to buy, even under unfavorable market conditions, can inform targeting strategies. Social implications Understanding the behavioral dynamic of housing market participants is essential for improving financial literacy and for designing policy communication strategies that help households interpret monetary developments more accurately and inform better decisions about when to buy, sell, or hold property. Originality/value The research offers a behavioral interpretation of housing market decisions by integrating sentiment, expectations and macroeconomic indicators. It provides a forward-looking framework to assess how consumer sentiment may serve as a leading indicator for home price trends and asset valuation.

Bogotá is a city of renters; 51% of the city’s population lives under a rental agreement. While half of them live in the informal rental market, new investors have entered the formal rental market. Reflecting a broader global real estate trend and drawing inspiration from the Chilean case, Bogotá has incorporated new real estate actors into rental housing models through institutional investment. Real estate actors are looking for new investment opportunities, particularly multifamily buildings, student housing, and ‘coliving’ typologies, which are starting to emerge. At the same time, the housing policy has changed. For decades, developers primarily focused on constructing and selling social housing for middle-income groups through state subsidies. However, the new left-wing presidential administration has recently reshaped this approach, restricting subsidies to the private sector. This paper looks to unfold the new niche areas of real estate investment, focusing on the residential housing market and how state regulations and policies have influenced this process in Bogotá. The process shows a turn to the financialization of the rental market and the reinforcement of housing as a service, reshaping the housing spectrum into new forms of living.

This study examines the extent to which housing allowances and social housing protect against housing precarity experienced by low-income renters. By applying panel data modelling to Australian and UK data, we estimate how housing allowances and social housing affect low-income renters’ experience of housing stress, overcrowding, rent arrears and forced moves. We find that the design of rental subsidy programs and the regulatory context within which each subsidy is implemented, are systematically linked to the level and type of precarity experienced by low-income renters. Specifically, relative to housing allowances, the design of social housing subsidies feature more targeted eligibility criteria and caps to rental costs. This design is more effective at reducing housing stress and rent arrears. We find no evidence that subsidy payment modes reduce overcrowding. The more stringent regulations featured in the social housing sector offer stronger protections against forced moves than what is seen in the private rental market where housing allowance recipients reside. We conclude by proposing various ideas for policy reform to improve the effectiveness of both social housing and housing allowance programs as buffers against precarious housing.

Abstract— In today’s era of digital innovation, the need for online platforms that simplify day-to-day activities has grown rapidly. One of the sectors that still faces significant inefficiencies is the room and property rental market. Traditionally, the process of finding a suitable room or tenant relies heavily on local advertisements, word of mouth, or real estate agents — leading to increased costs, communication gaps, and time delays. To overcome these challenges, the Room Rental Web Application has been developed as a complete web-based solution that connects property owners and tenants directly through an interactive and transparent system. The proposed system allows users to register, list, and search rental properties based on parameters such as location, budget, and accommodation type. It provides a secure login system for both owners and tenants, supports image uploads, and enables direct messaging to facilitate smooth communication. The system is developed using HTML, CSS, JavaScript, PHP, and MySQL, offering a dynamic, scalable, and responsive web interface. An administrator module monitors all user activities, verifies property listings, and removes any fraudulent data to ensure platform integrity and trust. By automating manual rental procedures, this application significantly reduces time and operational costs, providing an efficient and accessible experience for all users. It also promotes transparency and eliminates the dependency on third-party agents. The project not only demonstrates practical implementation of full-stack web development concepts but also showcases how technology can bring real-world impact by solving everyday challenges. Future enhancements may include mobile app integration, artificial intelligence-based property recommendations, and secure online payment gateways to further improve the user experience and system reliability. Keywords — Room Rental System, Web Application, PHP, MySQL, Online Accommodation, Rental Management, Tenant–Landlord Platform, Automation, Smart Housing.

We develop a Housing Rental Availability Index (HRAI) to measure rental housing availability across Poland by incorporating household income, rental prices, and supply-side factors. The HRAI is constructed using the structured parametric approach, offering a comprehensive and adaptable framework for analysing rental housing dynamics in Poland. Based on the Polish rental market data from 2021 to 2024, the HRAI reveals that supply constraints and rent fluctuations have a greater impact on rental availability than household income. This result challenges traditional affordability metrics. Sensitivity analysis confirms that rental availability emerges from the interaction of supply and demand rather than from either factor alone. This integrated approach positions HRAI as an “anti-separatist” indicator and presents an original approach to examining rental housing availability. The index can help local and national policymakers design targeted rent subsidies, address supply-demand imbalances, and promote spatial equity. Our findings highlight the value of combining economic measures into a single availability index and provide a framework for applying the HRAI in both academic research and housing policy decisions.

The purpose of the study. This article analyzes the impact of digital technologies on reducing financial risks and fraud in the residential rental industry, as well as assesses the long-term economic consequences of digitalization. Methodology. The study is based on a quantitative analysis of data from 2000 to 2024, including indicators of digitalization in transactions, fraud levels, financial losses incurred by tenants, and the volume of official rental agreements. Regression analysis methods were employed to evaluate the short-term and long-term effects of digitalization. Data were collected from official sources, including Rosreestr, the Federal Tax Service of Russia, the Central Bank of Russia, Eurostat, and the OECD. A financial and economic analysis was conducted to examine the structure of rental rates, tax revenues, and the impact of digital services on macroeconomic indicators. Results. The analysis of the housing rental market dynamics over the past 24 years revealed a significant impact of digitalization on reducing financial risks and fraud levels. The application of a regression model identified a consistent inverse relationship between the growth in the share of digital transactions and the number of fraudulent schemes. The financial and economic analysis demonstrated that over the past two decades, tenant losses due to fraudulent activities have decreased by a factor of 3,5. This is attributed to the expansion of protective tools on digital platforms, enhanced verification controls for landlords, and the implementation of transaction insurance mechanisms. However, despite the positive effects of digitalization, a portion of the market remains in the «gray zone», limiting the potential growth of tax revenues. Research perspectives. In the long term, comprehensive digitalization could become a key tool for bringing residential rental relationships out of the shadows, expanding the tax base, and protecting tenant interests. This study provides recommendations for government authorities and digital platforms aimed at developing effective control mechanisms and safeguarding participants in the rental market.

This study examines the dynamics of rental time on market (TOM) for residential properties in Szczecin, Poland, from 2016 to 2023. Using data from the regional MLS system administered by the West Pomeranian Association of Realtors (ZSPON), the analysis spans four distinct periods: pre-pandemic (2016–2019), pandemic onset (2020), transitional recovery (2021), and post-pandemic normalization (2022–2023). The study investigates two primary hypotheses: (H1) TOM differs significantly across pandemic phases; and (H2) TOM is correlated with rental price levels. Employing Kaplan-Meier survival analysis and General Linear Modeling (GLM), the results confirm both hypotheses. TOM increased sharply during early pandemic phases and decreased in subsequent years, though not returning to pre-pandemic levels. Additionally, listings with mid-range prices consistently showed the shortest TOM, while overpriced and underpriced listings were associated with longer market exposure. The findings contribute to the understanding of how external shocks, such as the COVID-19 pandemic, induce both temporary and persistent changes in rental market behavior. The study also offers practical implications for real estate professionals, suggesting that TOM-based modeling can enhance pricing and listing strategies, particularly during periods of uncertainty or recovery.