Estimates Of Rents Research Articles

Estimating resource rents for Mozambique

This paper estimates resource rents for Mozambican coal mining using company-level data employing the residual value method devised by SEEA-Energy (the multi-purpose conceptual framework for organising energy-related statistics) and compares the findings with the World Bank's estimates of coal rents. The latter estimates are often used in the resource curse literature and also guide the World Bank's policy notes, forming the baseline of their policy advice on resource exploitation. On average, the results show unit coal rents for the 2011–2020 period that are less than half of the World Bank estimates, suggesting that the World Bank overstates coal rents for Mozambique considerably. The main driver of this discrepancy is the World Bank's underestimation of extraction costs. The results suggest that studies employing resource rent estimates should consider sensitivity analyses and greater use of local data, and that the World Bank's policy advice should be interpreted cautiously to avoid unreasonably high expectations.

Extracting real estate values of rental apartment floor plans using graph convolutional networks

Access graphs that indicate adjacency relationships from the perspective of flow lines of rooms are extracted automatically from a large number of floor plan images of a family-oriented rental apartment complex in Osaka Prefecture, Japan, based on a recently proposed access graph extraction method with slight modifications. We define and implement a graph convolutional network (GCN) for access graphs and propose a model to estimate the real estate value of access graphs as the floor plan value. The model, which includes the floor plan value and hedonic method using other general explanatory variables, is used to estimate rents, and their estimation accuracies are compared. In addition, the features of the floor plan that explain the rent are analyzed from the learned convolution network. The results show that the proposed method significantly improves the accuracy of rent estimation compared to that of conventional models, and it is possible to understand the specific spatial configuration rules that influence the value of a floor plan by analyzing the learned GCN.

LAND RENT IN THE CENTRAL BUSINESS DISTRICT OF A CITY AS A KEY FACTOR OF SOCIAL SERVICE DEVELOPMENT

This article summarizes different approaches to investigation of land rent in the central place system e.g. in the business district of a large city or agglomeration as a key factor of social service development. The main purpose of the study is increase of profitability and competitiveness of service enterprises due to improvement of their location in the business district centre. Systematization of literature sources and approaches to solving the problem of land rent in central business district development allowed to single out the works of domestic scientists such as Tkachenko T. I., Drapikovskyi O. I., Ivanova O. O., Gritsai O. V., Vakulenko V. M., Dekhtiarenko Yu. F., Zakharchenko V. I., Litvinenko R. I., as well as researches of foreign scientists such as Fujita M, Thisse J.-F., Henderson V., Herbert Giersch. The urgency of solving this scientific problem is that land rent in central place system e.g. in the business district of a large city became the main driver of service sector development. The study of land rent development in the article is carried out in the following logical sequence: land rental development of trade objects in a monocentric city, retail locations, rent for trade in episodic demand goods, rent for trade in goods of constant demand, the main feature of the trading enterprises rent investigation, residential land rent of a city, two rent types of residential development estimation, rent function with replacement of production factors instead of output or rent gradient investigation. Methodical tools of the conducted research are methods of formalization, algorithm development, descriptive, analytical and synthetic. The object of the study is land rent development in the central business district of a large city or agglomeration. The article presents the results of an empirical analysis of land rent development in the central business district, which showed its influence on service sector location and growth. The study empirically confirms and theoretically proves procedures of land rent estimation for increasing profitability and competitiveness of service enterprises due to improvement of their location. The results of this study may be useful for different Tourism and Service Companies looking for the best location place in the central business district of a large city.

Applying reinforcement learning to estimating apartment reference rents

In apartment revenue management, rental rates for new and renewal leases are often optimized around a reference rent, which is defined as the “economic value” of an apartment unit. In practice, reference rents are usually estimated using some rules-based approaches. These rules are mostly intuitive to understand and easy to implement, but they suffer from the problems of being subjective, static, and lacking self-learning capability. In this study, we propose a reinforcement learning (RL) approach to estimating reference rents. Our intent is to find the optimal reference rent estimates via maximizing the average of RevPAUs over an infinite time horizon, where RevPAU (Revenue per Available Unit) is one of leading indicators that many apartments adapt. The proposed RL model is trained and tested against real-world datasets of reference rents that are estimated with the use of one rules-based approach by two leading apartment management companies. Empirical results show that this RL-based approach outperforms the rules-based approach with a 19% increase in RevPAU on average.

Economic Assessment of Ecological and Social Functions of Forest Resources in the System of Sustainable Spatial Forestry

The article substantiates the theoretical and methodological approaches to determining the economic assessment of ecological and social functions (services) of forest resources in relation to the timber valuation, as well as the main directions for its use in the context of sustainable spatial forestry. A variant classification of forest resources functions is proposed, the peculiarity of which is as follows: forest resources are considered in the format of forest resource space and forest management space; forest resources are presented in relation to their diverse productivity, which determines the volume of forest ecosystem services flow. From these perspectives the coefficient system of economic value of ecological and social functions (ecosystem services) of forest resources in annual measure concerning rent estimation of a wood stock is expanded. In the system format the directions of economic estimation use of ecological and social functions of forest resources are formed as follows: information-analytical and ecological-economic mechanism of forest management in sustainable forestry system. Information and analytical direction includes the following components: forest management; state cadastre and forest accounting; forest monitoring; forest inventory; scientific forestry and ecological component. Within the environmental and economic mechanism of forest management in the system of sustainable spatial forestry development it is offered to use economic assessment of ecological and social functions (ecosystem services) in the following directions: planning, designing, programming, exploitation and reproduction of forest resources; payment for the forest resources use on a multi – purpose basis; pricing for ecosystem forest products and services; evaluation of forestry effectiveness; assessment of economic losses in the system of ecological and economic responsibility; capitalization of forest resources; forest certification.

ЕКОНОМІЧНІ ТА ПРАВОВІ ПЕРЕДУМОВИ ОБЛІКОВОГО ВІДОБРАЖЕННЯ РЕНТИ

Стаття присвячена уточненню облікового компоненту ренти як економічної категорії, а також визначення правових та економічних передумов бухгалтерського обліку ренти. Встановлено, що згідно чинного законодавства та відсутності прямих заборон, рентні відносини можуть відбуватися: виключно між фізичними особами, виключно між юридичними особами; між юридичною та фізичною особами. Правильно побудований процес ідентифікації ренти містить ряд економічних важелів впливу на виробництво, за допомогою яких забезпечується співпраця між окремими ланками й учасниками виробничо-комерційного процесу, а також стимулювання процесу удосконалення технологій і підвищення ефективності використання ресурсів. Встановлено, що правовими підставами обліку результатів рентних відносин є: ідентифікація суб’єкта, якому належить об’єкт (рентоутворюючий фактор (ресурс)) та суб’єкта, який використовує об’єкт (рентоутворюючий фактор (ресурс)); регламентація механізму реалізації рентних відносин; правова підстава для розрахунків за рентоутворюючий фактор (ресурс), договор ренти, або інший правовий акт, що урегульовує рентні відносини.

머신 러닝 방법을 이용한 오피스 임대료 산정 -랜덤 포레스트, 인공 신경망, 서포트 벡터 머신 활용을 중심으로-

본 연구는 최근 자동 평가 모형과 관련한 연구에서 보편적으로 활용되고 있는 랜덤 포레스트, 인공 신경망, 서포트 벡터 머신을 사용하여 오피스 임대료 산정 모형을 구축하고 이들의 적용 가능성을 검토하였다. 이를 위해 서울시에 소재한 507동 오피스의 임대 조사 자료를 활용하여 각 방법별 최적 모형을 구축하고 이들의 성능을 비교하였고, 가장 좋은 성능을 보인 모형으로부터 PD plot을 도출하였다. 표본 전체를 대상으로 하여 임대료 산정모형을 구축한 결과, 모형별 성능의 순위는 서포트 벡터 머신 모형, 인공 신경망 모형, 랜덤 포레스트 모형 순으로 나타났고, 서포트 벡터 머신 모형으로부터 PD plot을 도출하여 해당 모형이 공실률이 높을수록, 전용률이 높을수록, 연면적이 클수록, 층수가 높을수록, 연식이 낮을수록, 승강기수가 많을수록 임대료를 높게 산출하는 것을 확인하였다. 주차대수는 모형의 예측값과 2차 곡선의 형태를 보이는 것으로 나타났다. 추가적으로 표본을 초대형, 대형, 중대형, 중형 등급으로 나누어 각 규모 등급별 임대료 산정 모형을 각각 구축하고 이들의 PD plot을 도출하였다. 본 연구는 다양한 머신 러닝 방법을 사용하여 오피스 임대료 산정 모형을 구축하고자 하였다는 점, PD plot을 통해 모형의 학습 결과에 대한 해석을 시도하였다는 점, 규모 등급별 임대료 산정 모형을 각각 구축하여 그 결과를 제시함으로써 규모 등급별 분석의 필요성을 입증하였다는 점에서 의의를 갖는다.

Deriving Local Trend Factors for Fair Market Rent Estimation

Deriving Local Trend Factors for Fair Market Rent Estimation

IDENTIFICATION OF ECONOMIC AND LEGAL PRECONDITIONS FOR RENT ACCOUNTING

The urgency of the research consists in the existence of challenging issue regarding the equitable distribution of existing natural resources between existing and future generations, the question of formation, distribution, and use of rent. The economic theory clearly identifies features of rental relations at the government level, but there is no information on accounting reflection of rent as one of the types of income of an economic entity in bookkeeping. Level of information content about rental income remains problematic. This leads to a targeted reduction in the availability of information on income from the use of rental resources since none of the forms of existing types of reporting provides any information on any type of rent. The purpose of the research was to specify the accounting component of rent as an economic category, as well as to determine legal and economic preconditions for rent accounting. The methodological basis of the research is the dialectical method of knowing the essence of the rent and rental relations; general scientific methods of scientific knowledge (analysis, abstracting, synthesis, generalization), bibliographic method of transformation of economic essence and legal content of rent and rental relations, analysis of legal acts in the part of implementation of the contract of rent, method of grouping of economic and legal preconditions for establishing an effective segment of rent accounting. Scientific results. It was established that transformation of the modern mechanism of fragmentary regulation of rental should occur systematically, with obligatory improvement of accounting methods of rent resources and development of a method for calculating rental income, as well as a taxation system of extra profits taking into account specific sources and conditions for the formation of various types of rent. With the purpose of transformation of rental relations in the part of the improvement of accounting of income including rents, legal and economic preconditions for rent accounting are identified. In particular, it was established that the legal basis for accounting of the results of rental relations is the identification of the entity, to which the object belongs (rent-forming factor (resource)); of the entity that uses the object (rent-forming factor (resource)); of the mechanism of implementation of rental relations; of an indisputable reason for calculating the rental factor (resource), – a contract of rent or other legal instrument regulating rental relations. The main economic preconditions necessary and sufficient for the organization and keeping of rent accounting by the economic entity are as follows: an object, – the rent-forming factor (resource), which the economic entity-rent payer uses (exploits); economic benefit from the use (operation) of such an object; income of the entity that uses (exploits) such an object that includes the rent; rent estimation for determining rental income, a share of rent in income from a certain type of activity and subsequent implementation of rent payment; documenting and accounting of rent accounts (rental income) and rent payment, followed by their reflection in the financial statements of the business entity-rent payer. The practical significance of the research is to identify preconditions for the formation of a rent accounting methodology, as well as to form information support for analysing the competitiveness of business entities and determining their financial stability.

International Real Estate Review

Metro market real estate cycles for office, industrial, retail, apartment, and hotel properties may be specified as first order Markov chains, which allow analysts to use a well-developed application, ¡§staying time¡¨. Anticipations for time spent at each cycle point are consistent with the perception of analysts that these cycle changes speed up, slow down, and pause over time. We find that these five different property types in U.S. markets appear to have different first order Markov chain specifications, with different staying time characteristics. Each of the five property types have their longest mean staying time at the troughs of recessions. Moreover, industrial and office markets have much longer mean staying times in very poor trough conditions. Most of the shortest mean staying times are in hyper supply and recession phases, with the range across property types being narrow in these cycle points. Analysts and investors should be able to use this research to better estimate future occupancy and rent estimates in their discounted cash flow (DCF) models.

New Insights into Rental Housing Markets across the United States: Web Scraping and Analyzing Craigslist Rental Listings

Current sources of data on rental housing—such as the census or commercial databases that focus on large apartment complexes—do not reflect recent market activity or the full scope of the US rental market. To address this gap, we collected, cleaned, analyzed, mapped, and visualized eleven million Craigslist rental housing listings. The data reveal fine-grained spatial and temporal patterns within and across metropolitan housing markets in the United States. We find that some metropolitan areas have only single-digit percentages of listings below fair market rent. Nontraditional sources of volunteered geographic information offer planners real-time, local-scale estimates of rent and housing characteristics currently lacking in alternative sources, such as census data.

Forgoing full value? Iron ore mining in Newfoundland and Labrador, 1954–2014

This paper offers a quantitative and contextual analysis of key variables related to the economic value of iron mining in the Canadian province of Newfoundland and Labrador (NL) over the last 60 years, including production, gross value, employment, wages, and government revenue. It also offers estimates of rent, defined as income over extraction costs including a ‘normal’ return to capital, in the NL iron ore industry for the only period for which there are adequate data, 2000–2014, and provides a critique of the ‘concession system’ that allows private royalty payments between iron ore mining companies and companies holding the leases on which they operate. Framed this way, with emphasis on the direct economic benefits of iron mining to the provincial state, the paper engages with longstanding concerns about the kind of economic growth that resource extraction encourages, as well as with research that emphasizes the role of rent – its magnitude and distribution between industry and government – in promoting or hindering regional development. It concludes by considering the policy implications of the analysis, in particular the potential for greater economic returns to the province in a globalized mining economy, and in the context of indigenous land claims in the mining area.

New Insights into Rental Housing Markets Across the United States: Web Scraping and Analyzing Craigslist Rental Listings

Current sources of data on rental housing – such as the census or commercial databases that focus on large apartment complexes – do not reflect recent market activity or the full scope of the U.S. rental market. To address this gap, we collected, cleaned, analyzed, mapped, and visualized 11 million Craigslist rental housing listings. The data reveal fine-grained spatial and temporal patterns within and across metropolitan housing markets in the U.S. We find some metropolitan areas have only single-digit percentages of listings below fair market rent. Nontraditional sources of volunteered geographic information offer planners real-time, local-scale estimates of rent and housing characteristics currently lacking in alternative sources, such as census data.

House Rent Estimation in Dhaka City by Multi Layer Perceptions Neural Network

This paper attempts to build an artificial neural network that can estimate the median price of a home in a neighborhood described by forty demographic attributes in areas of Dhaka City namely Dhanmondi, Baridhara, Gulshan, Mirpur, Uttara and Old Dhaka. A structured questionnaire was used to collect the relevant data and the housing data sets was used to develop constant quality price indices using traditional econometric techniques and using neural networks incorporating genetic algorithms. Factors including house size, house age, house type, number of bedrooms, number of bathrooms, number of garages, amenities around the house and geographical location are considered. The analysis indicates that neural networks act as real alternative to the econometric methods. In this paper thirteen conditional attributes have been considered to estimate the house rent. This paper provides some indicative policy guidelines to handle the house rent problem in the Dhaka City and suggests that a rent controller should be appointed for each ward and maximum rents for particular areas should be gazette and the rents should be paid through banks.

Benefits of earth observation data for conservation planning in the case of European wetland biodiversity

SUMMARYTo evaluate the status of biodiversity and to determine how current conservation efforts can be improved, biodiversity monitoring is crucial. An important aspect of data quality lies in its spatial resolution. It is unclear how finer scale land cover and land value information might further benefit biodiversity conservation. This paper aimed to assess the impacts of scale by modelling the conservation of endangered European wetland species and their corresponding habitats. Fine-scale datasets were derived by integrating existing geographical, biophysical and economic data. A habitat allocation model, based on principles from systematic conservation planning and economic theory, was developed to estimate area requirements and opportunity costs of habitat protection in Europe. Coarse-scale and fine-scale simulations were compared by inputting both resolutions into the model. Habitat locations were restricted either only by historical species occurrence data at UTM 50 resolution or additionally by explicit wetland data at 1-km2 resolution. Coarse country-average land rents were contrasted with spatially detailed land rent estimates at a 5ʹ resolution. Costs of habitat protection and area requirements for reserves may be severely underestimated when conservation planning relies only on coarse-scale data, which may result in notable shortcomings in conservation target achievement. Improvements in conservation benefits far outweigh the additional costs of acquiring fine-scale data.

Why Do Landlords Include Utilities in Rent? Evidence from the 2000 Housing Discrimination Study (HDS) and the 2002 American Housing Survey (AHS)

This study assesses the decision to include utilities in the rent and the effect of this decision on rents. We utilize individual house-level data from the 2000 Housing Discrimination Study (HDS) and 2002 American Housing Survey (AHS), and determine that the cost of meter installation is not the only reason that utility costs are included in rent. We find evidence that landlords include utilities in the rent to attract more customers. Additionally, our findings demonstrate that utility inclusion behavior differs significantly between old and new building owners. For the hedonic rent estimation, we find that the decision to include the cost of utilities in the rent raises rent.

Accounting for owner-occupied dwelling services: Aggregates and distributions

Research linking macro and micro statistics of dwelling services is in its infancy in the U.S. including work by the Bureau of Economic Analysis, Bureau of Labor Statistics, and the Census Bureau. Comparisons of aggregated estimates generated from micro-level data to estimates at the macro-level can inform both levels on the accuracy and precision of methods and data sources. In this study, the treatments of housing in the macro statistics of the National Accounts and in the micro statistics of household expenditure and income surveys are examined. Three approaches to value dwelling services using household survey data are compared: capitalization rate, hedonic, and rental equivalence. Estimates are produced using data from the U.S. Consumer Expenditure Survey and American Housing Survey. Estimated aggregates of implicit net rental income from owner-occupied housing are compared to the aggregate value in the National Accounts. Possible sources of differences in the macro- and micro-based aggregates are discussed. The effects of adding net implicit rental income on income distributions are examined, particularly on inferences about the relative well-being by the age of householder. Overall, only marginal reductions in income equality result when net rental incomes are added to before tax money income; this only occurs when reported rental equivalence and return to home equity are used as methods of rent estimation.

A model for differentiation of rent estimates

A balance model is considered for studying the land rent problems. The model is rather simple as regards information supply and huge problems. In similar balance models, we can determine land rent estimates depending principally on the natural properties of the land and the combination of the circumstances of its use.

The hidden taxable capacity of land: enough and to spare

PurposeA tax based on land value is in many ways ideal, but many economists dismiss it by assuming it could not raise enough revenue. Standard sources of data omit much of the potential tax base, and undervalue what they do measure. The purpose of this paper is to present more comprehensive and accurate measures of land rents and values, and several modes of raising revenues from them besides the conventional property tax.Design/methodology/approachThe paper identifies 16 elements of land's taxable capacity that received authorities either trivialize or omit. These 16 elements come in four groups.FindingsIn Group A, Elements 1‐4 correct for the downward bias in standard sources. In Group B, Elements 5‐10 broaden the concepts of land and rent beyond the conventional narrow perception, while Elements 11‐12 estimate rents to be gained by abating other kinds of taxes. In Group C, Elements 13‐14 explain how using the land tax, since it has no excess burden, uncaps feasible tax rates. In Group D, Elements 15‐16 define some moot possibilities that may warrant further exploration.Originality/valueThis paper shows how previous estimates of rent and land values have been narrowly limited to a fraction of the whole, thus giving a false impression that the tax capacity is low. The paper adds 14 elements to the traditional narrow “single tax” base, plus two moot elements advanced for future consideration. Any one of these 16 elements indicates a much higher land tax base than economists commonly recognize today. Taken together they are overwhelming, and cast an entirely new light on this subject.

What is environmental income?

A growing number of studies have revealed the dependency, particularly of poor people, on income from wild and uncultivated resources. Inclusion and analysis of environmental income are important in diagnosing the extent of poverty, for understanding its causes, and in identifying policies for its alleviation. The concept of environmental income is, however, poorly developed. Different studies use different measures, while underlying assumptions are often neglected or only partly revealed. In this paper, we analyze the concept of environmental income with respect to its sources, appropriate income measures, and ways of separating environmental income from non-environmental income. We argue that natural rent realized, through consumption or alienation, within the first link of a market chain provides a precise and logically consistent measure of environmental income under conditions of perfect competition. Because of frequent imperfections in rural markets, however, and because estimation of rent may be infeasible, a value added measure may sometimes have to be substituted. Regardless of which of the two concepts is chosen, explicit specification would represent a significant improvement in much of the current literature.