Rental Property Research Articles

O mercado de aluguel de imóveis comerciais e de serviços em centros históricos brasileiros: Implicações da conservação inovadora e da destruição aniquiladora nos preços dos bens patrimoniais

Diante da importância do parque imobiliário de locação destinado às atividades terciárias nos centros históricos brasileiros, este artigo pretende desenhar um esquema interpretativo do funcionamento desse mercado, tendo como fundamento o centro histórico recifense, em Pernambuco, com base na averiguação dos comportamentos dos seus agentes, os quais agem ora impulsionados a conservar os valores históricos dos bens patrimoniais (conservação inovadora), ora a destruí-los e, assim, aniquilar os valores neles presentes (destruição aniquiladora). Para isso, foi necessário analisar a relevância do rentismo imobiliário; as características dos bens transacionados quanto à heterogeneidade e às perspectivas de aumento da oferta; o perfil e o grau de informação dos agentes; suas condutas em face desses ativos reais e os preços de aluguéis ofertados no mercado.

Examining the impact of short-term rental regulation on peer-to-peer accommodation performance: a difference-in-differences approach

ABSTRACT On 21 October 2016, New York State Governor Andrew Cuomo signed a bill into law prohibiting advertisements for illegal short-term rentals. This study examines the impact of the regulation on the performance of peer-to-peer accommodations and offers new empirical evidence about illegal rental property listings in New York City. To achieve the study aims, a difference-in-differences technique was performed via a case study of 177,424 Airbnb listings in New York City and Washington, DC. The analyses showed that the monthly revenues of Airbnb listings that were subject to the regulation decreased in the period following the passage of the regulation, suggesting that the regulation was effective in restricting Airbnb performance. The findings can contribute to an ongoing regulatory conversation about short-term rentals and have immediate implications for state legislators.

Accessing Private Rental Housing in the Absence of Housing Information in Ghana

While housing research in the developed world illustrates rental information channels, little is known about the situation in developing countries. This study examines the channels of information that are used in the private rental housing market by renters using Kumasi metropolis in Ghana as a case study. Using qualitative research methods involving interviews, findings show that unlike the developed world where rental information is readily available online, renters rely on a network of friends, relatives, co-worshippers and informal agents to find rental properties. A personal search is also common amongst renters. The use of these channels of information is founded on the absence of publicly available rental data. It is suggested that the rental space be regulated as a starting point to ensuring more formality and a better flow of information in the rental market.

A dynamic decision support system for evaluating peer-to-peer rental accommodations in the sharing economy

Abstract Accommodation accounts for one of the biggest expenses while traveling, and deciding where to stay is often confusing and time-consuming. Fortunately, travelers have more options than ever before because of the substantial growth of the peer-to-peer (P2P) short-term rentals in the sharing economy. Designing a user-friendly system that considers travelers’ preferences in choosing the right accommodation can enhance customer satisfaction and increase profitability. We propose a dynamic decision support system based on the theory of multi-criteria decision making to assist travelers in personalizing their preferences and finding quality accommodations in the dominant P2P market that aligns with those preferences. We use the fuzzy best-worst method to measure the intensity of the user’s preferences and the fuzzy technique for order of preference by similarity to the ideal solution (TOPSIS) to score and evaluate alternative P2P rental properties. We present a case study in the P2P rental accommodations industry to demonstrate the applicability of the method proposed in this study.

Price and rental differentials in gated versus non-gated communities: the case of Accra, Ghana

Gated communities have become part of a global lifestyle for most residents. The study extends the literature on this global phenomenon by investigating the impact of gated developments on property values and rents using Accra, Ghana, as our study area. Applying a propensity-score matching technique to 2620 housing transactions and 811 rental units, our results reveal that houses in gated communities sell at 42% and 48% more than non-gated properties. Additionally, property owners charge 48% more for rent in gated properties when compared to other non-gated houses in our sample. The sales premiums we find are larger than premiums documented in developed economies. The article provides nascent evidence about rental premiums in gated communities. We posit that the sales and rental premiums we observe in gated properties in Accra are driven by the need for quality housing services, prestige, personal security and security of tenure. This work should be of interest to real estate developers and policymakers.

An Evaluation of the Relevance of Current Traditional Leases in Commercial Properties as Compared to Green Leases

Many leading organisations worldwide, have adopted their workplaces as a means to meet a range of financial drivers thereby, secure competitive advantage, through sustainability in built environment. The lack of exploitation of this concept by the commercial property market of Botswana led to the research question for this study. Could it be because the conventional leasing yield the maximum benefits or that what literature and other international policy makers are promoting is something sensational rather than statement of common truth? The purpose of this study was to provide an answer to whether traditional leases are common in Botswana property market as compared to green leases which can be adopted as an alternative sustainable management practice. In realizing the objectives, the study investigated and compared the performance of properties both under green leasing and conventional or traditional leasing by measuring the performance indicators. These performance indicators were operational cost, vacancy rates and utility cost per metre. By utilizing the green design evaluation model, sustainable measures or fixtures were used as input variable in this model whilst profit maximization or returns on investment in commercial properties were treated as variables dependent on operational expenses, vacancy rates and generally costs were the output of this model. From three office nodes of Gaborone purposely selected by the researchers, data was collected through the use of a questionnaire and was analysed using descriptive statistics and overall mean scores were utilized to present the findings. The analysis also indicated that the differences between traditional and green leases in Botswana currently are minimal and therefore, current leases are still relevant to the commercial property market. The implications of the results are that though green leases are sustainable, traditional leases are still relevant and mostly utilised in Botswana’s leasing market. The study recommends policy change if green leases are to become more prominence in the rental property market.

U-18 Narrations of the Wives of The Rasool (PBUH) and research review of some Jurisprudential issues related to Zakat

Islam is complete code of life. Zakah as one of the five pillars of Islam. It is a religious duty for all Muslims who meet the necessary criteria of wealth.Zakah is playing a crucial role in the maintainance of financial and social norms. Each and every social aspect of todays’ society is incomplete without financial assistance. The liqvification of resources is eminent in the present time and zakah is the only authentic and credible source of this task. In the present study zakah is discussed in the light of contemporary issues such as rented property, modgage property and money, loan money, jewls in the dresses and in body organs and many others, which were generated absent in past. The authenticity of zakah issues are resolved in the light of references from umhat-ul-Mominine. This study will help to eradicate the ambiguities faced by general public. So in this way, this article is very useful for solving of fiqi problem in Zakah.

Depopulation of Toledo's historical centre in Spain? Challenge for local politics in world heritage cities

The historical centre of the city of Toledo (Spain) was declared a World Heritage City by UNESCO in 1986. Since then, it has lost almost a quarter of its population in favour of the city outskirts, outside the city walls. There are a number of reasons for this population abandonment. Like many cities around the world which share the similar characteristics of being a popular tourist attraction with a historical centre, Toledo is threatened by the same problems: gentrification, loss of shops for residents in favour of tourist shops, tourist rental properties still without effective regulations, and so on. A greater proportion of the older population live in the historical centre compared to outside the city walls and the proportion of children continues to decrease. This article analyses this situation in detail, offering alternatives for its recovery. The main novelty of the manuscript is the proposal of a higher level of citizen participation than there is to achieve the objective of population recovery, with collaboration among citizen associations, residents and local authorities.

The psychological impact of childhood homelessness-a literature review.

In August 2019, 3848 children in Ireland were faced with emergency homelessness[1]. In recent years, lack of affordable housing, unemployment and shortage of rental properties have been the primary driving factors for the potentially devastating impact of familial homelessness in our society[1]. Our aim was to evaluate current knowledge on the psychological impact of homelessness in children. Using the PRISMA model, we performed a review of the currently available literature on the psychological impact of homelessness on children. This concept was explored under two different categories-'transgenerational' and 'new-onset homelessness'. Hidden homelessness was also explored. Our literature review revealed several psychological morbidities which were unique to children. This includes developmental and learning delays, behavioural difficulties and increased levels of anxiety and depression[66, 77, 40, 81, 42]. This has been demonstrated by poorer performance in school testing and increased levels of aggression. Anxiety in children within this cohort has been shown to peak at time of dispersion from their stable home environment[67]. Our study highlights violence, aggression and poor academic learning outcomes to be just some of the key findings in our review of homelessness in childhood, worldwide. Unfortunately, there has been minimum research to date on paediatric homelessness within the context of the Irish population. We anticipate this review to be the first chapter in a multipart series investigation to evaluate the psychological morbidity of paediatric homelessness within the Irish Society.

Separation and Elevated Residential Mobility: A Cross-Country Comparison

This study investigates the magnitude and persistence of elevated post-separation residential mobility (i.e. residential instability) in five countries (Australia, Belgium, Germany, the Netherlands, and the UK) with similar levels of economic development, but different welfare provisions and housing markets. While many studies examine residential changes related to separation in selected individual countries, only very few have compared patterns across countries. Using longitudinal data and applying Poisson regression models, we study the risk of a move of separated men and women compared with cohabiting and married individuals. We use time since separation to distinguish between moves due to separation and moves of separated individuals. Our analysis shows that separated men and women are significantly more likely to move than cohabiting and married individuals. The risk of a residential change is the highest shortly after separation, and it decreases with duration since separation. However, the magnitude of this decline varies by country. In Belgium, mobility rates remain elevated for a long period after separation, whereas in the Netherlands, post-separation residential instability appears brief, with mobility rates declining rapidly. The results suggest that housing markets are likely to shape the residential mobility of separated individuals. In countries, where mortgages are easy to access and affordable rental properties are widespread, separated individuals can rapidly adjust their housing to new family circumstances; in contrast, in countries with limited access to homeownership and small social rental markets, separated individuals experience a prolonged period of residential instability.

The conflict over GM soybean seed saving in Argentina: ground rent, social actors, biotechnology, and intellectual property rights

ABSTRACT In this paper, we aim to examine the changing dynamics of the conflict over seed saving of genetically modified soybeans in Argentina. After analysing recent global transformations in seed production, we provide a summary of some noteworthy examples of this confrontation, stressing the actions taken by the social actors involved, in particular the state, whose role in the conflict has changed over time. After battling the attempts of biotechnology and seed companies to charge fees for seed saving, the state has allowed the implementation of a royalty collection system for biotechnological traits. This political shift, we argue, is linked to the specificity of capital accumulation in Argentina, which is based on the appropriation of ground rent.

Betting on capital gains: housing speculation in Auckland, New Zealand

PurposeThe purpose of this paper is to examine housing speculation in Auckland, New Zealand, the second most unaffordable market in the world.Design/methodology/approachThe study considers rental property purchases from 2002 to 2016 within the Auckland region. The authors apply a simple cash flow model that emulates the before-tax investment calculations used during purchasers’ due diligence. From this model, the authors determine whether purchases involved speculation on capital gains or not and the authors estimate the degree of speculation at the transaction level.FindingsThe authors find that housing speculation in Auckland is endemic and its housing market is a politically condoned, finance-fuelled casino with investors broadly betting on tax-free capital gains.Social implicationsAlthough political leaders have decried that the “speculation-driven housing bubble in Auckland is a social and economic disaster”, the government’s main anti-speculation tool – the Income Tax Act’s intention test – sits idle and inoperable. By holstering this key policy tool, politicians foster housing speculation and use residential property investment to buttress New Zealand’s asset-based welfare system.Originality/valueThe authors develop novel methods to objectively distinguish speculators from genuine investors, measure the speculative pressure applied by individual rental property purchasers and outline an evidence-based approach to operationalise New Zealand’s currently impotent anti-speculation tool, the intention test.

Retrofit Poverty: Socioeconomic Spatial Disparities in Retrofit Subsidies Uptake

Framed in the concept of distributional justice, retrofit poverty may be understood as the inequality of opportunity to improve the energy performance of the home. Retrofitting existing homes may have substantial carbon-mitigation and cost-saving potential. Retrofit subsidies may increase energy improvement activities, raise awareness and lever market offers. However, there is concern about inequitable outcomes. This quantitative study used publicly available data sets to explore the socioeconomic and spatial distribution of the outputs of a market-based, white certificate programme for residential energy-efficiency improvements in the state of Victoria, Australia, between 2009 and 2017. Certificates signified avoided carbon emissions as a proxy for energy cost savings. Regression analyses combined data of certificate generation with socioeconomic indices, dwelling numbers and tenure characteristics at the postcode level. Areas with lower economic resources and higher shares of rented dwellings were statistically significantly associated with lower certificate generation intensity. As low-income households and renters feature highly in metrics of energy stress, the uneven distribution of benefits suggests that a utilitarian distributive subsidy approach may be regressive and (re)produce energy inequalities. A better understanding of the contexts, compositions and mechanisms that characterise retrofits is needed to develop socially equalising and effective policy tools. Policy relevance This paper addresses the distributive justice implications of residential energy-efficiency subsidies in Victoria, Australia. The relationships between white certificate generation intensities and variables that have been associated with energy hardship revealed inequities in the distribution of benefits. Lower outcomes in subsidy benefits in areas with low economic resources and high percentages of rented properties suggest that non-targeted financial incentives may be regressive and (re)produce energy inequalities. However, the data also suggest that the subsidy programme may have triggered a social normalisation of residential retrofit activities. Revealing retrofit scheme participation as a multidimensional issue with monetary, social and structural indicators, the study highlights that policies addressing the social impacts of low-carbon transitions must look to retrofit opportunity (dis)advantage. A restorative justice approach points to tailored retrofit-enabling schemes targeted at enhancing capabilities of vulnerable households, which may include targets for financially disadvantaged groups and setting minimum rental housing standards.

Unrealised opportunities for residential solar panels in Australia

Rooftop solar power production is particularly relevant to climate change mitigation in Australia given the country's high insolation rates. However, residential adoption rates vary across the country with potential for increasing uptake, particularly on apartment buildings and rental properties. This study focuses on past and future motivations for the adoption of rooftop solar panels and the barriers people perceive upon adoption. An online survey was conducted with 1126 respondents across Australia showing that 65% of those who had no solar panels were intending to adopt them. Results of best-worst scaling showed that motivations for past and future adoptions did not differ significantly and that economic motivations predominated, particularly for homeowners. Renters, a group often overlooked in the production of solar energy, strongly desired solar panels, often for environmental reasons, but were discouraged by uncertainties about the costs and benefits of installing solar. This reveals a need for policies that help renters and landlords, and those in multi-unit dwellings, to find ways in which the costs and benefits can be shared equitably. This will become more important as energy costs rise and urbanisation intensifies.

Smart Contract for Real Estate Using Blockchain

The commercial real estate (CRE) industry appears to take pride in keeping several aspects of its operations private, such as comparable lease rental rates, property prices, and valuations, to create a possible competitive advantage. However, secrets are hard to keep and may not even be desired in today’s hyperconnected and digitized world. In response to greater demand for ​transparency, ​technology advancements and the disintermediation by startups are gradually making some of this information public. As a result, property-related information is increasingly available in digital and paper form. However, a significant portion of the digitized information is hosted on disparate systems, which results in a lack of transparency and efficiency, and a higher incidence of inaccuracies that creates a greater potential for fraudulence. This paper aims to present the Blockchain and smart contract for a specific domain which is real estate. Currently, the real estate business online is at risk of fraudulence. The main objective of this project is to create a platform to maintain transparency in the real estate world so that no fraudulent activities can happen due to false contracts. Goal is to create tamper proof systems and to remove third party reliability for transactions. Consensus algorithms such as Proof of Work and Proof of Authority can be used to achieve consensus in the network. Blockchain uses Proof of work concept to ensure transaction denial thus helping remove denial of services. Proof of authority on the other hand ensures only authorized smart contracts pass the system.

San Francisco: rental restrictions and pre-restriction host listing motivation

PurposeSan Francisco started regulating short-term vacation rentals on rooms/apartments/houses located within city limits in September 2019. The objectives of this conceptual-scenario and regression study are to calculate the present value of the net earnings for a short-term residential rental property located in San Francisco pre-regulation and post-regulation, and consider a financial reason motivating households to list properties as short-term rentals.Design/methodology/approachA present value approach is used to estimate the value of rental space to tourists prior to the passage of San Francisco's short-term rental regulations compared to post-rental rules. Table 2 shows pre- and post-income scenarios. Price increases of +20, +40 and +60 percent over the initial base rate failed to restore host earnings to pre-registration levels. The present value model calculates the net revenue less net cost associated with listing a property. The regression model uses the number of listings as the dependent variable, and housing prices divided by weekly wages as independent variables.FindingsThe short-term rental regulations significantly reduce the profitability associated with short-term tourist stays offered by hosts and listed by online platforms. A host earns pre-regulation income when average daily rents increase by approximately 71.5 percent. It will likely limit income earned by hosts and Airbnb and other shared housing website platforms due to the reduced number of rental days allowed for shared housing caused by ordinances and host enrollment restrictions. The regression model results suggest that homeowners were listing properties for rent to help cover higher priced property purchases.Research limitations/implicationsAirbnb, VRBO, Booking.com, and HomeAway are all private companies; this means that financial information is not publicly available. HomeAway, VRBO, and Booking.com are companies owned by Expedia. FlipKey is owned by TripAdvisor. Due to limited public information regarding income statements and property listing trends, regression analysis and descriptive statistics cannot be generated using audited financial statements.Practical implicationsRent control restriction frequently sets the maximum price below the market-clearing price, which results in limited supply but increase in demand for housing. The San Francisco regulations outlaw second-home rentals and seriously limit the availability of other rentals to tourists. FlipKey and HomeAway tend to rent second homes, which San Francisco now bars from being rented for short-term.Social implicationsThe San Francisco restrictions were enacted with the goal of increasing the supply of rental housing available to permanent residents by restricting short-term rentals. This may have limited short-term benefits to permanent residents, but in the long term lowers income associated with single-family housing which will encourage housing arrangements that would avoid leasing restrictions and lower the number of new houses built. Other cities also have a history of rent controls, and are experiencing housing shortages and at the same time attracting large numbers of tourists. These cities may be motivated to enact similar rental restrictions as those approved in San Francisco.Originality/valueThese short-term rental restrictions just started being implemented and enforced. A court decision upheld them. There were media reports outlining the restrictions, but enforcement has just started, so no research papers have been written about San Francisco. Prior research studies have not used net present value analysis to calculate the loss to the host by enacted ordinances restricting tourists’ length of stay and have neither tried to explain why homeowners are listing properties for short-term rentals.

Incentives to (not) disclose energy performance information in the housing market

Disclosure of energy performance certificates (EPCs) is often incomplete, which hampers their effectiveness in relieving information asymmetries between landlords and tenants in the housing market. Even when a certificate is available, landlords do not always disclose it. This contradicts the unraveling result, according to which all landlords should disclose quality information unless it is costly to do so. We leverage a cross-sectional dataset of residential rental advertisements from the Belgian region of Brussels to empirically evaluate incentives to disclose an EPC. We find that two fundamental assumptions for the unraveling result are not confirmed in our setting: tenants do not necessarily value energy performance of rental property and do not appear to rationally adjust their expectations when faced with dwellings that withhold their EPC. The paper formulates specific policy advice for reforming EPC mechanisms to increase disclosure rates.

“We Go Totally Subjective”: Discretion, Discrimination, and Tenant Screening in a Landlord’s Market

AbstractThis article examines the challenges that the contemporary political economy of rental housing poses for new efforts to regulate tenant screening using antidiscrimination law. I draw on a case study of landlord practices in Seattle, Washington, where policy makers have been on the forefront of legal efforts to regulate how landlords screen and select rental applicants in the face of an acute housing crisis. The case study investigates tenant screening and selection practices from the divergent perspectives of the targets and intended beneficiaries of new fair housing regulations, using forty-six in-depth interviews with spokespersons or experts from the rental housing industry, independent landlords and property managers, and renters with criminal, eviction, and/or damaged credit histories. I use these data to examine how landlords’ discretionary decision-making and responses to regulation are shaped by the broader legal, institutional, and economic context in which they operate. The findings illuminate how a “landlord’s market” amplifies the power imbalance that is characteristic of landlord-tenant relations, exacerbates the housing access problems posed by the proliferation of background checks, and frustrates new legal efforts to dismantle screening-related barriers to rental housing.

Mixed-Method Research to Foster Energy Efficiency Investments by Small Private Landlords in Germany

The decarbonisation of the building stock is an important element for the success of the German Energiewende (energy transition). Despite some progress having been made, the rate of energy renovation falls below the level required to meet political commitments. This gives rise to the question: what deters property owners from making energy efficiency investments and how can the policy framework foster such investments? To answer this question, the paper focuses on a widely neglected property owner group: small private landlords (SPL). Although they manage 37% of all residential rental properties in Germany, very little is known about their decision-making processes for energy efficiency investments. We applied a mixed-method design to identify factors that hindered and supported their investments. In an explorative study, we initially conducted 18 problem-centred interviews. Subsequently, we carried out a postal survey and analysed the questionnaires using a hierarchical linear regression model. The results show that energy renovation is a multi-dimensional decision-making process, which can only be adequately addressed by a comprehensive policy package. To develop such a package, the author recommends that the specific investment behaviour of SPL must be better targeted, their knowledge about energy efficiency investments must be improved through exchange and networking, a sense of responsibility for the neighbourhood must be fostered, and greater focus must be placed on improving local framework conditions.

Should I Rent My Condo?

In early 2018, Diana Mulhall was undertaking a career change that would eliminate the need for frequent business trips to Toronto. As a result, she wondered whether she should sell her condo in the heart of the Canadian city or keep it as a rental property to generate income for herself. The housing market in Toronto was booming, so Mulhall believed that the condo would fetch top dollar as a sale. She also thought it would be easy to attract tenants if she kept it as a rental. She had invested in rental property before but never outside of her hometown of Chicago, so Mulhall needed to identify the key risks associated with being a landlord in Toronto.