The impact of rental properties on the value of single-family residences

Wang, Ко; Grissom, Terry; Webb, James R.; Spellman, Lewis J.

doi:10.1016/0094-1190(91)90033-4

Cited by 42 publications

(23 citation statements)

References 31 publications

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“…Economic research suggests that owner‐occupied units can be expected to be kept up at higher maintenance levels (Galster, 1983; Galster, 1987; Ioannides, 2002; Shilling, Sirmans, & Dombrow, 1991), and that renter occupancy of single‐family homes reduces values of nearby owner‐occupied homes (Wang, Grissom, Webb, & Spellman, 1991), and that homeowners are willing to pay a premium for living near other homeowners (Coulson, Hwang, & Imai, 2003a, 2003b), that is, to avoid living near renters. Hence, ceteris paribus, subsidized rental units and tenants are hypothesized to have a negative impact on nearby home prices.…”

Section: Theoretical Framework and Hypothesesmentioning

confidence: 99%

“…Pollakowski et al (2005) also find no evidence of detrimental impacts in any of their seven case studies. A study that employed a regression model found negative impacts of renter‐occupied single‐family homes on nearby owner‐occupied homes (Wang et al, 1991). However, it suffered from the same selection bias problem of the earlier subsidized housing literature by failing to control for the usually lower preexisting price levels of unsubsidized rentals.…”

Section: Empirical Backgroundmentioning

confidence: 99%

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Spatial Heterogeneity in Spillover Effects of Assisted and Unassisted Rental Housing

Koschinsky

2009

Journal of Urban Affairs

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Three new contributions are added to the literature on subsidized rental housing impacts on nearby property values: (1) a primary focus on the spatial heterogeneity of these effects that warrants caution regarding citywide results, (2) an analysis by zoning area, and (3) a comparison of impacts with unsubsidized apartments. An adjusted-interrupted time-series (difference-indifference) model is estimated with a comprehensive data set for Seattle, Washington (1987-1997. Contrary to not in my backyard (NIMBY) expectations, the predominant impact is an upgrading effect of lower-value areas. However, spillover effects are very sensitive to how data are pooled across space: the citywide upgrading effects are driven by poorer pockets adjacent to affluent areas with no or small effects in more diverse low-and medium-income areas. They only occur in single-family, not multifamily zones. The only negative effects were associated with vouchers in one of the affluent areas. Impacts of unsubsidized rentals are very similar to those of subsidized ones, suggesting an independent effect beyond subsidy status. These findings are explained with Seattle's dispersion and good neighbor policies, with gentrification pressures as a possible alternative explanation. Site visits confirmed the location of subsidized sites in lower-value areas and the higher maintenance quality of subsidized units compared to neighboring unsubsidized units.

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Section: Theoretical Framework and Hypothesesmentioning

confidence: 99%

Section: Empirical Backgroundmentioning

confidence: 99%

Spatial Heterogeneity in Spillover Effects of Assisted and Unassisted Rental Housing

Koschinsky

2009

Journal of Urban Affairs

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“…Recent studies reflect a variety of strategies using both fixed and variable neighbourhood definitions. Wang et al (1991) clearly distinguish between a proximity effect and a neighbourhood effect of single-family rental units on the sales price of single-family dwellings. Proximity is alternatively measured by the number of rental units among the adjacent 5 or adjacent 8 units.…”

Section: Alternative Measures Of Neighbourhoodmentioning

confidence: 97%

Proximity, Neighbourhood and the Efficacy of Exclusion

Lynch

Rasmussen

2004

Urban Studies

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This paper uses data on over 2800 house sales in Jacksonville, Florida, to estimate the impact of neighbourhood characteristics on house prices. A GIS progamme is used to develop neighbourhood characteristics that are unique to each observation, thereby allowing the evaluation of the impact of neighbourhood attributes in proximity to the dwelling. Except for population density, the effects of neighbourhood characteristics on property values do not decay over a 3-4-mile distance from the dwelling and the results suggest that neighbourhood characteristics over a large geographical area may have a significant effect on property values. Because the study area is a single jurisdiction, the results suggest that the housing market may generate the Tiebout-like exclusion that is usually associated with fiscal fragmentation.

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“…στη διαμόρφωση των τιμών κατοικιών και βρήκαν ότι δημιουργείται μία σχέση «δυνατή» και θετική. Αντίστοιχες μελέτες είναι αυτές των Wang et al (1991), Asabere και Huffman (1996), Chan et al, (1998), Ding et al, (2002), Des Rosiers et al, (2002), Portnov et al (2006).…”

Section: αγορές κατοικιών και γεωγραφικές μεταβλητέςunclassified

Παράγοντες Επηρεασμού Των Τιμών Των Αγορών Κατοικιών:Μια Θεωρητική Προσέγγιση

Κυριακίδης¹

2017

ELRIE

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<p>Στη μέχρι τώρα γνωστή βιβλιογραφία υπάρχει πλήθος δημοσιεύσεων αναφορικά με τους οικονομικούς πρωτίστως δείκτες που επηρεάζουν τις τιμές και διαδραματίζουν σημαντικό ρόλο στην εξέλιξή τους. Φαίνεται όμως ότι σε αυτή την βιβλιογραφία τα αποτελέσματα τείνουν σε γενικεύσεις και έτσι αποτυγχάνουν κατ΄ουσίαν να προβλέψουν επαρκώς τις μελλοντικές εξελίξεις στις τιμές των κατοικιών. Δεν είναι όμως λίγα τα άρθρα που πραγματεύονται τις υποαγορές κατοικιών, δίδουν όμως «βάρος» κατά την ανάλυσή τους αποκλειστικά στις μεθόδους ορισμού των υποαγορών και στην εξεύρεση εκείνων των παραγόντων που μπορούν να επηρεάσουν τη δυναμική τους. Καθίσταται εξάλλου καθ΄όλα κατανοητό και ευκόλως αντιληπτό ότι η αγορά ακινήτων και η σχέση της με την οικονομική δυναμική μίας χώρας είναι στενή. Kάθε έρευνα που διενεργείται σε αυτόν τον τομέα σκοπεί, μεταξύ άλλων, να προσφέρει το «λιθαράκι» της στην προσπάθεια ενός ορθολογικότερου γενικού σχεδιασμού της επιθυμητής οικονομικής ανάπτυξης. Προς αυτή την κατεύθυνση επιθυμούμε να συμβάλλουμε και να ανοίξουμε έναν νέο διάλογο.</p>

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The impact of rental properties on the value of single-family residences

Cited by 42 publications

References 31 publications

Spatial Heterogeneity in Spillover Effects of Assisted and Unassisted Rental Housing

Spatial Heterogeneity in Spillover Effects of Assisted and Unassisted Rental Housing

Proximity, Neighbourhood and the Efficacy of Exclusion

Παράγοντες Επηρεασμού Των Τιμών Των Αγορών Κατοικιών:Μια Θεωρητική Προσέγγιση

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