The Rental Housing Market

Gstach, Dieter

doi:10.1057/9780230246980_5

Cited by 2 publications

(2 citation statements)

References 16 publications

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“…Price increases can be the result of a favourable evolution of fundamentals, but these can be difficult to observe Erlandsen et al (2006). Gstach (2010) presents stylised facts about rental markets and discusses the role of rental housing in macroeconomic analysis.…”

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confidence: 99%

A Bird's Eye View of OECD Housing Markets

André

2010

OECD Economics Department Working Papers

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Housing markets have played a prominent role in macroeconomic developments over recent years. For a great part of the 2000s, buoyant housing markets have contributed to sustained economic activity in most OECD countries. But many markets overheated and the collapse of the US subprime mortgage market has been at the epicentre of a deep financial and economic crisis. Against this background, this paper: i) documents housing market developments in 18 OECD countries since the 1970s, putting recent evolutions into historical perspective; ii) examines the drivers of supply and demand for housing; iii) investigates the interactions between housing markets and the wider economy; iv) assesses the responsibilities of housing taxation, monetary policy and financial supervision and regulation in fuelling or amplifying housing booms; v) explores the link between global imbalances and housing booms. Un survol des marchés immobiliers de l'OCDE Les marchés immobiliers ont joué un rôle important dans les évolutions macroéconomiques de ces dernières années. Durant une grande partie des années 2000, des marchés immobiliers dynamiques ont contribué à une activité économique soutenue dans la plupart des pays de l’OCDE. Mais de nombreux marchés se sont emballés et l’écroulement du marché hypothécaire « subprime » aux États-Unis a été à l’épicentre d’une profonde crise financière et économique. Dans ce contexte, ce document : i) analyse les évolutions des marchés immobiliers dans 18 pays de l’OCDE depuis les années 1970, replaçant les développements récents dans une perspective historique ; ii) examine les déterminants de l’offre et de la demande de logements ; iii) étudie les interactions entre les marchés immobiliers et l’économie dans son ensemble ; iv) évalue les responsabilités de la fiscalité du logement, de la politique monétaire, de la régulation et de la supervision financières dans l’alimentation ou l’amplification des « booms » immobiliers ; v) considère le lien entre déséquilibres mondiaux et envolées immobilières.taxation, monetary policy, wealth, global imbalances, financial regulation, saving, house prices, mortgage markets, housing market, marché immobilier, marchés hypothécaires, politique monétaire, épargne, déséquilibres mondiaux, patrimoine, régulation financière, fiscalité, prix des logements

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confidence: 99%

A Bird's Eye View of OECD Housing Markets

André

2010

OECD Economics Department Working Papers

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“…3. See, for example, Gstach (2010), Malpezzi and Ball (1993), Andrews et al (2011), Cuerpo et al (2014), Weber (2017) and Kholodilin (2018).…”

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confidence: 99%

A new measure of private rental market regulation index and its effects on housing rents

Weber

Lee

2020

IJHMA

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Purpose The purpose of this paper is twofold: first, the authors construct a country-specific time-varying private rental regulation index for 18 developed economies starting from 1973 to 2014. Second, the authors analyze the effects of their index on the housing rental markets across 18 countries and states. Design/methodology/approach The authors’ index not only covers 18 developed economies over 42 years but also combines both tenure security and rent laws. The authors’ empirical framework is that of panel regressions with time and country fixed effects. Findings The authors’ index sheds further insights on the extent to which rent and tenure security laws have converged over the past 40 years for each economy. Moreover, the authors show three empirical results. First, stringent rent control regimes do lead to lower real rent growth rates than regimes with free rents. Second, soft rent control regimes with time-limited tenure security and minimum duration periods, however, may cause higher rent growth rates than free rent regimes. Third, rent-free regimes do not show significant high real rent appreciation rates. Originality/value The authors’ rental regulation index is the first time-varying index that covers more than 18 economies over 40 years.

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The Rental Housing Market

Cited by 2 publications

References 16 publications

A Bird's Eye View of OECD Housing Markets

A Bird's Eye View of OECD Housing Markets

A new measure of private rental market regulation index and its effects on housing rents

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