Search and Matching in Rental Housing Market

Mei Dong, Toshiaki Shoji and Yuki Teranishi
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Mei Dong: University of Melbourne
Toshiaki Shoji: Seikei University

No 15, Working Papers on Central Bank Communication from University of Tokyo, Graduate School of Economics

Abstract: This paper builds up a model for a rental housing market. With a search and matching friction in a rental housing market, a new house entry is endogenized according to a business cycle. A price negotiation happens only when owner and tenant newly match and make a contract for a rental price. After making a contract, a rental price is fixed until the contract ends. Simulations show that variations of a price and a market tightness change according to a search friction in a housing market, a speed of a housing cycle, a bargaining power between owner and tenant for a price setting. An extensive margin effect brought by a housing entry well contributes to a price variation and this effect significantly changes by parameters.

Keywords: rental housing market; search and matching (search for similar items in EconPapers)
Pages: 19 pages
Date: 2020-02
New Economics Papers: this item is included in nep-cta, nep-dge and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:upd:utmpwp:015

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