Creating a Constant-Quality Index for Small Multifamily Rental Housing

Randall S. Guttery () and C. F. Sirmans ()
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Randall S. Guttery: Finance, Insurance, Real Estate and Law Department College of Business Administration University of North Texas Denton, Texas 76203, http://www.coba.unt.edu/firel/
C. F. Sirmans: Finance Department School of Business Administration University of Connecticut Storrs, Connecticut 06269-2041, http://www.sba.uconn.edu/index.htm

Journal of Real Estate Research, 1995, vol. 10, issue 5, pages 557-568

Abstract: Researchers since the early 1960s have constructed constant-quality price indices (CQIs) for single-family dwellings. This paper, however, applies the methodology to construct CQIs for a different property type - small multifamily rental housing with two to four units (MRH) - so that price changes can be measured. Over the period 1983 through 1988, MRH prices increased 70% in Connecticut, but decreased nearly 65% in Baton Rouge, Louisiana. These locations and the sample period are chosen because Connecticut's economy boomed, while Baton Rouge's collapsed; as well, Congress debated and passsed the 1986 Tax Reform Act (TR). TRA affected both regions' MRH prices, but other factors contributed to price changes, also.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1995
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