On Setting Apartment Rental Rates: A Regression-Based Approach

Joseph L. Pagliari and James R. Webb ()
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Joseph L. Pagliari: Citadel Realty, Inc. 2700 River Road Suite 106 Des Plaines, Illinois 60018
James R. Webb: Department of Finance and Real Estate Research Center James J. Nance College of Business Cleveland State University Cleveland, Ohio 44115, http://www.csuohio.edu/finance_department/index.htm

Journal of Real Estate Research, 1996, vol. 12, issue 1, pages 37-62

Abstract: This study presents a regression-based analysis of apartment rents for a cross-section of properties located in an "edge city" submarket. It attempts to provide a solution for owners and managers of apartments to the thorny problem of setting a property's rental rate. The approach used in this analysis differs from previous studies in at least three important respects: (1) vacancy is treated as part of the dependent variable, (2) the property-specific rental rate generated by the regression analysis is compared to the property's actual effective rent, and (3) each property in the submarket is ranked by the difference between its actual effective rent and its characteristic-adjusted effective rent. This is then followed by several observations concerning the advantages and disadvantages of such an analysis in a practical setting.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1996
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