Security Measures and the Apartment Market

John D. Benjamin (), G. Stacy Sirmans () and Emily Norman Zietz ()
Additional contact information
John D. Benjamin: Department of Finance and Real Estate The American University Washington, DC 20016-8044, http://www.kogod.american.edu/
G. Stacy Sirmans: Department of Insurance, Real Estate, and Business Law The Florida State University Tallahassee, Florida 32306-1110, http://www.cob.fsu.edu/

Journal of Real Estate Research, 1997, vol. 14, issue 3, pages 347-358

Abstract: This paper examines the effect of security measures on apartment rent and occupancy. Three variables representing various security measures are estimated in a simultaneous model of rent and occupancy. Providing 24 hour security has a significant positive effect on both rent and occupancy. Having a manager living on site or a manned front desk/restricted entry does not significantly affect rent. All three variables, however, have a significant positive effect on occupancy. It would appear that, although landlords cannot extract higher rents for some security measures, all three measures included in this study act to increase occupancy.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1997
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