Apartment Rent, Concessions and Occupancy Rates

G. Stacy Sirmans (), C.F. Sirmans () and John D. Benjamin ()
Additional contact information
G. Stacy Sirmans: Department of Insurance, Real Estate and Business Law The Florida State University Tallahassee, Florida 32306, http://www.cob.fsu.edu/rmi/
C.F. Sirmans: Department of Finance University of Connecticut Storrs, Connecticut 06269, http://www.sba.uconn.edu/
John D. Benjamin: Department of Finance and Real Estate The American University Washington, D.C. 20016, http://www.kogod.american.edu/

Journal of Real Estate Research, 1994, vol. 9, issue 3, pages 299-312

Abstract: This paper examines the effects of rental concessions on apartment rent and occupancy rates. Using limited-information maximum likelihood estimation, equations for rent, occupancy, and concessions show that landlord-supplied rental concessions have a positive effect on both rent and occupancy rates. Rental concessions seem to provide the landlord a means to collect higher average rent and at the same time to increase occupancy rates. The results also indicate that a negative relationship exists between rent and occupancy rates and that certain amenities, services, and occupancy restrictions influence rent.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1994
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