A Regional Model of Multifamily Housing Starts

Kenneth T. Rosen

Real Estate Economics, 1979, vol. 7, issue 1, 63-76

Abstract: This paper presents a regional time series model of multifamily housing activity. The theoretical model, based on a profit‐maximizing builder or investor is used as a basis for estimating housing start and completion equations for each of the four Census regions and the U.S. as a whole. The empirical estimates show that new housing construction is highly responsive to profitability consideration, with the elasticity being between 5 and 14. The empirical estimates also demonstrate that there is substantial variance between regions in terms of parameter estimates.

Date: 1979
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