Disaggregation of Local Apartment Markets by Unit Type

Marvin Wolverton, Hardin, William G, and Ping Cheng

The Journal of Real Estate Finance and Economics, 1999, vol. 19, issue 3, 243-57

Abstract: Recent market segmentation research has begun to delve into the issue of whether traditional property-type categories are sufficiently homogeneous to be modeled as aggregate real estate markets. This article extends the research on rental-property market segmentation by investigating the existence of apartment submarkets determined by unit type. The study finds that one-bedroom, one-bath units; two-bedroom, one-bath units; and two-bedroom, two-bath units function as distinct submarkets differentiated by property features, neighborhood location, and temporal changes in market rent. Copyright 1999 by Kluwer Academic Publishers

Date: 1999
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