The Labor Component of Private Investor Real Estate Returns

Roger Brown

Journal of Real Estate Portfolio Management, 2005, vol. 11, issue 3, 295-306

Abstract: Executive Summary. This paper offers theoretical foundation as to how the addition of human capital enters into the return calculation for privately owned real estate investments. A two-part model of investor behavior discloses that real estate investment decisions are a labor trade-off rather than a portfolio trade-off. Using differential equations that do not admit a closed form solution, the paper provides simulations to illustrate the working model. One conclusion is a natural point in time where real estate investing is supplanted by investing in financial assets.

Date: 2005
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DOI: 10.1080/10835547.2005.12089728

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