Multifamily Rental Housing, Socio-Economic and Demographic Factors, and Foreign Capital Flows – A ZIP Code Level Analysis
Meagan McCollum and
Stanimira Milcheva ()
ERES from European Real Estate Society (ERES)
This study investigates how location of US multifamily rental housing (MFRH) properties can impact on their investment performance. MFRH units are owned by companies and rented to households, including low and moderate-income households. In particular, we look at property performance characteristics such as occupancy rate, net operating income (NOI) and loan delinquency and assess how those are affected by within city variation of socio-economic and demographic factors. Such factors include household income, house prices, foreign capital flows into real estate, demographic factors such as age, race, ethnicity. We use data on securitized commercial mortgage loans between 1999 and 2016 in order to assess the relationship between property performance indications and the local economy. While the MFRH market provides opportunities for property investors and it should be better understood from an investor point of view, MFRH rental stock also is an important component of the alternatives to homeownership for households and is worthy of studying from this perspective as well highlighting the contribution of this study.
Keywords: commercial loans; Delinquency; multifamily housing; socio-economic and demographic factors and corss border flows; zip-code level analysis (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2018_131
Access Statistics for this paper
More papers in ERES from European Real Estate Society (ERES) Contact information at EDIRC.
Bibliographic data for series maintained by Architexturez Imprints ().