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The Landlord-Tenant Problem and Energy Efficiency in the Residential Rental Market

Ivan Petrov and Lisa Ryan ()

No 202028, Working Papers from School of Economics, University College Dublin

Abstract: The aim of this paper is to test for the persistence of the landlord-tenant energy efficiency problem in the residential rental property market in the presence of information on property energy performance. To do this, we compare the efficiency of rental and non-rental properties using a combination of Coarsened Exact Matching (CEM) and parametric regression. We use a sample of 585,578 residential properties in the Republic of Ireland - a region that legally requires rental properties to display energy performance certificates when advertised. The findings suggest that the landlord-tenant problem is present in the Irish rental market but that it is not uniform across locations, indicating the influence of other factors. To explore this further, we exploit the regional variation in rental property prices. We find a larger difference between rental and non-rental properties' energy efficiency in markets with scarcity in rental property supply.

Keywords: Energy efficiency; Market failures; Energy performance certificate (EPC); Coarsened exact matching (CEM); Residential properties; Information asymmetry; Split incentives (search for similar items in EconPapers)
JEL-codes: D12 Q40 R20 (search for similar items in EconPapers)
Pages: 56 pages
Date: 2020-10
New Economics Papers: this item is included in nep-eff, nep-ene, nep-reg and nep-ure
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