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|Title:||Are there investor clienteles in rental housing?|
|Citation:||Wood, G.A., Tu, Y. (2004). Are there investor clienteles in rental housing?. Real Estate Economics 32 (3) : 413-436. ScholarBank@NUS Repository. https://doi.org/10.1111/j.1080-8620.2004.00097.x|
|Abstract:||The possible existence of investor clientele groups has received little attention in the real estate finance literature. In this paper we develop a clientele model, which in equilibrium produces a clustering of investors by tax characteristics. Low-tax-bracket investors are concentrated in low-value rental housing that attracts rents which are high in relation to property values. On the other hand, only high-tax-bracket investors will be observed in high-value rental housing, and they charge rents that are low in relation to property values. An empirical model is specified and estimated using a cross section of investors in Australian private rental housing markets. Investor clienteles are detected among property investors, though there is a weak diversification effect indicating that clientele effects may be stronger among single property investors.|
|Source Title:||Real Estate Economics|
|Appears in Collections:||Staff Publications|
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