Please use this identifier to cite or link to this item: https://doi.org/10.1111/j.1080-8620.2004.00097.x
Title: Are there investor clienteles in rental housing?
Authors: Wood, G.A.
Tu, Y. 
Issue Date: 2004
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
URI: http://scholarbank.nus.edu.sg/handle/10635/46305
ISSN: 10808620
DOI: 10.1111/j.1080-8620.2004.00097.x
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