| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 962711 | Journal of Housing Economics | 2013 | 5 Pages |
Abstract
⺠We adapt efficiency wage models to explain the natural vacancy rate in rental housing. ⺠Tenants are assumed to vacate units that landlords fail to maintain. ⺠A positive vacancy rate imposes a cost-penalty on landlords because the unit sits vacant. ⺠The equilibrium rent must therefore be above the market clearing level.
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Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Thomas J. Miceli, C.F. Sirmans,