写字楼租金差异的特征价格分析——基于杭州的实证研究

写字楼作为商业地产的重要组成,已成为当前投资开发的热点,写字楼租金的研究也越来越具有实践意义。本文在文献回顾的基础上,采用特征价格方法,对我国浙江省杭州市写字楼市场进行实证研究。研究结果表明,距市中心距离/次级市场、建筑年龄、建筑形象等因素对写字楼租金具有显著影响,但影响机理异于国外的经验研究;建筑面积、楼层数等变量的影响不显著,这也异于已有的经验研究。后续研究可从研究对象、研究样本、变量选取与度量等方面深入改进。     

Eco-labeling in commercial office markets: Do LEED and Energy Star offices obtain multiple premiums?

This paper investigates the effect of eco-labeling on rental rates, sale prices and occupancy rates. The consensus emerging from previous studies appears to be that investors in and occupiers of eco-labeled buildings obtain a bundle of benefits related to lower operating costs, reputation benefits and productivity higher. In this study, a hedonic model is used to test whether the presence of an eco-label has a significantly positive effect on rental rates, sale prices and occupancy rates of commercial office buildings in the US. The results suggest that office buildings with Energy Star or LEED eco-labels obtain rental premia of approximately 3-5%. Dual certification produces an additive effect with rental premia estimated at 9%. Respective sale price premia for Energy Star and LEED labeled office buildings are 18% and 25%. The sale price premium for dual certification is estimated at 28-29%. An occupancy premium could not be confirmed for LEED labeled office buildings and only a small positive occupancy premium was found for Energy Star.     

在京单位周转住房成本租金核定办法探讨

国管局、中直管理局根据中央国家机关办公地点分布情况,在职工住宅小区等地建设或改建一批周转住房,向新录用等符合条件的职工出租。周转住房以满足职工基本住房需要为原则,租住年限原则上不得超过5年,租金按周转住房的开发建设、维修及管理成本确定。     

Rental prices in Germany: A comparison between migrants and natives

This paper deals with the question of whether migrants pay a rent premium for apartments of comparable quality and neighborhood characteristics. We use a two-step selection-correction model augmented by a control function to account for nonrandom neighborhood choice. The estimation sample is a uniquely assembled panel comprising the Socio-Economic Panel (SOEP), information on household and apartment characteristics, as well as georeferenced data describing neighborhood quality. Our estimates reveal that people with migration backgrounds are not penalized in the German local rental market in terms of higher rental payments.     

劳动力价值仍是公租房租金确定的基础——兼论公租房退出机制

在对公租房的经济地位进行理论分析的基础上,指出公租房租金市场化的实质仍是土地财政,并由此提出相应的政策建议。公租房介于商品房和廉租房之间,针对有一定市场支付能力但政府或无能力或无意愿填补其缺口的中等偏下收入消费者。由于商业租赁成本超过商业购买成本,公租房租金市场化的实质是通过制造无效供给,推脱住房保障责任,维护土地财政的既得利益。将劳动力价值作为公租房租金确定的基础,才能真正发挥公租房的住房保障职能。     

Housing Allowance and the Rent of Low‐income Households

This paper analyses the effect of a housing allowance programme on the rent paid by assisted low‐income households. The data consist of 12,000 rental households in the free‐market and municipal sectors. The effect is estimated using the programme reform of 2002 as an instrument. The reform increased the allowance of the assisted households depending on housing characteristics, but it had little effect on the eligibility. Results suggest that in the private sector, one additional euro of allowance increases the rent of claimants by 60–70 cents. The effect is zero in the municipal sector, as rents are tied to the housing costs.     

HOUSING POLICY FOR THE ELDERLY: A POLICY TO BUILD BARRIER‐FREE RENTAL HOUSING

There is a strong need for barrier‐free rental housing because of the rapidly aging population in Japan, where the share of barrier‐free rental housing is only 18.24% of total rental housing. We propose a policy to solve the problems associated with supplying barrier‐free rental housing. Our scheme involves a method of funding rental housing with a securities investor, as well as implementing property management and introducing rent subsidies. The plan entails funds being collected to construct barrier‐free rental housing. The housing will generate positive rental profits, which will, in turn, lead to the increase in the supply of barrier‐free rental housing. According to our plan, the low‐income elderly will also have access to barrier‐free rental housing.     

Affordable Rental Housing: Lost,Stolen and Strayed*

This paper contributes to an exploration of the potential causes (as distinct from existence) of social and spatial polarisation. It focuses on the changing provision of low-rent housing in a spatial context, and hence on the role that the private rental market plays in the residential choices available to lower income households. The paper applies multinomial logit estimation to panel data to determine the factors that affect the probability that an existing rental dwelling remains at the same real rent value over the decade from 1991 to 2001, filters down or up or exits from the private rental market. It tests the hypothesis that the outcome is affected by neighbourhood characteristics.     

Does clean air matter in developing countries' megacities? A hedonic price analysis of the Jakarta housing market, Indonesia

Despite numerous hedonic studies on the value of clean air in developed countries, the lack of similar studies in less developed countries has raised the question as to whether clean air also matters in developing countries' megacities. As an attempt to fill this gap, we apply a hedonic property value analysis, the method commonly used to infer the value of clean air in developed countries, using the combination of data on housing rental prices and their characteristics from the Indonesian Family Life Survey, and data of the ambient level of six different pollutants in Jakarta, Indonesia. The result indicates that, in the cases of lead, total hydro carbon (THC), and SO₂, air pollutants have a negative association with property value; i.e., housing rental price. The relationship is at 5% level of significance for lead and 10% level for THC and SO₂. This paper estimates that per family value of clean air in Jakarta ranges from US$28 to US$85 per μg/m³.     

Regional Impact of the German Rent Brake

New rental contracts have risen dramatically in many German places in recent years due to strong influxes and sluggish construction activity. The rent brake should put a stop to this development so that housing in prospering cities remains affordable for people on normal and low incomes. Although initial successes were attested to the rent brake, empirical findings are increasing, according to which the rent brake is not having the desired effect. This also applies to the findings determined here: the results of a difference‐in‐difference estimation show that the rent brake has reduced rents on offer in Hamburg, Berlin and Munich by up to 5%, while no effects are observed in Cologne and Düsseldorf. Nevertheless, the effects are lagging behind the expected effects almost everywhere. The results illustrate once again an implementation deficit and show that no general statements on the effectiveness of the rent brake are currently permissible. However, the rent brake is certainly having a price effect in some regions, even if not to the intended extent.     

Bad Apples: Political Paralysis and the Quality of Politicians

Why do elected officials often suffer from political paralysis and fail to implement the best policies available? This paper considers a new and intuitive explanation that focuses on the quality of the politicians competing for office. The key insight is that a “good” incumbent with preferences identical to those of a representative voter will want to keep rent‐seeking politicians out of office; he may do so by distorting his policy choices to signal his type and win reelection. The value of signaling and staying in office increases with the fraction of rent‐seeking types in the population of politicians. Electing good types may therefore not be enough to ensure that the best policies are implemented, especially when rent seeking is widespread. This provides a new explanation for why political failure is particularly severe in corrupt democracies.     

Collateral constraints and rental markets

We study a benchmark model with collateral constraints and heterogeneous discounting. Contrarily to a rich literature on borrowing limits, we allow for rental markets. By incorporating this missing market, we show that impatient agents choose to rent rather than to own the collateral in the neighborhood of the deterministic steady state. Consequently, impatient agents are not indebted and borrowing constraints play no role in local dynamics.     

公共租赁房:我国保障性住房供应体系的核心

选择合适的住房保障模式是制度得以成功实施的关键.我国目前基本形成了以廉租房、公共租赁房、经济适用房为主的多层次保障性住房供应体系,虽然有一定的合理性,但也存在许多弊端,如制度内部分割形成“夹心层”、保障水平与收入水平倒置、加大地方政府管理难度等.借鉴国际经验,结合国内现实的分析结果显示公共租赁房成为我国保障性住房供应体系的核心是一种理性选择.     

The estimation of a hedonic asking and offer rent equation model: An EM algorithm approach

In this paper we claim that modeling housing markets, specifically the rental housing market, should be based on some sort of disequilibrium framework. We posit a model of asking and offer rents in the spirit of a sample selectivity model. This approach allows us not only to test whether landlords and tenants agree upon the marginal evaluations of unit attributes, but also to estimate the impact on rental demand of tenant specific attributes such as family income and race. Since estimators obtained from this procedure are consistent, but not efficient in this two equation context, we employ an EM algorithm in our estimation in order to obtain MLE equivalent estimators. We have found that our data support the use of this disequilibrium approach in that the coefficient estimates for the asking rent equation, under the assumptions of a sample selectivity model, are not coincident with those obtained from an uncorrected equation.     

Insecurity of property rights and social matching in the tenancy market

This paper shows that insecurity of property rights over agricultural land can have large efficiency and equity costs because of the way it affects matching in the tenancy market. A principal-agent framework is used to model the landlord's decision to rent when he takes into account the risk of losing the land to the tenant and when contract enforcement is decreasing in social distance with the tenant. These effects are quantified for the case of local land rental markets in the Dominican Republic. Results show that insecure property rights lead to matching in the tenancy market along socio-economic lines, severely limiting the size of the rental market and the choice of tenants for landlords, both with efficiency costs. Social segmentation reduces access to land for the rural poor, with high equity costs. Simulations suggest that improving tenure security would increase rental transactions by 21% and the area rented to the poor by 63%. Increased property rights security is hence beneficial not only to asset owners, but also to those with whom they might interact in the market.     

Outsiders,insiders and interventions in the housing market

In the wake of China’s “great migration,” many cities, including Beijing and Shanghai, restrict some residents from owning housing, forcing them to rent. We build a model studying motivations for and effects of ownership-restricting policies. When some agents are prohibited from purchasing housing, competitive equilibrium further punishes renters, failing to attain a “second-best” that maximizes welfare subject to the policy’s intended constraint. We then consider real estate taxation, a hotly debated topic in China, currently undergoing reform. We show that positive taxes on housing transactions can help mitigate the inefficiency caused by restricted ownership, but only by introducing a new distortion. Meanwhile, subsidizing rental transactions could, in theory, restore the second-best, but only by diverting public funds away from other uses.     

农地制度、地权稳定性与农地使用权市场发育:理论与来自苏浙鲁的经验

农户对地权稳定性的预期越低 ,其租入农地的可能性越小 ,租入农地的面积也越小。土地调整虽然降低了农户对地权稳定性的预期 ,但是它促进了农村劳动力的外出流动 ,增加了农地使用权市场中的供给。在人地矛盾紧张的地区 ,农地供给量的缺乏是农地使用权市场发育的主要障碍。在这些地区 ,土地调整促进了农地使用权市场的发育。本文利用 2 0 0 0年苏浙鲁 1 0 83个农户的调查数据 ,对以上假说进行了验证。     

Estimating the wetland rental fee: a case study involving a Taiwan wetland

Wetlands provide many functions that are both economic and recreational and are valuable in terms of their ecological diversity, while at the same time being nonmarket value products. The purpose of this study is to estimate the optimal wetland rental through estimations of both the demand and supply functions in relation to wetland. The wetland supply function is directly estimated based on the data provided by the owners of the wetland, while the estimation of the wetland input demand function involves using the bootstrapping and contingent visitation approaches. Such estimation approaches could also be applied to other nonmarket value products that give rise to environmental externalities. The estimation of rental fee could provide a long-term leasing contract that gives the landlord with a particular rent to lease their lands to support a wetland eco-tourism park to maintain wetland for substantial management. Several environmental management policy implications are also addressed.     

THE HOUSING STOCK,HOUSING PRICES,AND USER COSTS: THE ROLES OF LOCATION,STRUCTURE, AND UNOBSERVED QUALITY

Which housing characteristics are important for understanding homeownership rates? How are housing characteristics priced in rental and owner-occupied markets? What can answers to these questions tell us about economic theories of homeownership? Using the English Housing Survey, we estimate a selection model of property allocations to the owner-occupied and rental sectors. Structural characteristics and unobserved quality are important for selection. Location is not. Accounting for selection is important for rent-to-price ratio estimates and explains some puzzling correlations between rent-to-price ratios and homeownership rates. These patterns are consistent with, among others, hypotheses of rental market contracting frictions related to housing maintenance.     

Job protection,housing market regulation,and the youth

Young Europeans experience high unemployment rates, job instability, and late emancipation. Meanwhile, they do not support reforms weakening protection on long‐term contracts. In this paper, we suggest a possible rationale for such reform distaste. When the rental market is strongly regulated, landlords screen applicants with regard to their ability to pay the rent. Protecting regular jobs offers a second‐best technology to sort workers, thereby increasing the rental market size. We provide a model where nonemployed workers demand protected jobs despite unemployment and the share of short‐term jobs increases, whereas the individual risk of dismissal is unaffected. Our theory can be extended to alternative risks and markets involving correlated risks and commitment under imperfect information.