The Repeat Rent Index

• 成果类型: Article
• 署名作者: Ambrose, Brent W.; Coulson, N. Edward; Yoshida, Jiro
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00500
• 发表日期: 2015-12
• 页码: 939-950
• 关键词: housing-market; price-index; error-correction; panel-data; sales; CONSTRUCTION; regression; length

摘要

We employ a weighted repeat rent estimator to construct quarterly indexes that expand the profession's ability to make cross-sectional comparisons of housing markets. Our analysis shows that there is considerable heterogeneity in the behavior of rents across cities over the 2000-2010 decade, but the number of cities and years for which nominal rents fell is substantial; rents fell in many cities following the onset of the housing crisis in 2007; and the repeat rent and Bureau of Labor Statistics indexes differ due to sampling and construction methods.