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Journal articles on the topic 'Housing Price-to-Rent Ratio'

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Published: 3 June 2025

Last updated: 31 July 2025

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1

Borgersen, Trond-Arne. "Loan-to-value and the price-rent ratio." Journal of European Real Estate Research 13, no. 2 (2020): 149–59. http://dx.doi.org/10.1108/jerer-12-2019-0053.

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Purpose The purpose of this paper is to highlight the relation between the loan-to-value (LTV) ratio and the price-rent (PR) ratio. The paper intends to relate the PR-ratio to housing return and the potential for a leverage gain in housing investments by considering the funding structure of housing investments. Design/methodology/approach Combining a PR-ratio approach with the housing return in the case of mortgage-financed housing, as presented by Borgersen and Greibrokk (2012), this paper relates LTV to the PR-ratio. Findings When formalising the relationship between leverage and housing ret

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Chinloy, Peter, Man Cho, Cheng Jiang, and Inho Song. "Housing Returns with Mortgage and Price Shocks." Journal of Real Estate Research 42, no. 1 (2020): 105–24. http://dx.doi.org/10.22300/0896-5803.42.1.105.

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We examine the sum of the net rent-price ratio plus the expected real capital gains, which is the real return to holding a house. The rent-price ratio depends on expectations about interest rates, inflation, and real house prices. The shock coefficients are their incidences, which are the proportions of risk that occupants bear. Occupants are on the demand side, as tenants or owners. For U.S. houses with quarterly data between 1981 and 2016, these incidences are below 0.15, limiting rent-price volatility. The low-volatility yield forces real capital gains to near zero, leading houses to bond-l

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3

Lin, Che-Chun, and I.-Chun Tsai. "HOUSE PRICES, RENTAL COSTS, AND MORTGAGE INTEREST RATES." International Journal of Strategic Property Management 25, no. 5 (2021): 356–68. http://dx.doi.org/10.3846/ijspm.2021.14966.

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Studies have typically adopted the price-rent ratio to determine whether housing exuberance exists and the periods of imbalance between house prices and rental costs. Using the price-rent ratio to conduct tests without considering the effects of mortgage interest rates on user costs may overestimate episodes of exuberance. This study uses data of the overall housing market and those of 10 major metropolitan statistical areas (MSAs) in the United States from 1979Q1 to 2018Q1 to evaluate whether housing exuberance exists in the markets; the results indicate that all the MSAs experienced episodes

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Xie, Yuelay, and Hongyu Liu. "PRICE-RENT RATIO IN CHINA'S HOUSING MARKET: PROPER INTERVAL, MEASUREMENT AND AN EMPIRICAL STUDY." International Journal of Strategic Property Management 8, no. 2 (2004): 73–86. http://dx.doi.org/10.3846/1648715x.2004.9637509.

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It has been a hot topic concerning about whether price bubbles exist in the housing market in several cities in China or otherwise. However, much of the debate lacks convincing evidence. This paper discusses the two factors which may lead the housing price to deviate from its fundamental value: rational bubble and economic irrationality. Also, the paper considers the price‐rent ratio as a valid indicator in reflecting the rationality of the housing price. Based on an international comparative study and the Income Capitalization Method, this paper will show that the proper interval of the price

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Wang, Yuansheng, Haoxi Yang, Zhizhen Chen, and Yun Feng. "Demographic trends, the rent-to-price ratio, and housing market returns." Journal of Banking & Finance 176 (July 2025): 107437. https://doi.org/10.1016/j.jbankfin.2025.107437.

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Peng, Chien-Wen, Jerry T. Yang, and Tyler Yang. "International Real Estate Review." International Real Estate Review 23, no. 3 (2020): 337–65. http://dx.doi.org/10.53383/100305.

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This paper develops a theoretical model for equilibrium rent-to-price ratios from the competition between households and investors in the housing market. Households make their housing tenure choice in terms of rent vs. buy such as minimizing the cost of occupying a housing unit. On the other hand, investors choose between investing in rental housing vs. other investment opportunities in order to maximize their net present value. In the face of limited housing inventory, households and investors bid against one another which determines the allocation of the housing units among households (owner

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Dauda, Saliman. "Access to Land: Effects on Housing Affordability in Abuja, Nigeria." International Journal of Civil Engineering, Construction and Estate Management 12, no. 1 (2024): 19–40. http://dx.doi.org/10.37745/ijcecem.14/vol12n11940.

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The study attempted examination of the effects of access to land on housing affordability in Abuja, Nigeria. Sample population for the study was made up of 5,502 houses selected by purposive sampling techniques in the Six Area Councils in Abuja. The research adopted the 30% Bench Mark using Simple Housing Cost to Income Ratio, for measuring housing affordability status of residents. The 30% Benchmark is widely acceptable due to its simplicity, reliability, time and its effectiveness across markets. (Christopher et al;(2018), Desmond. M (2016). Hulchanski J.D(1995), Joint Center for Housing Stu

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Chen, Jie, and Shawn Ni. "International Real Estate Review." International Real Estate Review 14, no. 2 (2011): 208–39. http://dx.doi.org/10.53383/100140.

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The price-to-rent ratio, a common yardstick for the value of housing, is difficult to estimate when rental properties are poor substitutes of owner-occupied homes. In this study, we estimate price-to-rent ratios of residential properties in two major cities in China, where urban high-rises (estates) comprise both rental and owner-occupied units. We conduct Bayesian inference on estate-specific parameters by using information of rental units to elicit priors of the unobserved rents of units sold in the same estate. We find that the price-to-rent ratios tend to be higher for low-end properties.

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Wang, Shizhen, and David Hartzell. "International Real Estate Review." International Real Estate Review 24, no. 1 (2021): 113–38. http://dx.doi.org/10.53383/100318.

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We apply the dynamic Gordon growth model to the Hong Kong real estate market to analyze quarterly data on four kinds of real estate—housing, office, retail, and factory properties—from 1999 to 2020. We find that factories have the highest total returns among the four types of real estate, and also a larger Sharpe ratio. The total returns of these four kinds of real estate are highly correlated. The results of an autoregressive distributed lag model show that the gross domestic product growth rate is the key determinant of real estate returns, while changes in foreign direct investment also inf

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LEE, Changro, and Keyho PARK. "ANALYZING THE RENT-TO-PRICE RATIO FOR THE HOUSING MARKET AT THE MICRO-SPATIAL SCALE." International Journal of Strategic Property Management 22, no. 3 (2018): 223–33. http://dx.doi.org/10.3846/ijspm.2018.1416.

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The rent-to-price ratio is one of the popular indicators for monitoring the property market. This study explores micro-scale spatial dynamics of the ratio for houses at the individual property level in Seoul, South Korea. We match the apartment unit sold and the one leased based on the carefully chosen criteria and apply a Bayesian multi-level modeling approach to this matched dataset. We employ the Integrated Nested Laplace Approximations (INLA) algorithm in order to estimate relevant parameters in the multi-level model. The ratio determinants found in the study include property age, apartmen

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Kopeć, Mirosław. "The "Apartment plus" model of housing development with the optionto proceeding to ownership." Nieruchomości@ III (September 30, 2023): 183–99. http://dx.doi.org/10.5604/01.3001.0053.9109.

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The article presents the model of financing housing development. This model assumes the cooperation of at least 3 parties, i.e. local governments, residents and the government administration body financing the project. The proposed solutions allow to avoid commercial banks and avoid to take loans from these banks. The proposed solution is dedicated to people who do not have creditworthiness but want to work and pay the rent, and after an agreed period, they shall become the owners of the apartment, and the rent they paid would be largely counted towards the purchase price. Depending on the ava

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Engerstam, Sviatlana, Abukar Warsame, and Mats Wilhelmsson. "Long-Term Dynamics of New Residential Supply: A Case Study of the Apartment Segment in Sweden." Buildings 12, no. 7 (2022): 970. http://dx.doi.org/10.3390/buildings12070970.

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Since the size of the homeownership ratio differs significantly between countries, it is important to understand the mechanisms that lie behind the decrease or growth of certain sectors of the housing market such as rentals and housing cooperatives. The aim of this study is to analyze the long-term dynamics of the new residential supply in Sweden’s three largest cities for the period of 1990–2020 and estimate in what way market fundamentals affect it through new construction and housing conversions. We apply panel data methodology and, in distinction to previous research, consider the developm

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Kütük, Yasin. "Multidimensional house price prediction with SOTA RNNs." International Journal of Strategic Property Management 28, no. 6 (2024): 411–23. http://dx.doi.org/10.3846/ijspm.2024.22661.

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This paper introduces insights into the Turkish real estate market, which can be generalized globally. It primarily aims to find the best forecasting algorithms for the housing price index and compare their prediction performance over three, six, nine, and twelve months ahead by using recurrent neural networks (RNN) with a comparison of out-of-sample predicting power of econometrical models. For these purposes, we employ three RNN architectures in twenty-four settings, revealing that certain RNN architectures are the best predictors in forecasting the Turkish real housing price index. The RNN

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Borgersen, Trond-Arne, and Anne Emblem. "Mortgage Market Induced Booms and Busts in the Housing Market in a Modified DiPasquale-Wheaton Model." International Real Estate Review 1, no. 1 (1998): 281–306. http://dx.doi.org/10.53383/100344.

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In this paper, we offer a nontechnical pedagogical tool that demonstrates the interrelationship between the mortgage market and the housing market. While the importance of the mortgages in the housing market is well established in the literature, an instructive model is still needed. We present a novel and straightforward extension of the DiPasquale and Wheaton (DPW) model, with a price-rent (PR) ratio that incorporates the loan-to-value (LTV) ratio. In our modified DPW model, the LTV adjusted PR ratio allows for an explicit analysis of the opposing effects of lending gain and risk pricing on

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15

Song, Young-Sun, Chang-Ho Won, and Chang-Moo Lee. "An Application of the Rent Indices for Non-Apartment Rental Markets in Seoul Based on the New Contract Data." Korean Association for Housing Policy Studies 30, no. 3 (2022): 63–111. http://dx.doi.org/10.24957/hsr.2022.30.3.63.

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In this study, actual contract based indices for non-apartment rental market was estimated which had not been attempted before. At this time, in the case of the monthly rent index, the pure monthly rent index was estimated using data with a deposit ratio of 300 times or less compared to the monthly rent, and both the monthly rent index and the data rolling method were used to improve the stability of the index. As a result, it was confirmed that although there may be some differences depending on the same-house assumption, if sufficient data are collected and the data are properly cleaned in t

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Lo, Daniel, Yung Yau, Michael McCord, and Martin Haran. "Lead-Lag Relationship between the Price-to-Rent Ratio and the Macroeconomy: An Empirical Study of the Residential Market of Hong Kong." Buildings 12, no. 9 (2022): 1345. http://dx.doi.org/10.3390/buildings12091345.

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The price-to-rent (PtR) ratio is one of the most commonly used indicators to assess housing market conditions by policy makers and real estate practitioners. It is often employed as an economic barometer to detect whether a housing bubble exists and determine whether the property market has become unaffordable relative to historical trends. Despite a plethora of research studies on the PtR ratio in the housing literature, relatively little is known about its long-term dynamics with macroeconomic and financial determinants. By utilising time series data on the Hong Kong residential property mar

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Deniz, Karakoyun Hulya. "Demand-side factors of housing price increases in Turkey: Blanchard-Quah SVAR model." Business and Economic Horizons 13, no. 2 (2017): 312–32. https://doi.org/10.15208/beh.2017.23.

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A bubble in the housing sector is defined as an unprecedented upsurge in house prices which cannot explained by fundamental determinants of the housing sector. This study examines demand-side factors of real estate sector in Turkey in order to expose whether house price increases in the country can be counted as a bubble. We use the Blanchard-Quah SVAR model to empirically reveal the relationships between the real mortgage interest rates, house price gap, price-rent-ratio and purchasing power parity. The results of the paper indicate that real interest rates and other varia

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Arestis, Philip, and Rosa Gonzalez-Martinez. "Housing market in Israel: Is there a bubble?" Panoeconomicus 64, no. 1 (2017): 1–16. http://dx.doi.org/10.2298/pan1701001a.

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House prices in Israel have registered unprecedented growth rates in the last few years. At first glance, these hikes could be explained by the evolution of fundamentals such strong population growth and favourable macroeconomic conditions, i.e. low interest rates. However, further investigation is needed in order to explore whether there is a misalignment between house prices and their fundamentals. Firstly, this paper investigates the role of construction costs in the evolution of house prices. Secondly, this contribution decomposes the ?price-to-rent? ratio into fundamentals, frictions and

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Asal, Maher. "Is there a bubble in the Swedish housing market?" Journal of European Real Estate Research 12, no. 1 (2019): 32–61. http://dx.doi.org/10.1108/jerer-03-2018-0013.

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Purpose This paper aims to investigate the presence of a housing bubble using Swedish data from 1986Q1-2016Q4 by using various methods. Design/methodology/approach First, the authors use affordability indicators and asset-pricing approaches, including the price-to-income ratio, price-to-rent ratio and user cost, supplemented by a qualitative discussion of other factors affecting house prices. Second, the authors use cointegration techniques to compute the fundamental (or long-run) price, which is then compared with the actual price to test the degree of Sweden’s housing price bubble during the

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Lo, Daniel, Yung Yau, Michael McCord, and Martin Haran. "Dynamics between Direct Industrial Real Estate and the Macroeconomy: An Empirical Study of Hong Kong." Land 11, no. 10 (2022): 1675. http://dx.doi.org/10.3390/land11101675.

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Pricing of direct industrial real estate (DIRE) has long been under-researched due to the paucity of analysable data. Compared to other types of real estate, DIRE has often been regarded as more inefficient because of information asymmetry amongst market players stemming from a lack of market transparency. Therefore, pricing of DIRE usually does not follow a random walk and should be more predictable than other types of real estate. Along this line of reasoning, this study empirically investigates the causal relationships between the price-to-rent ratio of DIRE and macroeconomic attributes usi

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Alexiou, Constantinos, and Sofoklis Vogiazas. "Untangling the nonlinear “knots” of UK’s housing prices." Journal of Economic Studies 46, no. 5 (2019): 1083–103. http://dx.doi.org/10.1108/jes-06-2018-0222.

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Purpose Housing prices in the UK offer an inspiring, yet a complex and under-explored research area. The purpose of this paper is to investigate the critical factors that affect UK’s housing prices. Design/methodology/approach The authors utilize the recently developed nonlinear ARDL approach of Shin et al. (2014) over the period 1969–2016. Findings The authors find that both the long-run and short-run impact of the price-to-rent (PTR) ratio and credit-to-GDP ratio on house prices (HP) is asymmetric whilst ambiguous results are established for mortgage rates, industrial production and equities

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Makojević, Nikola, Petar Veselinović, and Ljubina Kalinić. "Can a Multinational Company Create a Real Estate “Bubble” at the Local Level? The Case of Fiat and City of Kragujevac." Economic Themes 53, no. 4 (2015): 519–34. http://dx.doi.org/10.1515/ethemes-2015-0030.

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Abstract The aim of the paper is to analyze the recent dramatic increase in housing prices in Kragujevac, related to the opening of a multinational company facility. The main question is whether increasing house prices have been driven by market fundamentals or by speculative behaviour of the market players. We have decomposed variables influencing house prices in Kragujevac into supply and demand driven fundamentals to explore speculative ‘bubbles’ and detected the evidence of irrationally exuberant investors (constructors and buyers). The findings show a lack of rational behaviour among mark

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Bago, Jean-Louis, Koffi Akakpo, Imad Rherrad, and Ernest Ouédraogo. "Volatility Spillover and International Contagion of Housing Bubbles." Journal of Risk and Financial Management 14, no. 7 (2021): 287. http://dx.doi.org/10.3390/jrfm14070287.

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This paper provides new empirical evidence on housing bubble timing, volatility spillover, and bubble contagion between Japan and its economic partners, namely, the United States, the Eurozone, and the United Kingdom. First, we apply a generalized sup ADF (GSADF) test to the quarterly price-to-rent ratio from 1970Q1 to 2018Q4 to detect explosive behaviors in housing prices. Second, we analyze the volatility spillover in housing prices between Japan and its economic partners using the multivariate time-varying DCC-GARCH model. Third, we assess bubble contagion by estimating a non-parametric mod

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Liu, Chunhui, and Weixuan Song. "Perspectives of Socio-Spatial Differentiation from Soaring Housing Prices: A Case Study in Nanjing, China." Sustainability 11, no. 9 (2019): 2627. http://dx.doi.org/10.3390/su11092627.

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Launched in 1998, the market-oriented reform of urban housing has given urban housing the dual attributes of residence and investment, and led to the rapid growth of housing prices as well as the intensification of its spatial differentiation within cities. However, the spatial patterns of the differentiation and its mechanism as well as socio-spatial effects are rarely touched. This paper studies 3963 urban residential districts in central Nanjing and explores the socio-spatial differentiation pattern and process of the urban housing prices and its growth in Nanjing based on the sample data o

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Oyesomo, Oyewole Clement, Odunnaike Joseph Seun, and Akinbola Kazeem Bolayemi. "Housing Affordability in Nigeria; an Analysis of Lagos State Government Rent to Own Scheme." International Journal of Research and Innovation in Social Science VII, no. IX (2023): 272–89. http://dx.doi.org/10.47772/ijriss.2023.70923.

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The importance of housing as a social good has made it a frequent subject matter of discussion in both developed and developing nations, where it continues to be accorded great attention. Due to cities’ unchecked and widespread urban growth, there is housing scarcity problem in many cities around the world, particularly in developing countries, such as Nigeria. Nigeria housing problem is not just quantitative in nature but also qualitative and unaffordability. Governments at various levels have introduced numerous housing scheme that is geared towards supplying housing and bridging housing gap

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Uwayezu, Ernest, and Walter T. de Vries. "Access to Affordable Houses for the Low-Income Urban Dwellers in Kigali: Analysis Based on Sale Prices." Land 9, no. 3 (2020): 85. http://dx.doi.org/10.3390/land9030085.

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The government of Rwanda recently passed housing development regulations and funding schemes which aim at promoting access to affordable houses for the low- and middle-income Kigali city inhabitants. The existing studies on housing affordability in this city did not yet discuss whether this government-supported programme is likely to promote access to housing for these target beneficiaries. This study applies the price-to-income ratio (PIR) approach and the 30-percent of household income standard through the bank loan to assess whether housing units developed in the framework of affordable hou

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Besarria, Cássio da Nóbrega, Nelson Leitão Paes, and Marcelo Eduardo Alves Silva. "Testing for bubbles in housing markets: some evidence for Brazil." International Journal of Housing Markets and Analysis 11, no. 5 (2018): 754–70. http://dx.doi.org/10.1108/ijhma-08-2017-0075.

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Purpose Housing prices in Brazil have displayed an impressive growth in recent years, raising some concerns about the existence of a bubble in housing markets. In this paper, the authors implement an empirical methodology to identify whether or not there is a bubble in housing markets in Brazil. Design/methodology/approach Based on a theoretical model that establish that, in the absence of a bubble, a long-run equilibrium relationship should be observed between the market price of an asset and its dividends. The authors implement two methodologies. First, the authors assess whether there is a

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Chinloy, Peter, Cheng Jiang, and Kose John. "Spreads and Volatility in House Returns." Journal of Risk and Financial Management 15, no. 8 (2022): 369. http://dx.doi.org/10.3390/jrfm15080369.

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Underlying idiosyncratic and illiquidity risks are suppressed in infrequently reported indexes of house prices and rents. Idiosyncratic risks result from bid–ask spreads for prices and rents. Time series autocovariances generate a distribution of prices and rents. Capital gains and rent-price ratios are transforms of these distributions, generating cross-sectional idiosyncratic volatility. Housing data are infrequent and usually made available every month. The monthly–quarterly volatility ratios of house prices and rents and their spreads estimate unobserved daily fluctuations and illiquidity

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Peng, Ti-Ching, and Chien-Fu Chen. "The effect of quality determinants on house prices of eight capital cities in Australia." International Journal of Housing Markets and Analysis 9, no. 3 (2016): 355–75. http://dx.doi.org/10.1108/ijhma-06-2015-0028.

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Purpose This paper aims to examine the effects of “quality” as well as fundamentals on house prices in eight capital cities in Australia from 1985-2011. Two types of quality are considered: housing quality, proxied by “value of alterations and additions”, “value of new residential buildings”, “floor area” and “site area”; and living environment quality, proxied by “overall crime rate”. Design/methodology/approach The application of dynamic panel model, in which the lagged values of house prices are considered, is to reveal the dynamic persistence of house prices over time and to investigate th

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Nadif, Rayhan Julio Mohede Basuki Rahmat Kartini. "Prediction of Boarding House Rental Prices Using Multiple Linear Regression Method." International Journal of Education, Information Technology and Others (IJEIT) 7, no. 3 (2024): 191–99. https://doi.org/10.5281/zenodo.13688260.

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Given the significant influx of students to Surabaya, there is a high demand for affordable boarding house rental near universities. One of the issues that arises is figuring out the rent fee set by the landlord.. This study will focus on solving the problem using machine learning with Multiple Linear Regression (MLR) method. This study also focuses on developing a predictive model for temporary housing rental prices around the National Development University "Veteran" Java. Key variables include rental price, room type, room size, availability of air conditioning, WiFi, private bathrooms, kit

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Sobieraj, Janusz, and Dominik Metelski. "Machine Learning Insights: Exploring Key Factors Influencing Sale-to-List Ratio—Insights from SVM Classification and Recursive Feature Selection in the US Real Estate Market." Buildings 14, no. 5 (2024): 1471. http://dx.doi.org/10.3390/buildings14051471.

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The US real estate market is a complex ecosystem influenced by multiple factors, making it critical for stakeholders to understand its dynamics. This study uses Zillow Econ (monthly) data from January 2018 to October 2023 across 100 major regions gathered through Metropolitan Statistical Area (MSA) and advanced machine learning techniques, including radial kernel Support Vector Machines (SVMs), used to predict the sale-to-list ratio, a key metric that indicates the market health and competitiveness of the US real estate. Recursive Feature Elimination (RFE) is used to identify influential varia

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an, Kurma, Evren lu, and Ayt lu. "Evolution of Home Ownership of Households in Turkey." Ekonomik Yaklasim 35, no. 132 (2024): 1. http://dx.doi.org/10.5455/ey.41004.

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Home ownership rate has been declining steadily since 2004. This decrease is remarkable during a period when the construction sector is growing and that growth is reflected to the house sales. In this study, the reasons behind the decline in the home ownership rate are examined with descriptive statistics and econometric analysis using data from Household Budget Survey. The results show that the probability of home ownership of households is positively related to income level and age and negatively related to price-income ratio, price-rent ratio as well as female household head. On the other h

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Gholap, V. B., S. R. Benke, and S. N. Patil. "Management and economic feasibility of dairy farming." INTERNATIONAL JOURNAL OF AGRICULTURAL SCIENCES 18, no. 1 (2022): 154–59. http://dx.doi.org/10.15740/has/ijas/18.1/154-159.

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India is the ‘Oyster’ of the global dairy industry with opportunities galore for the entrepreneurs globally. Since last 15 years, India continues to be the largest producer of milk in the world (Singh, 2017). It offers opportunities in large number to entrepreneurs, who wish to capitalize on one of the world largest and fastest growing market for milk and milk products. The breeding, feeding, housing and health care practices followed in Abhinav dairy farm are as per current scientific recommendations. The farmer is well trained and experienced in buffalo management. The total cost of per anim

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André, Christophe, Luis A. Gil-Alana, and Rangan Gupta. "Testing for persistence in housing price-to-income and price-to-rent ratios in 16 OECD countries." Applied Economics 46, no. 18 (2014): 2127–38. http://dx.doi.org/10.1080/00036846.2014.896988.

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Kobzan, S. "RESEARCH OF THE MARKET OF MINI APARTMENT." Municipal economy of cities 4, no. 157 (2020): 79–85. http://dx.doi.org/10.33042/2522-1809-2020-4-157-79-85.

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The purpose of the article is to investigate the development of a new segment of the real estate market in urban development projects. The definition of a mini apartment - the gostinka. The analysis of the world market of mini-apartments is carried out. There are questions of living of different social groups in society in mini-apartments. A classification of mini-apartments has been developed. Factors significantly affect the cost of a mini-apartment. Conclusions are made about the future market of mini-apartments in the city economy The development of the market of mini-apartments can be con

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Wen-Chi, Liu. "The Study on the Stationarity of Housing Price-to-Rent and Housing Price-to-Income Ratios in China." January 3, 2014. https://doi.org/10.5281/zenodo.1090510.

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This paper aims to examine whether a bubble is present in the housing market of China. Thus, we use the housing  price-to-income ratios and housing price-to-rent ratios of 35 cities from 1998 to 2010. The methods of the panel KSS unit root test with a  Fourier function and the SPSM process are likewise used. The panel  KSS unit root test with a Fourier function considers the problem of  non-linearity and structural changes, and the SPSM process can avoid  the stationary time series from dominating the result-generated bias.  Through a rigorous empirical study, we

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Rambaccussing, Dooruj. "The price–rent ratio inequality in Scottish Cities: fluctuations in discount rates and expected rent growth." SN Business & Economics 1, no. 9 (2021). http://dx.doi.org/10.1007/s43546-021-00116-y.

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AbstractThe price to rent ratio can be used to identify properties which are either overvalued or undervalued according to market fundamentals. Fluctuations in the price to rent ratio over time, can be traced to either changes in expectations of future house price growth (expected returns) or rental growth. In this paper, we measure the impact of these latent variables in Scotland’s main cities by implementing a state-space model based on the present value. The model estimates show that the proportion of expected rent growth and expected returns driving the price to rent ratio differs across S

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Vogt, Jonas. "Understanding Price-To-Rent Ratios Through Simulation-Based Distributions And Explainable Machine Learning." Real Estate Management and Valuation, April 30, 2025. https://doi.org/10.2478/remav-2025-0024.

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Abstract Index-level price-to-rent (PTR) ratios are a widely used metric for analyzing housing markets, employed by both real estate practitioners and policymakers. This article seeks to improve the contextualization of observed PTR values by examining the interplay between these ratios and macroeconomic and housing-market developments in a non-linear framework. We analyze historical data on housing prices, rents and macroeconomic developments from 18 advanced economies, spanning from 1870, using Boosted Regression Trees and explainable machine learning techniques. As a precursor to this analy

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"Price Bubble Metrics for Single-Family Housing." Journal of Structured Finance, January 1, 2019. http://dx.doi.org/10.3905/jsf.2019.1.071.

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Home-price indexes for several metropolitan areas show real prices well above their pre-Great Recession level. Further, CoreLogic’s Market Conditions Indicator has identified more than one-third of metropolitan areas as possibly overvalued, the highest share in a rising price environment since 2003 and raising concerns of an upcoming national valuation bubble. This article presents four indicators to monitor overvaluation tendencies for metropolitan areas: price-to-income ratio, price-to-rent ratio, mortgage payment-to-rent ratio, and home flipping activity. The first three metrics measure ove

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Lo, Daniel, Michael James McCord, John McCord, Peadar Thomas Davis, and Martin Haran. "Rent or buy, what are the odds? Analysing the price-to-rent ratio for housing types within the Northern Ireland housing market." International Journal of Housing Markets and Analysis ahead-of-print, ahead-of-print (2021). http://dx.doi.org/10.1108/ijhma-08-2020-0103.

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Purpose The price-to-rent ratio is often regarded as an important indicator for measuring housing market imbalance and inefficiency. A central question is the extent to which house prices and rents form part of the same market and thus whether they respond similarly to parallel stimulus. If they are close proxies dynamically, then this provides valuable market intelligence, particularly where causal relationships are evident. Therefore, this paper aims to examine the relationship between market and rental pricing to uncover the price switching dynamics of residential real estate property types

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Lo, Daniel, Michael McCord, Peadar T. Davis, John McCord, and Martin Edward Haran. "Causal relationships between the price-to-rent ratio and macroeconomic factors: a UK perspective." Journal of Property Investment & Finance, February 2, 2022. http://dx.doi.org/10.1108/jpif-08-2021-0068.

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Purpose House price-to-rent (P-t-R) ratios are among the most widely used measures of housing market conditions. Given the theoretical and apparent bidirectional, causal relationships and imbalances between the housing market, broader economy and financial market determinants, it is important to understand the relationship between macro- and micro-economic characteristics in relation to the P-t-R ratio to enhance the understanding of housing market dynamics. This paper studies the joint dynamics and persistence of house prices and rents and examines the temporal interactions of the P-t-R ratio

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Özgüler, İsmail Cem, Z. Göknur Büyükkara, and C. Coskun Küçüközmen. "Discovering the fundamentals of Turkish housing market: a price convergence framework." International Journal of Housing Markets and Analysis, January 31, 2022. http://dx.doi.org/10.1108/ijhma-09-2021-0103.

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Purpose The purpose of this study is to determine the Turkish housing price and rent dynamics among seven big cities with a unique monthly data set over 2003–2019. The secondary purpose is to examine bubble dynamics within the price convergence framework through alternative tests. Design/methodology/approach The paper conducts two autoregressive distributed lag (ARDL) cointegration estimates for housing prices and rents and applies conditional error correction model to investigate the long-run drivers of the Turkish housing market. The authors compare ARDL cointegration in-sample forecasts and

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"A Study on the Application of Monthly and Jeonse Conversion Ratio in the Calculation of Real Estate Brokerage Fees." Korea Real Estate Society 73 (September 30, 2024): 97–111. http://dx.doi.org/10.37407/kres.2024.42.3.97.

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Recently, landlords prefer monthly rent to jeonse and the increase in jeonse loan interest rates have increased the proportion of jeonse in housing lease transactions and decreased the proportion of jeonse due to the increase in damage from jeonse fraud and the standard of housing price applied when purchasing jeonse deposit return guarantee insurance to 126%. In calculating real estate brokerage fees, monthly rent has been uniformly applied until now, but in the current situation where monthly rent transactions are increasing, a calculation formula has been derived that allows the monthly ren

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"A Study on the Application of Monthly and Jeonse Conversion Ratio in the Calculation of Real Estate Brokerage Fees." Korea Real Estate Society 73 (September 30, 2024): 97–111. http://dx.doi.org/10.37407/kres.2024.43.3.97.

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Recently, landlords prefer monthly rent to jeonse and the increase in jeonse loan interest rates have increased the proportion of jeonse in housing lease transactions and decreased the proportion of jeonse due to the increase in damage from jeonse fraud and the standard of housing price applied when purchasing jeonse deposit return guarantee insurance to 126%. In calculating real estate brokerage fees, monthly rent has been uniformly applied until now, but in the current situation where monthly rent transactions are increasing, a calculation formula has been derived that allows the monthly ren

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Miles, William. "Is There a Stationary Home Price-Rent Relationship in US Housing Markets?" International Journal of Business & Economics (IJBE), December 31, 2023, 113. https://doi.org/10.58885/ijbe.v09i2.113.wm.

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Asset pricing models imply there should be a stationary relationship between house prices and rent. Several previous studies for the U.S. examine this hypothesis by testing for stationarity in the ratio of home values to rents, and fail to reject nonstationarity. However, this method implicitly tests for both a unit root and a particular cointegrating relationship. In addition, most previous studies employ an index for home prices in such tests, which of course entails issues such as representativeness of the housing transactions included and coverage of a particular housing market. In this pa

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Tomal, Mateusz. "Identification of house price bubbles using robust methodology: evidence from Polish provincial capitals." Journal of Housing and the Built Environment, September 28, 2021. http://dx.doi.org/10.1007/s10901-021-09903-3.

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AbstractThis article aims to check whether there has been a price bubble in the Polish major housing markets in recent years. To accomplish this goal, the log price-to-rent ratios in Polish provincial cities were analysed. In order to avoid incorrect conclusions, the log price-to-rent ratio using the instrumental variable estimation and ordinary least squares methods was decomposed into two components: fundamental and non-fundamental. The latter was then examined using the Phillips, Shi, and Yu procedure to detect explosive and downward movements. The results of the study showed that, in gener

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Jahan, Rowshan, and A. K. M. Abul Kalam. "Measuring Rental Housing Affordability of Middle-Income Group in Dhaka City." Journal of Bangladesh Institute of Planners, December 30, 2012, 79–91. http://dx.doi.org/10.3329/jbip.v5i1.76985.

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Providing housing for Dhaka City dwellers is very significant for ensuring sustainable urban development as it is one of the largest growing mega cities in the world. High growth of population in Dhaka city is creating extra pressure on land and making an adverse impact on house rent. The high rental price of housing in Dhaka city makes it impossible for the people, especially middle income group to afford housing. An attempt has made in this research to analyze the existing housing affordability of the middle income group of people in Dhaka city. In this endeavor, a conventional method, the “

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Brotman, Billie Ann. "Property investor decisions using income and rental ratio signals." Journal of Property Investment & Finance ahead-of-print, ahead-of-print (2021). http://dx.doi.org/10.1108/jpif-03-2020-0031.

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PurposeThis paper, a case study, aims to consider whether the income ratio and rental ratio tracks the formation of residential housing price spikes and their collapse. The ratios are measuring the risk associated with house price stability. They may signal whether a real estate investor should consider purchasing real property, continue holding it or consider selling it. The Federal Reserve Bank of Dallas (Dallas Fed) calculates and publishes income ratios for Organization for Economic Cooperation and Development countries to measure “irrational exuberance,” which is a measure of housing pric

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Brucaj, Izabel. "An Analysis of Housing Market Dynamics: Evaluating Potential Bubbles and Their Implications on Affordability." Inquiry@Queen's Undergraduate Research Conference Proceedings 18, no. 2 (2024). http://dx.doi.org/10.24908/iqurcp17994.

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Purpose Over the past three years, Canada experienced rapidly increasing inflation. Among the many challenges this brought for Canadians, the issue of the affordability of houses and rents is a fundamental one. The rise in Canada’s ratio of the average house price to average rent has fostered further research regarding how this value has changed during the pandemic and its implications for today. This paper extends the research of Allen Head and Huw Lloyd Ellis's exploration of the speculation that Canada is experiencing a housing bubble. A pricing framework is used to assess whether the growt

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Xu, Xiaojie, and Yun Zhang. "Rent index forecasting through neural networks." Journal of Economic Studies, November 15, 2021. http://dx.doi.org/10.1108/jes-06-2021-0316.

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Purpose Chinese housing market has been growing fast during the past decade, and price-related forecasting has turned to be an important issue to various market participants, including the people, investors and policy makers. Here, the authors approach this issue by researching neural networks for rent index forecasting from 10 major cities for March 2012 to May 2020. The authors aim at building simple and accurate neural networks to contribute to pure technical forecasting of the Chinese rental housing market. Design/methodology/approach To facilitate the analysis, the authors examine differe

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