Dissertations / Theses: 'Real estate rental market'

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Hughes, James D. (James Desmond). "What drives condo prices : the rental or single family housing market?" Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/84175.

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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 44-45).
This paper seeks to answer a question that real estate developers have wrestled with for years: apartment or condo? Given that the two types of residential units typically occupy similar buildings and structures, the goal of this research is to determine if condo prices follow rents. If a correlation is found it could have significant impact on the development of residential housing. To answer these questions historical housing prices from 1996 to 2012 for 44 of the largest metropolitan statistical areas in the U.S. will be studied. Linear regression analysis will be utilized at the metro level to understand how condo prices are influenced by apartment rents, single family home prices, the housing price index (HPI) and the yield on the 10-year U.S. treasury. The results of the analysis tell us that condo prices have followed and acted very much like single family home prices during the last 16 years. The easy credit and cheap lending that was available during the housing boom separated the single family and condo markets from the rental market by turning renters into owners. During this time rental prices remained relatively flat whereas condo and single family prices moved together and were correspondingly hit harder as a result of the financial crisis. The main implication of these findings is that it appears the type of tenure associated with a housing product has a measurable effect on the price. The physical similarity between condominium units and apartment units in large metropolitan markets does not necessarily signal a relationship in price and thus, apartment rents typically do not represent the present discounted value of condo prices.
by James D. Hughes.
S.M.in Real Estate Development

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Trouve, Yohann. "Local interactions between rental and real estate housing markets." Thesis, Lyon, 2019. http://www.theses.fr/2019LYSE2111.

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Le marché du logement se compose de deux segments principaux, le marché locatif et le marché de la vente. Bien que ces deux marchés fonctionnent différemment, les prix sur les deux marchés sont naturellement soumis à des interactions réciproques : le niveau des loyers affecte les prix de vente, mais les prix sur le marché de vente ont un impact sur les loyers. Dans la première approche, les loyers sont convertibles en prix de vente par une formule de capitalisation. Cependant, il est possible, et empiriquement observé, qu'il existe des déséquilibres entre les deux marchés. Ainsi, la dynamique relative des prix et des loyers peut varier dans le temps, mais aussi dans l'espace d'une zone urbaine : comment les prix sur les deux marchés (vente et location) sont-ils liés ? Comment l'un affecte-t-il l'autre ? La relation entre les deux prix est-elle homogène dans l'espace ? Pourquoi certains quartiers d'une agglomération ont-ils des loyers trop bas par rapport aux prix d'achat ? Cesquestions présentent un intérêt particulier pour les acteurs locaux de la politique du logement, dans un contexte de fortes tensions sur le marché du logement comme c'est le cas dans l'agglomération lyonnaise. En particulier, elles sont étroitement liées aux politiques visant à soutenir l'offre de logements ou le niveau des loyers du marché. Cette thèse propose d’étudier les liens entre ces deux marchés.Le premier chapitre de cette thèse tente d'observer si les ratios loyer/prix varient à l'intérieur d'une zone urbaine et cherche à expliquer les écarts entre les ratios loyer/prix, s'ils existent. Après avoir recalculé les ratios loyer sur prix dans l’agglomération, nous observons une hétérogénéité spatiale de ceux-ci. Dans une seconde partie de cette contribution, nous développons un modèle de « tenure choice » qui nous permet de mettre en avant des mécanismes théoriques qui expliquent les variations spatiales de ratio loyer/prix.Le deuxième chapitre de cette thèse porte sur la relation entre les prix du marché du logement privé et la construction de logements sociaux. Dans cette première contribution empirique, nous testons l'impact de la loi SRU sur le prix des logements en utilisant une méthode à double différence. Les résultats indiquent qu'à mesure que le retard de la municipalité dans l'atteinte des objectifs de la SRU augmente, il entraîne une augmentation de la construction de logements sociaux et, finalement,une diminution du prix des logements privés de la municipalité. Nous utilisons aussi une méthode de régression de discontinuité utilisant le seuil de 3500 habitants. Les résultats de cette deuxième analyse suggèrent que la construction de logements sociaux a eu un impact négatif sur le prix des logements dans les municipalités de plus de 3500 habitants.Aujourd'hui, il existe plusieurs politiques qui encouragent les propriétaires à louer des logements à loyers modérés ou qui tentent de faciliter l'accès à la propriété. Néanmoins, si ces politiques ont déjà été étudiées, ce troisième chapitre tente de comprendre leurs impacts combinés sur le marché du logement privé. En particulier, nous essayons de montrer l'impact des politiques de soutien à l'achat et à la location et des politiques de prêts à taux zéro. La première étape de notre contributionconsiste à concevoir un modèle théorique. Ce modèle théorique met en évidence les effets de chacun des deux mécanismes et met également en évidence la réaction du marché du logement lorsque chacun des deux mécanismes est couplé à une politique de contrôle des loyers. Dans une analyse empirique, nous vérifions si les prédictions du modèle précédemment développé sont valides. Les résultats indiquent que l'impact de la réforme sur le prix des logements neufs est positif.La dernière étape de notre analyse est une méthode à triple différence qui indique que la croissance du prix des logements neufs s'accélère en présence d'un contrôle contraignant des loyers
The housing market consists of two main segments, the rental market and the sales market. Although these two markets operate differently, prices on the two markets are naturally subject to reciprocal interactions: the level of rents affects prices of sale, but prices on the sales market have an impact on rents. On the first approach, the rents are convertible into a selling price by a capitalization formula. However it is empirically observed that imbalances exist between the two markets. Thus, the relative dynamics of both prices and rents can vary over time, and also in the space of an urban area. How are prices in the two markets (sale and rental) related? How does one affect the other? Is the relationship between the two prices homogeneous in space? Why is it that some neighborhoods of an agglomeration have rents that are too low in relation to purchase prices? These questions are of particular interest to local policy actors in housing, in a context of strong tensions on the housingmarket as is the case in the Lyon conurbation. In particular, they are strongly linked to policies aimed at supporting the supply of housing or the level of market rents. This thesis aims to study the link between these two markets.The first chapter of this thesis attempts to observe whether rent to price ratios vary within an urban area and seeks to explain the differences between rent to price ratios, if they exist. After recalculating the rent to price ratios in the agglomeration, we observe a spatial heterogeneity of them. In the second part of this contribution, we develop a "tenure choice" model that allows us to highlight theoretical mechanisms that explain spatial variations in the rent to price ratio.The second chapter of this thesis deals with the relationship between private housing market prices and the construction of social housing. In this first empirical contribution, we test the impact of the SRU law on house prices using a double-difference method. The results indicate that as the municipality’s delay in achieving the SRU's objectives increases, it leads to an increase in the construction of social housing and, ultimately, a decrease in the price of the municipality's private housing. We also use a discontinuity regression method using the 3500 population threshold. The results of this second analysis suggest that the construction of social housing has had a negative impact on private housing prices in municipalities with more than 3500 inhabitants.Today, there are several policies that encourage landlords to rent low-rent housing or that attempt to facilitate access to home ownership. Nevertheless, while these policies have already been studied, this third chapter attempts to understand their combined impacts on the private housing market. In particular, we try to show the impact of purchase and rental support policies and zero-interest loan policies. The first step in our contribution is to design a theoretical model. This theoretical modelhighlights the effects of each of the two mechanisms and also highlights the reaction of the housing market when each of the two mechanisms is coupled with a rent control policy. In an empirical analysis, we check whether the predictions of the previously developed model are valid. The results indicate that the impact of the reform on new housing prices is positive. The last step in our analysis is a triple-difference method that that the growth of new housing prices accelerates in the presence oftight rent controls

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Lee, Jung Mi S. M. j. Massachusetts Institute of Technology. "A study on small-sized rental housing market for single or two-person households and strategies to enhance the supply in Korea." Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/103452.

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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2016.
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 57-58).
Since 2000, the population structure has been rapidly changing in Korea. Especially, with the trends of delayed marriage, low fertility rate, high divorce rate, separated family due to jobs and education, and the growth of the senior population, the number of single or two-person households is expected to increase despite the decline in population. The government has recognized the importance of the small-sized rental housing market, and it introduced various policies to satisfy the increased demand. However, the supply market has not yet been boosted, because many big companies hesitated to execute their business concerning their profitability, and small companies and individuals suffered from lack of expertise while operating and managing their land and properties. In this situation, this study develops some strategies to increase the supply of small-sized rental housing and to improve the quality of living environments by reviewing the diverse cases and business models in Korea and in other countries. To understand the characteristics and needs of single and two-person households, they can be classified into 4 groups. This classification will be a base for developers and construction companies when they supply housing units and when the government provides subsidies and tax benefits. The biggest problem with the supply is the lack of land because of its high price. To solve this problem, a sub-lease business model is suggested, and using existing multi-family and multiplex housing is another way. With the sub-lease business model, the introduction of professional lease management services will help satisfy all the needs of landowners, tenants, developers and construction companies. For development projects, project financing is a common method to raise funds in Korea. As in the United States, various funding sources, such as asset-backed securities, Real Estate Investment Trusts, and a portfolio, are required. For construction, the modular method can be an option to save construction cost and time.
by Jung Mi Lee.
S.M. in Real Estate Development

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Eliasson, Karin, Kristin Ahlberg, and Malin Dyvnäs. "Commercial Real Estate : Different aspects of rent setting." Thesis, Jönköping University, JIBS, Business Administration, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1090.

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Background

The Swedish economy is currently in a boom and due to the fact that the commercial rental market is closely correlated with the development in the Swedish economy and its economic indicators, commercial real estate companies are successful. Commercial real estate companies generate their main revenue out of rents from their tenants, therefore the set-ting of rent and the factors affecting the procedure are of great importance. The report will not only examine the commercial rental market but also the composition of the lease con-tracts, factors affecting the rent setting and risks associated with commercial leases.

Purpose

To analyze the commercial rental market comprising of several different lease contracts. The focus will be to analyze the setting of rents and the factors affecting the procedure.

Method

A deductive approach and a qualitative research method is used in order to get reliable and valid data to be able to fulfill our purpose. The data is collected from interviews done with three different real estate companies, situated in Stockholm and Gothenburg. The sample include Håkan Hellström representing Castellum, Lovisa Lindberg representing Landic Property and Roddy Carlsson representing Vasakronan.

Conclusion

As could be expected, the commercial rental market is closely correlated with supply and demand in the Swedish economy. Currently, demand is increasing due to a growing employment rate and a strong GDP growth. Market rents are increasing, since the demand is continuing to accelerate and vacancy rates are falling. The vacancy rates are currently below the natural level since rents are increasing in both Stockholm and Gothenburg. It is shown that the vacancy level is lower in Gothenburg compared to Stockholm.

Location is the most important factor affecting the setting of rents apart from supply and demand. Rent for office space is highest in the cities’ Central Business District. Additional factors are attributes that make the premises more attractive and client care that enables for satisfied tenants and long lasting tenant relationships.

Bakgrund

Den svenska ekonomin är idag i en högkonjunktur och på grund av att den kommersiella hyresmarkanden är starkt korrelerad med utvecklingen i den svenska ekonomin och dess ekonomiska indikatorer, är kommersiella fastighetsbolag framgångsrika. Kommersiella fastighetsbolags intäkter består till största del av hyror från deras hyresgäster. Därför är hyres-sättningen och dess påverkande faktorer av stor vikt. Rapporten kommer inte enbart undersöka den kommersiella hyresmarkanden, utan även komponenter i kommersiella hyreskontrakt, faktorer som påverkar hyressättning och risker associerade med kommersiella hyreskontrakt.

Syfte

Att analysera den kommersiella hyresmarknaden bestående av flera hyreskontrakt, med fokusering på hyressättning och dess påverkande faktorer.

Metod

För att kunna uppfylla vårt syfte och för att få så tillförlitlig och giltig information som möjligt används ett deduktivt synsätt och en kvalitativ forsknings metod. Informationen tillförskaffas genom intervjuer med tre fastighetsbolag, i Stockholm och Göteborg. Urvalet består av Håkan Hellström som representerar Castellum, Lovisa Lindberg som representerar Landic Property and Roddy Carlsson som representerar Vasakronan.

Slutsats

Den kommersiella hyresmarknaden är som väntat, starkt korrelerad med den svenska ekonomins utbud och efterfrågan. Efterfrågan ökar idag på grund av en ökad sysselsättningsgrad och en stark tillväxt av BNP. Marknadshyrorna stiger eftersom efterfrågan ökar och vakansgraden minskar. Vakanserna är i nuläget lägre än normalt eftersom hyresnivåerna ökar i både Stockholm och Göteborg. Det visade sig att vakansgraden är lägre i Göteborg jämfört med Stockholm.

Hyressättningens viktigaste faktor som påverkar hyresnivån förutom utbud och efterfrågan, är läge. Hyran för kontorslokaler är som högst i städernas Central Business District. Hyressättningen påverkas av ytterligare faktorer som gör kontorslokalen mer attraktiv och kundvård som möjliggör långa kund relationer med nöjda kunder.

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Sundell, Charlotte, and Micael Magnusson. "Regional Perspectives on New Construction of Swedish Rental Apartments : A study of rent regulated real estate market interaction." Thesis, Jönköping University, JIBS, Economics, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-12270.

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Matička, Tomáš. "Nájemné bytu a faktory, které je ovlivňují ve vybrané lokalitě v Brně v roce 2016 a 2017." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2017. http://www.nusl.cz/ntk/nusl-317082.

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This diploma thesis describes the actual market of rental housing in a selected locations of city Brno. The result of the research determines a usual rent amount. The research of the market was made in four categories according to disposition. In thesis are described elementary factors affecting real estate rental market. In the conclusion all of the details are compared and described both text and graphic.

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Pethrosson, Alfred, and Nadin Muhieddine. "Rent-setting system and January agreement; An analysis of the rental housing market." Thesis, KTH, Fastigheter och byggande, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254281.

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I uppsatsen redogörs för hur olika hyressättningssystem har varierat i Sverige under det senaste seklet. De hyressättningssystem som behandlas är hyresreglering, bruksvärdessystemet samt marknadshyra. En historisk bakgrund inför respektive systems tillblivelse skildras genom sammanställning och bearbetning av rättskällor. På hyresbostadsmarknaden tillämpas idag i huvudsak bruksvärdessystemet som för med sig ett starkt besittningsskydd för dagens hyresgäster. Vidare tolkas och redogörs för ett reformförslag om ett närmande till fri hyressättning. Under januari år 2019 förhandlade de politiska partierna Centerpartiet, Liberalerna, Miljöpartiet och Socialdemokraterna, i en överenskommelse, fram en lista med 73 punkter (Januariavtalet). I denna lista beskrivs under punkt 44, att den aktuella hyresmodellen ska komma att reformeras genom bland annat införande av fri hyressättning vid nybyggnation. Detta reformförslag kommer troligtvis att implementeras på hyresbostadsmarknaden år 2021, en bostadsmarknad som genomgår ständiga förändringar. I Stockholm sker idag omvandling av hyresrätter till bostadsrätter, likaväl har priserna stigit i förorterna som i stadens centrala delar. Utvecklingen har lett till en stor andel höginkomsttagare i de mest attraktiva och centrala områdena och segregationen är tydligare än någonsin. Idag är efterfrågan och behovet av hyresbostäder högre än beståndet och många är drabbade, inte minst unga och utrikesfödda som är begränsade och saknar ekonomisk kraft för att kunna få tag på en hyresrätt. Ytterligare en begränsning är den genomsnittliga kötiden för att få en hyresrätt i innerstan. Under år 2018 låg den genomsnittliga kötiden på 17 år, enligt bostadsförmedlingen i Stockholm. I uppsatsen dras bland annat slutsatsen om att ett verkställande av reformförslaget enligt den aktuella formuleringen med fri hyressättning vid nyproduktion, kommer att leda till två parallellt verkande marknader; en reglerad marknad samt en oreglerad marknad. På sikt kommer dock båda att innebära en viss reglering, men som ändå kommer att ligga på två jämförbara prisklasser. Ena för nyproducerade och attraktiva bostäder riktad till den del av befolkningen med högre inkomst och en annan för ett redan befintligt bestånd med en relativ hög efterfrågan. Likaväl kommer det troligtvis att leda till att respektive system får olika besittningsskydd på marknaden.
A description of how different renting systems have varied in Sweden during the last century, will be presented in the project. The renting systems that are described are rental control, the utility value system and market rent. A historical background for respective system's appearance is presented. Today, the utility value system is used in the Swedish rental housing market. The system provides a strong protected tenancy for today's tenants. Furthermore, a reform proposal on free rental market is presented. In January 2019, a negotiation between the political parties Centerpartiet, Liberalerna, Miljöpartiet and Socialdemokraterna, led to an agreement, a list of 73 points (the January agreement). In this list, under point 44, the current rental system is described to be reformed by imposing free rent on newly built rental apartments. This reform proposal will probably be implemented in the rental housing market in 2021, a housing market that is going through constant changes. Today many rental apartments in Stockholm are converted into cooperative apartments, yet prices have risen in both suburbs and the city's central parts. The development has led to a large proportion of highincome people in the most attractive and central areas of the city and the segregation is clearer than ever. The need and the demand of rental apartment is higher today than the supply can cover and many are affected, not least the younger generation and the foreign-born who are limited and have lack of financial power to be able to obtain a rental apartment. According to the housing agency in Stockholm, the average queue time was 17 years in 2018 for obtaining a rental apartment in the inner city. The conclusion that can be drawn is, among others, that the implementation of the reform proposal according to the current formulation in the January agreement about imposing free rent for newly built rental apartments, will lead to two parallel operating markets; one regulated market and one unregulated market. In the long term, however, both markets will entail some regulation, but they will still be on two comparable price ranges. One for newly produced and attractive apartments aimed for that part of the population with higher income and the second one for an already existing supply with a relatively high demand. The two parallel markets will furthermore probably lead to different strength of protected tenancy.

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Rudecká, Soňa. "Analýza developerského projektu." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2015. http://www.nusl.cz/ntk/nusl-227324.

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This diploma thesis deals with the real estate trading theme, this means the construction market and the real estate market. The introduction is devoted to basic terms, followed by familiarization with the investment project and the division of market to the construction one and the one with the real estate. There are also defined subjects (participants) of these markets and institutions that can affect these markets. The main part of the thesis is the description of a development project from pre-investment phase to final sale or lease of real estate. It describes the course of construction project in the perspective of the developer. The final part is focused to an economic evaluation of the project, determining the profitability of rental and sale of individual parts of the building

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Portová, Nikola. "Nájemné bytu a faktory, které je ovlivňují ve vybraných lokalitách v Brně." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2015. http://www.nusl.cz/ntk/nusl-233184.

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This diploma thesis describes the actual market of rental housing in a selected location of Brno. In the begining of the work describes the general view on the rental housing, then it compares the amount of usual rent in particular categories and catastral areas. Next it evaluates which factors have an impact on the amount of rent. The research of the market was made in four categories according to the floor space and disposition. In the conclusion all of the details are compared and described both text and graphic.

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Kellnerová, Sabina. "Nájemné bytu a faktory, které je ovlivňují ve vybraných lokalitách města Brna." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2019. http://www.nusl.cz/ntk/nusl-399592.

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The diploma thesis describes the current situation on the rental housing market in selected city parts of the Statutory City of Brno and describes and evaluates the basic factors that influence the rental price. Part of the thesis is a market research in four different locations in Brno, namely Žabovřesky, Bystrc, Líšeň and Bohunice. Market research is conducted for different layouts of apartments, namely 1+1 and 1+kk, 2+1 and 2+kk, 3+1 and 3+kk. All collected data are compared and described in text and graphics. In order to compare the rental market with foreign countries, the thesis also includes a market survey in Bratislava, specifically in the district of Petržalka.

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Pettersson, Kajsa, and Roine Stenius. "Värdeförändringar på bostadshyresfastigheter vid reformerad hyresreglering Dagens situation och Alternativa modeller." Thesis, KTH, Fastigheter och byggande, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-168506.

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Den nuvarande bostadshyresmarknaden i Stockholm är allt annat än välfungerande. Det låga utbudet av hyresrätter har bland annat resulterat i långa bostadsköer, en omfattande svart hyresmarknad och inlåsningseffekter. I skenet av denna illa fungerande hyresmarknad reser sig frågan om det inte är på tiden att reformera alternativt frångå det nuvarande bruksvärdesystemet, till förmån för en ny alternativ hyressättningsmodell. En modell som förhoppningsvis reducerar de negativa effekterna vi idag ser på hyresmarknaden. Rapporten har som utgångspunkt att beskriva dagens hyressystem samt redogöra för potentiella hyresmodeller. Nuvarande hyressystem och de potentiella modellerna är alla relativt väl utredda ur ett hyresmässigt perspektiv. Utredning gällande förslagens inverkan på marknadsvärdet beträffande fastigheterna saknas. Två av de utredda modellerna innebär en infasning mot marknadshyror. Värderingssimuleringar utförs för att fånga de eventuella marknadsmässiga värdeförändringarna dessa modeller har. För att göra välgrundade antaganden till värderingssimuleringarna hämtades nationell och internationell data från IPD och Newsec, samt kunskap från intervjuer. Det inhämtade materialet visade på ett proportionerligt samband om 0,5 – 1,5 procent differens i yielden mellan bostads – och kontorsmarknaderna runt om i Europa där hyresmarknaden i någon mån är avreglerad. Motsvarande förhållande i Stockholm ligger på 2,0 – 3,0 procent. Värderingssimuleringarna visar att en introduktion mot marknadshyror inte resulterar i markanta värdeökningar, detta då avkastningskrav samt drift – och underhållskostnader antas motverka hyresökningen. Störst genomslag på värdet noteras i det befintliga beståndet där amplituden mellan utgående hyra och marknadshyra är som störst.
The current rental housing market in Stockholm is anything but functional. The supply of rental housing is low, which has resulted in long queues, an extensive black rental market and lock in effects. The ill-functioning rental market raises the question whether it is time to reform or abandon the current rental system, in favor of a new approach in the rental market where a new alternative rent setting model would be introduced. A model that hopefully reduces the negative effects we see on the rental market today. The report sets out to describe the current rental system and outline potential rental models. Both current and potential models are all relatively well explained from a rental perspective, but none have been investigated from a market value perspective. Two of the investigated models involve a change toward market rents. Valuation simulations are performed to capture the potential market value change these models entail. To make informed assumptions in the simulations, national and international data have been collected from IPD and Newsec, as well as knowledge from interviews. The collected data showed a proportionate relation of 0.5 to 1.5 percent difference in yield between residential and office markets around Europe, where the rental housing market to some extent is deregulated. The corresponding ratio in Stockholm is 2.0 to 3.0 percent. Results from the simulations showed that an introduction to market rents do not result in a significant increase in the market value. Yields and operating - and maintenance costs is assumed to counteract the increased rent, making the value impact less significant. The greatest value impact is recorded in the existing stock where the amplitude between the outgoing rent and market rent is greatest.

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Janek, Ondřej. "Nájemné bytu v Břeclavi a faktory, které je ovlivňují." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2017. http://www.nusl.cz/ntk/nusl-318591.

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The diploma thesis describes the current situation on the market in the market rent in Břeclav. Thesis focuses on the factors that affect the amount of rent and how are prices influenced by these factors. The market survey was conducted on the basis of data from realized rents ascertained from the questionnaires, supplemented by the bid prices of real estate. The gathered data are divided into 1+1 and 1+kk, 2+1 and 2+kk, 3+1 and 3+kk, 4+1 and 4+kk. Based on the data are created maps which shown amount of rent.

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Nováková, Hana. "Nájemné bytu a faktory, které je ovlivňují ve vybraných lokalitách města Brna." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2014. http://www.nusl.cz/ntk/nusl-232888.

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This diploma thesis describes elementary factors affecting real estate rental market. The thesis includes a market research in two different localities in the city of Brno. The result of the research determines a usual rent amount. The collected data is separated by the number of rooms 1+1/kk, 2+1/kk a 3+1/kk and bigger (number of room + the kitchen or a kitchenette) and plot into a map. The usual rent amount defines three levels on each of the groups. The conclusion of the thesis evaluates the research results.

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Schäfer, Carsten. "Asset Dividing Appraisal Model (ADAM) - Direct Real Estate Investment Evaluation." Doctoral thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-191784.

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The Asset Dividing Appraisal Model (ADAM) enables the appraisal of cash flows resulting from direct real estate investments. The model is an evaluation tool, which takes capital markets and the specific characteristics of real estate as an asset (heterogeneity, site-dependency, eternal land-yield, etc.) into consideration, while also considering different ownership approaches of real estate in the European Union. Thus, it contributes to the harmonization of capital markets and of direct real estate investment evaluation as intended by the "European Directive on Markets in Financial Instruments 2004/39/EC". ADAM is based on financial mathematical instruments and on the property valuation methods of different cultural areas. It combines continental European (Germ an Gross Rental-Method) and international (Discounted Cash Flow-Method) property valuation approaches. Although it is scientifically reasonable to take property valuation approaches into account, the aim of the model is not to valuate a property or to quantify an objective market value but to evaluate cash-flows resulting from direct real estate investments. A mathematical analysis based on empirical market data confirmed the validity of the methodology of the model. In the course of the analysis the major input variables that determine the results of the model and how the model reacts to marginal deviations of input data, were quantified. This was done using partial derivations and a simulation study. In Czech Republic a building isn't actually considered as a part of the underlying plot. Consequently, differing persons or institutions can be owner of the building, as of the appropriate plot. From 2014 on, a suitable reformation of the Czech Civil Code is supposed to cause a consolidation of real estate property. Czech law is going to be adjusted to German law, which considers plot and building as an economic entity. This consolidation of real estate could be an approach of the introduced model.

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Ostertágová, Petra. "Činnost realitní kanceláře (vybrané účetní a daňové problémy)." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75618.

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The thesis provides basic information on the activities of real estate agent, including accounting and tax solutions for selected topics. The thesis is divided into four chapters. The first chapter describes the real estate market with its basic elements. The second chapter examines the regulation of real estate activities in the Czech Republic and selected legislation relating to contracts in real estate. The section focusing on accounting transactions are shown as a result of the major real estate services, namely, the purchase, sale, rental properties and brokering. The last chapter deals with tax issues, which are selected from the provisions relating to real estate activities.

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Måradson, Elina. "Presumption Rent-System : A Sustainable Rent-Setting System or a "Necessary Pain"?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-298342.

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State of Objectives: This paper addresses the question of how the presumption-rent system has developed during ten years of its introduction to the rental market, with a particular emphasis on the investors’ perspective. The study has three focus areas, firstly an emphasis on how the real estate investors within the private and public sectors reacted to the introduction of the presumption-rents. Secondly, it examines whether the trends have changed during the course of these ten years. Finally, it observes how the presumption-rent system, as a rent-setting method for new residential rental constructions, is perceived and evaluated by the investors. Methodology: The empirical study focuses on the rent market in Stockholm, and it is articulated through a holistic multiple case-study of six public-and private real estate companies with rental dwellings in Stockholm. In order to examine the developments of the presumption-rent structures in these companies, a numerical analysis of the rent structures through a quasi-experimental design is as well conducted. Empirical Findings: The results in general prove that the rent-setting within the presumption rent system is unpredictable and subjective, because it is influenced by conflicting interests and different perceptions. The implication of this for the application of the presumption-rents is that it is depended on a complex, ambiguous and vague negotiation structure, rather than being based on a systematized rent-setting procedure. Furthermore, it is noted that the collective bargaining system, which sets the standards for the rent negotiations, is undergoing a slow process of change, as the law amendment in 2011 has caused paradigm-shits within the rental market. One dimension of this is that the rent-negotiations noticeably do not influence the investment decisions anymore, but the rent negotiations certainly have an impact on the rent-setting method. The implication for the application of the presumption-rentsystem, including its negotiation framework, is that it is applied when it meets the criteria for the investment decision, otherwise it is ignored. Finally, it is showed that nor the public neither the private companies perceive the presumption-system as a long-term and sustainable solution to the prevailing challenges with the Swedish rent-setting system. What is clear is that the system is mainly considered as a temporality solution to a course of disorders that have emerged from prolonged institutional negligence and error that have impaired the rental markets.

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Hoduláková, Michaela. "Analýza realitního trhu s hostinskými zařízeními v Olomouci." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2018. http://www.nusl.cz/ntk/nusl-390153.

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The commercial real estate market is constantly changing and some developments can be observed in our approach to it. Like every other market, this market is also dependent on the existence of supply and demand. The diploma thesis "Analysis of the Real Estate Market with Catering Facilities in Olomouc" deals, as the name suggests, with the analysis of the real estate market with catering facilities in the statutory and university city of Olomouc. It solves especially the survey and analysis of the market with a focus on the sale and rental of catering facilities (such as restaurants, bars, pubs, cafes, etc.). Further, based on the analysis of this segment of the real estate market, this thesis determines the factors which influence market prices and market rents and it describes the way of their influence.

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Martel, Jean-Jacques. "La valeur venale ou locative des biens, droits immobiliers ou droits sociaux : une conception juridique pour une concretisation economique." Thesis, Lille 2, 2016. http://www.theses.fr/2016LIL20018/document.

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La valeur vénale et locative se définit en droit, en jurisprudence et en doctrine, mais elle se concrétise en économie…C’est toute l’ambiguïté et la différence entre une valeur et un prix.A l’inverse de l’agent immobilier qui se focalise sur le prix du bien qu’il envisage de vendre, l’expert se concentre sur l’objectivation juridique d’une valeur qu’il va déterminer en s’appuyant sur la comparaison des prix dont il va avoir connaissance.Depuis plus d’une dizaine d’années, j’ai essayé à travers mes différentes recherches, enseignements et publications d’éclaircir les problématiques juridiques, économiques, techniques et maintenant écologiques, liées à la valeur vénale ou locative.J’ai pu publier une cinquantaine de contributions sur des sujets transversaux.Mon projet de thèse sur travaux envisage d’effectuer la synthèse de ces travaux en approfondissant et en complétant certains sujets, en explorant les nouvelles problématiques environnementales et en examinant les possibilités de transposition dans notre droit interne des nouvelles directives européennes liés à l’évaluation immobilière
Market and rental value is defined in law, in jurisprudence and in doctrine, but is put into concrete form in economics.There in lies the ambiguity of the difference between value and price.Unlike the estate-agent, who focuses on the price of the property he plans to sell, the real estate valuer concentrates on the juridical objectification of the value, which he will determine by comparing the prices which he has knowledge of. For over ten years I have been trying, through my various research projects, teaching and publications, to throw some light on the juridical, economic, technical and now environmental issues linked to market and rental value.I have published some fifty papers on cross-discipline subjects.In my thesis project I plan to synthesize this work, going more deeply into certain subjects and adding to them, exploring the new environmental issues and examining the possible ways in which the new European directives concerning real-estate appraisal could be transposed into our domestic law

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Červinková, Eva. "Nájemné administrativních prostor ve vybraných lokalitách města Brna a faktory, které je ovlivňují." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2018. http://www.nusl.cz/ntk/nusl-390159.

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The diploma thesis describes the eal current estate market with commercial objects in selected city districts of Brno. At first, it offers a view of renting commercial buildings, then comparing the usual rental rates in individual urban areas. It evaluates which factors affect the amount of rent. Furthermore, a database of advertised office space in eleven districts of the city of Brno is being prepared. The resulting data is processed into graph and map charts. The conclusion of the diploma thesis is devoted to the evaluation of the results of the survey of the real estate market.

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Silva, António Manuel dos Santos. "Índice de preços de arrendamento residencial na cidade de Lisboa." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10978.

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Mestrado em Gestão e Avaliação Imobiliária
O objetivo do presente estudo é construir um índice imobiliário com base no valor observado das rendas de apartamentos localizados no concelho de Lisboa, no período de 1991 a 2011, e pertencentes a uma carteira de um investidor institucional nacional. Da revisão da literatura resultou a seleção de Modelos Hedónicos e de Vendas (Rendas) Repetidas, para, através do método quantitativo, proceder à construção do índice imobiliário. Foi construído um único Modelo de Vendas Repetidas e 15 Modelos Hedónicos em que a variável dependente era a Renda ou a Renda por m2 de Área Bruta Privativa. Os Modelos Hedónicos, na sua versão mais completa, consideraram como variáveis independentes, atributos tais como Área Bruta Privativa (em m2), Tipologia (T0, T1, T2, T3, T4 e T5 ou superior), Localização (simulada através do Coeficiente de Localização do SIGIMI), Idade (em anos, contados em 2011), Ano de Celebração do Contrato de Arrendamento e Obras de Beneficiação no período 1991-2011 (estado de conservação). Foi eleito para a quantificação do Índice de Preços de Arrendamento Residencial na Cidade de Lisboa, o Modelo Hedónico com Renda como variável dependente e apenas com 3 variáveis independentes (Área Bruta Privativa, Localização e Idade). O índice imobiliário foi comparado com o Índice de Atualização das Rendas, o Índice de Preços da Habitação (componente da valorização dos imóveis) e outros indicadores macroeconómicos tais como o Índice de Preços no Consumidor e Produto Interno Bruto. A rendibilidade global do imobiliário foi igualmente comparada com a rendibilidade de investimentos alternativos em ações e obrigações.
The aim of this study is to construct an index based on real estate value observed rents for apartments located in the municipality of Lisbon, in the period from 1991 to 2011, and a wallet belonging to a national institutional investor. The literature review resulted in the selection of Hedonic Models and Repeated Sales (Income) Models, for through the quantitative method, proceed to the construction of real estate index. We built a single Repeated Sales Model and 15 Hedonic Models in which the dependent variable was the Income or Income per m2 of Gross Private Area. Hedonic Models, in its most complete version, considered as independent variables, attributes such as Private Gross Area (m2), Bedrooms (T0, T1, T2, T3, T4 and T5 or more), Location (simulated by the SIGIMI Location Coefficient), Age (in years as in 2011), Year Celebration of the Rent Agreement and Improvement Works in the period 1991-2011 (condition). We elected to the quantification Rent Housing Price Index in the City of Lisbon, the Hedonic Model with Income as the dependent variable and with only three independent variables (Gross Private Area, Location and Age). The real estate index was compared with the Index of Income Update, the Housing Price Index (real estate value component) and other macroeconomic indicators such as the Consumer Price Index and Gross Domestic Product. The overall profitability of real estate was also compared with the profitability of alternative investments in stocks and bonds.

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Šoulová, Eva. "Analýza realitního trhu s hostinskými zařízeními v Hradci Králové." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2017. http://www.nusl.cz/ntk/nusl-316945.

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The diploma thesis deals with the analysis of the real estate market with restaurant premises in Hradec Kralove. The aim is to determine the factors influence the market price or market rent of this segment of the real estate market. The theoretical part defines basic terms related to the topic of the thesis. The practical part of the thesis consists of two parts. The first part was done a survey, which took place between the operators of restaurant premises. The second part compares and evaluates database sales and rentals of restaurant premises in Hradec Kralove.

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Geratová, Patrícia. "Nájemné bytu a faktory, které je ovlivňují ve vybraných lokalitách v Žilině." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2017. http://www.nusl.cz/ntk/nusl-317086.

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The diploma thesis focuses on the analysis of real estate market in Žilina, Slovakia. The aim of the thesis is to compare the rents of flats situated in three different localities and to examine the factors determining them. The data obtained in the research are sorted out into five categories according to floor space. The findings are summarized in tables and charts, emphasizing the factors determining the rent.

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Nobre, Marcelo Bruno Luís Pais. "Conceito residencial para o mercado de arrendamento na cidade de Lisboa." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7565.

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Mestrado em Gestão e Avaliação Imobiliária
Este trabalho consiste numa investigação na área do mercado de arrendamento habitacional em Lisboa. Atendendo às recentes alterações ao regime de arrendamento habitacional e ao facto de não existir um modelo exemplo de produto imobiliário a seguir, este trabalho procura definir um conceito residencial para o mercado de arrendamento em Lisboa que melhor corresponde às necessidades do mesmo. A pesquisa efectuada revelou várias características que pesam nas decisões tanto dos consumidores, como também dos investidores. De modo a descobrir a opinião dos consumidores sobre essas características, aplicou-se o método do inquérito por questionário, sendo possível, após a recolha da informação, obter um modelo a aplicar no mercado de arrendamento habitacional. Paralelamente, recorreu-se às bases de dados de imóveis de agências imobiliárias e a entrevistas a quatro investidores para analisar o lado da oferta neste mercado. A comparação dos resultados do questionário aos consumidores com a pesquisa do lado da oferta revelou que o mercado da oferta disponibiliza poucos imóveis com as características desejadas pelo consumidor. Esta comparação permite também retirar um modelo óptimo que corresponde às necessidades do mercado de arrendamento habitacional em Lisboa. Este modelo consiste num imóvel que tenha áreas definidas entre 51m2 e 70m2, dois quartos, dois casas de banho, bom estado de conservação, boa vizinhança, com uma renda máxima de 499€, situado num local que prima pela segurança e acessibilidade.
This work develops a research on the rental housing market in Lisbon, aiming at defining the model of a real estate product that will better answer the needs of this market. The main motivations for this work are the recent changes in the rental housing market regulations and the lack of research on a model of a real estate product for Lisbon. The literature review showed several characteristics of a real estate product that are important for both consumers and investors. The opinion of consumers about these characteristics was surveyed through a questionnaire, and their answers led to the creation of a product model applicable to the rental housing market. Then, the databases of real estate agencies were studied and four investors were interviewed so that the supply in this market could also be analyzed. The comparison between the questionnaire results and the research done to the supply revealed that the latter provides a few real estate with the desired characteristics. This comparison led to the development of an optimal model that answers the needs of both the supply and demand in this market. This model consists of a residential real estate with the following characteristics: a total area between 51m2 and 70m2; defined rooms; two bedrooms, two bathrooms, good condition, good neighbours, monthly rent of 499€ at most; and safe and easily access location.

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Šilhan, Pavel. "Porovnání výše obvyklého nájemného z bytů ve vybrané lokalitě." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2011. http://www.nusl.cz/ntk/nusl-232555.

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The thesis is focused on finding the level of rent in locations of Brno- Lesna, Bohunice, Bystrc, Slatina, Brno-center. The aim of this work to compare the level of rent of flats taking into account three different sizes, one room, two rooms and three rooms flats. The comparison is based on the size and locality of these flats. Moreover the author research various effects infuencing the level of the rent. The results are expressed in text and also graphically.

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Florindo, José Manuel Bastos. "O impacto da certificação energética na valorização dos edifícios de escritórios na Grande Lisboa." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/10050.

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Mestrado em Gestão e Avaliação Imobiliária
A Comissão Europeia tem publicado directivas sobre a eficiência energética, com o principal objectivo de reduzir o consumo de energia nos edifícios e sensibilizar para a importância da eficiência energética. Pretende-se ainda que os certificados energéticos sirvam de ferramenta de decisão em qualquer negócio imobiliário, de compra e venda ou de arrendamento. Este trabalho tem como objectivo verificar se a classificação energética atribuída aos edifícios de escritórios da Grande Lisboa tem influência na renda de mercado, ou seja a renda que é publicitada para determinado edifício. Além deste objectivo principal, pretendemos destacar a importância da integração dos atributos da eficiência energética nas metodologias de avaliação imobiliária de edifícios de escritórios. A amostra neste estudo, obtida através das consultoras imobiliárias Jones Lang LaSalle, Cushman&Wakefield, CBRE, Worx, B.Prime e Abacus Savills, é constituída por 48 edifícios de escritórios da Grande Lisboa, e pela Adene ? Agência para a Energia. A metodologia do trabalho tem por base modelos de regressão linear múltipla para isolar as diversas características que possam ter impacto na determinação da renda ou numa característica particular, neste caso a classificação energética atribuída. Concluímos que a certificação energética, estatisticamente, não tem impacto nas rendas de mercado dos edifícios de escritórios e que os factores que as influenciam são: localização (zona de escritórios), número de pisos e idade.
The European Commission has published guidelines on energy efficiency, with the primary objective of reducing energy consumption in buildings and raise awareness of the importance of energy efficiency. It is also intended that the energy certificates serve as a decision tool in any real estate business, buying and selling or leasing. This work aims to verify if the energy rating assigned to office buildings of Lisbon has influence on market rents, this is, rent that is advertised for a specific building. In addition to this primary objective, we intend to highlight the importance of integrating energy efficiency attributes in the methodologies of real estate appraisal office buildings. The sample in this study, obtained from the real estate consultants Jones Lang LaSalle, Cushman & Wakefield, CBRE, Worx, B.Prime and Abacus Savills, consists of 48 office buildings of Lisbon, and the Adene - Agency for Energy. The methodology of the work is based on multiple linear regression models to isolate the various characteristics that may impact the determination of rents or a particular characteristic, in this case the assigned energy rating. We conclude that the energy certification statistically has no impact on market rents of office buildings and the factors influencing them are: location (office area), number of floors and age.

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Almgren, My, and Charlotte Mörkeberg. "Dagens kommersiella fastighetsmarknad : En studie av branschen och dess riskfaktorers påverkan på delmarknaderna kontor och butik i Stockholm CBD." Thesis, KTH, Fastigheter och byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-231813.

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Hyresmarknaden för lokaler i Stockholm CBD har de senaste åren präglats av en hög efterfrågan, svagt ökande utbud och en stark hyresutveckling till följd av en stadig BNP-tillväxt i Sverige. Vi har historiskt sett mycket låga räntor och direktavkastningskrav. De låga räntorna har bidragit till att mycket kapital sökt sig till fastighetsbranschen då alternativen för placeringar är få i den lågräntemiljö vi befinner oss i. Detta i kombination med branschaktörernas förväntningar om ökade hyresintäkter har lett till en snabb värdeökning på kommersiella fastigheter och sänkta direktavkastningskrav. Marknaden påvisar idag tecken på att hyrestillväxten och värdeökningen nått sin topp och att vi snart kommer att se en stagnering eller rentav nedgång på marknaden. En lång konjunkturuppgång samt ovanligt låga räntor och politiska strömningar skapar tillsammans osäkerhet i branschen, eftersom fastighetsmarknaden är konjunktur- och räntekänslig. Trots en medvetenhet om en nedgång framöver, med lägre tillväxt, ökade vakansnivåer och därmed minskade hyresintäkter som konsekvens, har aktörer på marknaden paradoxalt nog fortfarande förväntningar om en fortsatt positiv utveckling, om än något svagare än tidigare. De risker som kan urskiljas på dagens kommersiella fastighetsmarknad är ett flertal. Ökade räntekostnader utgör en risk för fastighetsbolagen. Till exempel kommer lagförslaget om minskade ränteavdragsmöjligheter påverka bolagens resultat negativt. En höjning av de långa räntorna skulle även slå hårt mot aktörerna på marknaden. Därför är det klokt att minska belåningsgrader samt sprida sina källor till finansiering. Ytterligare en risk är en ökad digitalisering och konkurrens från exempelvis e-handeln, vilket påverkar hyresgästernas krav och förutsättningar. Vi kan i framtiden vänta oss en omvälvning av utformningen av lokaler för såväl butik som kontor. Dessutom kan de höga hyrorna som observeras på delmarknaderna för kontor och butik i Stockholm CBD driva ut hyresgäster till närliggande förorter eller andra storstäder. På grund av dessa två faktorer gäller det då för fastighetsbolag att ständigt arbeta flexibelt och långsiktigt för att möta den förändrande efterfrågan och fånga upp eventuella rörelser i ett tidigt skede.
The rental market for commercial properties in Stockholm CBD has been characterized by high demand, weak growth in supply and a robust development of rental revenues due to Sweden’s stable GDP growth in recent years. Yields and interest rates are historically low. Low interest rates have contributed to attracting capital to property since alternatives are few in a low-interest rate environment. This combined with property owners’ expectations of increased rental revenues has resulted in an accelerated increase in the value of commercial properties and lower yields. There are signs today that the growth in rental revenues and the increase in property values have reached their peaks, and that we will soon see stagnation or even a downward trend in the market. Taken together, a long period of growth, unusually low interest rates, and political developments has created uncertainty in the market, given that the real estate market is sensitive to changes in business cycles and interest rates. Despite being aware of a future slow-down, with lower growth, increased vacancies, and therefore, lower rental revenues, market actors paradoxically still have positive expectations of continuing favourable developments on the market, albeit at a slower pace. Several threats to the current property market can be identified. Increased interest rate costs constitute a risk for real estate companies. For example, the proposed legislation to reduce the possibilities of interest deductions will have a negative impact on profits. Moreover, a raise in long-term interest rates would have a severe impact on the market. Consequently, it would be wise to lower loan-to-value ratios, and to diversify sources of capital. An additional uncertainty is increased digitalization and competition from e-commerce, which affect both the demands and requirements that tenants may have. In the future, we may expect considerable changes in the design of spaces for both retail properties and offices. Furthermore, the high rents that may be observed on today’s retail and office rental market in Stockholm CBD could result in tenants choosing to relocate to nearby suburbs or other cities. Real estate companies must therefore constantly have a flexible and long-term strategy in order to meet changes in demand and detect market changes at an early stage.

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Novotný, Jaroslav. "Nájemné bytů v Olomouci a faktory, které je ovlivňují." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2016. http://www.nusl.cz/ntk/nusl-241351.

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This diploma thesis examines market rents of flats in the town of Olomouc. It probes the condition of the local real-estate flat rent market and it assesses which factors affect the price the most. That is achieved on the basis of data of realized rents gathered via questionnaire and complemented with the supply real-estate prices. The data are sorted into four categories (1+1 a 1+k, 2+1 a 2+k, 3+1 a 3+k, 4+1 a 4+k) that are mutually compared and analyzed with textual, table and graphic output. In the theoretical part of this work, the research is supported with juridical and economical definitions, which appear on the real-estate flat market. The work then states the specifics of real-estate market and comments on the changes in the new civil code of law. It also gives a brief overview of the basics of the housing policy theory.

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Juan, He. "China's real estate policies and real estate market responses." View electronic thesis, 2008. http://dl.uncw.edu/etd/2008-3/r3/juanh/hejuan.pdf.

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Fusch, Christina. "Risk Management Strategies for Sustainable Rental Real Estate Profitability." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7292.

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Some rental property owners lack risk management strategies that enable them to budget for sustainable profitability. This study provides rental property owners with risk management strategies for sustainable profitability to maintain business stability during market volatility and create stable, well-maintained housing for tenants. A mini ethnographic case study was conducted to determine the key risk management budgeting strategies rental property owners in the greater Seattle area have used to achieve sustainable profitability for at least 10 years. Enterprise risk management was applied to assess the role risk played in small rental property businesses and budgeting for sustainable profitability. Participant observation, interviews, and document review were conducted with rental property owners who had achieved sustainable profitability for at least 10 years. Data analysis software was leveraged to code the data and identify 4 key risk management budgeting strategies that contributed to sustainable profitability. The rental property owners included these 4 risk management budgeting strategies into their business: incorporating risk identification, response, and monitoring into firm strategy; cultivating a risk management network that effectively enabled them to mitigate risk; risk response to industry regulations; and creating a positive social change impact. Building on the results, 4 models of risk management budgeting were created for rental property owners searching for strategies to achieve sustainable profitability. The rental property owners in the study applied these 4 risk management budgeting strategies to achieve sustainable profitability and contribute to positive social change such as improving the well-being of tenants and communities.

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Bertol, Laura Esmanhoto. "Terra e habitação: o problema e o falso problema: as políticas de obscurecimento do preço da terra na política habitacional em Curitiba." Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/16/16137/tde-02072013-164753/.

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Essa dissertação tem como objeto de estudo o preço da terra como elemento político na produção pública de habitação e na produção do espaço em Curitiba. A habitação de interesse social configura-se hoje como um falso problema. Falso, não porque as carências no setor habitacional não existam e não se configurem enquanto um problema. É um falso problema porque sua formulação está baseada somente em explicações economicistas que ignoram o preço da terra como um elemento político. Para a reformulação do problema da habitação a partir de suas características intrísecas, a produção da Companhia de Habitação Popular de Curitiba foi analisada desde a sua fundação em 1965 até o ano de 2010, ano de início dessa pesquisa, demontrando a relação entre o preço da terra e as transformações das tipologias e localização de unidades habitacionais produzidas. Demonstra-se ainda que ao longo dos diversos planos, projetos e leis elaborados, principalmente pelo Instituto de Pesquisa e Planejamento Urbano de Curitiba e pela Companhia de Habitação Popular de Curitiba o discurso sobre o preço da terra como problema e a descrição da natureza de problema que ele constitui, diverge ao longo do tempo, bem como as soluções formuladas que normalmente tem o sentido de buscar terras mais baratas ao invés de pautar o preço destas. Os principais elementos apontados pela COHAB-CT ao longo de sua história como limitantes para a produção habitacional: a escassez de terra, a especulação imobiliária e o alto preço da terra, são desconstruídos e aparecem como políticas de obscurecimento à medida em que naturalizam o preço da terra e o tornam um elemento reificado, sempiterno e imutável. Imutável não no sentido que este não varie, mas no sentido de que este varia sem qualquer relação com os processos de produção e reprodução do capital e portanto sem possibilidades de intervenção. Esse desvelamento do obscurecimento da formulação do preço da terra como problema na produção da habitação popular e, por consequência, o desvelamento do problema da habitação, acabam por demonstrar o embricamento da Companhia de Habitação Popular de Curitiba nos movimentos do mercado imobiliário.
The present dissertation has the purpose of studying the price of the land as a political factor on the public housing production and on the production of space in Curitiba. The social housing figures today as a false problem. False, not because the needs in the housing sector supposedly don\'t exist or don\'t figure as a problem. It is false because its formulation is based only on economistic explanations that ignore the price of the land as a political factor. To reformulate the housing question based on its intrinsic characteristics, we analyzed the production of the Companhia de Habitação Popular de Curitiba - COHAB-CT (popular housing company of Curitiba), considered the period from 1965 to 2010, the year the present research started, demonstrating the relation between the price of the land and the transformation of the typologies and locations of the housing units produced in the period. It is also demonstrated that, after several plans, projects, and laws passed, drafted in many cases by the Instituto de Pesquisa e Planejamento Urbano de Curitiba (Urban planning and research institute of Curitiba) and the Companhia de Habitação Popular de Curitiba (popular housing company of Curitiba), the discourse about the price of the land as a problem, and the description of the nature of the problem that it makes up, differ during the period, as well as the solutions given, which, normally, has the sense of seeking cheaper lands instead of stating their price. The main factors pointed out by COHAB-CT, during its history, as limits to the housing production, are: the lack of land, the property speculation and the high price of the land. These factors fall down and show up as eclipsing policies as far as they naturalize the price of the land and make it up reified, everlasting, and immutable. Immutable not in a sense that it doesn\'t vary, but in the sense that it varies without relation to the processes of production and reproduction of Capital, therefore without possibilities of intervention. The unveiling of the eclipsing policies within the formulation of the price of the land as a problem within the popular housing and, as a consequence, the unveiling of the housing question, end up to demonstrate the interwoven of the Companhia de Habitação Popular de Curitiba (popular housing company of Curitiba) and the movements of real estate market.

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Melnikova, Yulia. "Spanish Real Estate Market Analysis." Master's thesis, Česká zemědělská univerzita v Praze, 2016. http://www.nusl.cz/ntk/nusl-259902.

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At the beginning of 2000-ies the real estate market of residential property in Spain considered to be one the most popular and fast-growing real estate market in Europe, which attracted a great number of investment into the country and thus contributed greatly to the development of the national economy of Spain. However, because of the economic crisis in the country, residential real estate market collapsed significantly. At the present time, the Spanish real estate market of residential property market is recovering from the recession to the pre-crisis level as the prices for residential real estate property has started increasing due to the high demand for it. All this factors positively affect the national economy of Spain. In order to obtain the major aim of the thesis, it is crucial to conduct a retrospective overview of the residential real estate market of Spain before the crisis and provide a bene-ficial real estate market analysis of the current situation on the market of residential proper-ty.

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Chovanec, Roman. "The Prague Real Estate Market." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-15645.

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This thesis is an analysis of the major segments of the real estate market in Prague. It covers office, retail, industrial, hotel and residential real estate and the investment market behind these segments predominantly from the perspective of an institutional investor. In the thesis, theoretical fundamentals behind real estate development are connected to the present state of the market. The thesis provides an overview of the supply and demand, prices, yields, vacancy rates and major trends or developments in each segment. The analysis of the present state of the market is also connected to the economic crisis. The thesis covers both the reasons behind the depressed and dormant state of the market and emerging trends into the years ahead.

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Petré, Ingel, and Gabrielle Larsson. "Realisation av allmännyttan? : Analys av kommunala och privata avyttringar av bostadshyresfastigheter." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-145019.

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Avyttringen och ombildningen av kommunala och privata bostadshyresfastigheter till bostadsrättsföreningar har blivit ett allt vanligare fenomen under de senaste decennierna. Främst sker avyttringen i Stockholms kommun. Syftet med denna uppsats är att mäta om prissättningen vid utförsäljning av bostadshyresfastigheter inom Stockholms kommun skiljer sig beroende på om säljaren varit privat eller ett allmännyttigt kommunalt bolag. För att undersöka detta har olika regressionsmodeller applicerats på data över fastighetsprisregistret under två mandatperioder. Resultatet visar en tydlig prisskillnad mellan kommunala avyttringar och privata inom samma områdesindelning. Skillnaden i prissättning innebär att kommunala fastighetsbolag har realiserat ut och omfördelat skattebetalarnas pengar, till ett värde som kan uppgå till så mycket som 3,23 miljarder kronor räknat i 2010 års penningvärde. Sannolikt är en sådan förmögenhetsomfördelning inte samhällsekonomisk effektiv. Vidare torde den motverka syftet med hyreslagsstiftningen.
In the Swedish market for multi-family housing, investment properties are often sold to the tenants who thus convert the property into co-operative housing. This is particularly true in attractive housing location where the existing rent control is in practice binding for all residential rental units. It is somewhat less self-evident that multi-family properties owned by the municipality (not-for-profit, council housing) would also be subject to such conversions. This is, however, quite common, particularly in Stockholm. The aim of this paper is to estimate whether council housing is generally sold to the tenants with a discount, as compared to the market prices of transactions where private property companies sell their properties. We use regression techniques applied to data from the official record of real property transactions. We find a significant price difference between the two categories of transactions. Council housing is sold out at a discount price and we estimate that a total value of some 3.23 billion SEK may have been redistributed from the taxpayers to the housing purchasers in these transactions. This program is probably not efficient from a public economic perspective. Furthermore, it counteracts the purpose of the current rent control legislation.

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Cercone, Michael. "Real estate auctions as a market-clearing mechanism for repossessed real estate." Thesis, Massachusetts Institute of Technology, 1991. http://hdl.handle.net/1721.1/65027.

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Rosenthal, Eric Charles. "A development perspective on creating workforce rental housing proximal to major employment centers." Thesis, Massachusetts Institute of Technology, 2019. https://hdl.handle.net/1721.1/123602.

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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 49-55).
Middle-income renters in major cities across the United States are facing an affordability crisis. Many of them earn too much money to qualify for rental assistance programs, but don't earn enough to comfortably afford market rents. Developers recognize the need for quality workforce housing close to major employment centers but have been unable to deliver enough projects to satisfy demand. Population growth, urbanization, and low homeownership rates are just a few of the macroeconomic trends that are driving up the demand for rental housing and causing market rents to rapidly appreciate beyond reach for the middle class. Rising construction costs as a result of government regulation, a shortage of skilled construction labor, and foreign trade policy make the production of workforce housing even more challenging. With a shortage of middle-income subsidy programs at every level of government, developers must exhibit creativity if they wish to build or preserve workforce housing. This Thesis explores the confluence of forces and factors that make it challenging to build new workforce housing and to preserve the existing stock. It then assesses subsidy programs at different levels of government and market-based solutions that developers can add to their toolkit. Three case studies from different parts of the country are used as examples to show how developers can overcome the obstacles and use the tools at their disposal to create workforce housing. Drawing upon the preceding analyses and discussions, the Thesis concludes with a series of recommendations that developers can employ to make workforce projects more economically feasible.
by Eric Charles Rosenthal.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

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Chane-Teng, Xavier, and Cecile Manni. "Investigations on the real estate market." Thesis, Umeå University, Umeå School of Business, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1782.

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Title: Investigations on the real estate market, what are the main factors influencing the performance of the French Real Estate Investments Trusts?

Problem: In 2003, the French government implemented a new tax-exempt structure in the real estate market. Like REITs in the United States, SIICs are listed French companies that aim to improve the performance of real estate stocks on Paris Stock Exchange. The problem consists of determining the performance of the SIICs’ portfolio, identifying the major influences of economic factors and capturing financial behaviour in asset portfolio management.

Purpose: Recently, the subprime crisis has largely brought out uncertainty of financial actors in the real estate sector. In this context, we try to apprehend the performance of these specific

SIICs investment vehicles related to financial, economic and managerial influences, by quantifying their stock performance in a five-year time frame.

Methodology: A deductive approach guides our thesis to emphasize our research question. Our business strategy entails positivism and objectivism considerations and relies on a case analysis research design using the multifactor model. Besides, the data collection process is following a quantitative approach of twenty chosen French SIICs between 2003 and 2007.

Result / Conclusion: Even if the multifactor model used by the authors may be viewed as unspecified, useful results can still be extracted and analysed. The hotel & LDG sector slightly performs better than others depending on the strategy of investment and the state of economy. Long-term interest rate acts as the principal explanatory factor. Investors do not necessarily respond in favour of the general market confidence indicator.

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Ribli, Johanes 1971. "Greater Jakarta--real estate market outlook." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/69391.

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Yavar, Alexander, and Victor Öfverberg. "Flippers on the real estate market." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-189265.

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En flippers roll på marknaden avser individer som köper bostäder- och fastigheter, antingen på den nya marknaden eller på eftermarknaden, i syfte att tjäna på bostäderna och därmed aldrig flytta in i dem. Deras investeringar kallas för spekulantköp och har blivit vanligare de fem senaste åren. En flippers effekt på bostads- och fastighetsmarknaden är att dem skapar och påverkar marknadens prissättning. Denna studie har använt en induktiv forskningsmetod som kombinerar litteraturstudier och en empirisk ansats i form av intervjuer. Det har gjorts tre intervjuer med Boklok, Abacus och Järntorget bostad. Även intervjuer med FMF och teoretiker Hans Lind. Flippers investerar som mest i centrala Stockholm enligt antydning från FMF och är aktuella på båda marknaderna: den nya marknaden och eftermarknaden. Generellt finns ingen negativ syn på flipping, men farhågor existerar kring hur affären görs och i vilken utsträckning den kan påverka andrahands köpare och vad som skulle hända om marknaden vänder – och då hur konsekvenserna av flipping lägger sig hos byggherrarna. Resultatet visar att flipping kan medföra negativa konsekvenser i köpprocessen vid nyproduktion som medför störst risk om marknaden svänger, samt hos andrahandsköpare som kan få problem efter tillträde då flipping gjorts under felaktiga premisser.
A flippers role in the market refers to individuals who purchase real estate, either in the new market or on the after market in order to serve the housing and thus never move into them. Their investment is called speculator investments and has become more common the last five years. A flippers effect on housing and real estate market is that they create and affect market pricing. This study has used an inductive research method that combines literature and an empirical approach representing interviews. There have been three interviews with real estate companies: BoKlok, Abacus and Järntorget Bostad combined with interviews with FMF and theorist Hans Lind. In Sweden, Flippers are investing most in central Stockholm, according to hints from the FMF but are current in both markets. Generally there are no negative view of flipping, but concerns about how business is done and to what extent it can affect other hand the buyers and what would happen if the market turns - and the consequences of flipping folds of the developers. The result shows that flipping can have negative consequences in the buying process of new construction when it is it brings the greatest risk of market swings, and of second-hand buyers who might have problems after admission if flipping was done under false pretenses.

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Byun, Joon Ho 1965, and Tommy Shih-I. 1973 Chao. "The securitization of the real estate market in Korea : future impacts to the Korean real estate market." Thesis, Massachusetts Institute of Technology, 1999. http://hdl.handle.net/1721.1/64906.

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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1999.
Includes bibliographical references (leaves 67-68).
The real estate policy of the Korean government had until recently only focused on restraining speculative investment in the real estate market, which was the prevalent consensus in the country in the 1970's and the 1980's. These strict measures in the real estate market have been a serious obstacle to the government, in their active efforts to gain foreign capital in order to overcome the economic crisis since the International Monetary Fund $55 billion bailout to the Korean government. During the Asian crisis, both large institutional companies and small businesses went bankrupt due to financial distress caused by over-leverage. Consequently, the government has changed the paradigm of real estate policies on the basis of a free market principle, and has completely opened the real estate market to foreign investors in order to solve some of the current financial problems and to provide a momentum to redevelop the Korean economy. As part of the ongoing effort to stabilize the Korea economy, securitization in the real estate market is inevitable. In this thesis, the securitization efforts undertaken by the government will be examined to infer their future impacts on the real estate market of Korea. With the first issuance of asset backed-securities (ABS) by the Korea Asset Management Corporation (KAMCO), a resolution trust formed by the Korean government to liquidate non-performing loans, the outlook of the Korean economy is positive yet with a degree of uncertainty. In addition, the introduction of mortgage-backed securities (MBS) and real estate investment trusts (REITs) could have a profound effect on the Korean financial markets.
by Joon Ho Byun and Tommy Shih-I Chao.
S.M.

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40

Cronje, Pierre. "The behaviour of real estate actors and cyclicality in the Real Estate Market." Master's thesis, Faculty of Engineering and the Built Environment, 2018. http://hdl.handle.net/11427/31495.

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The proposed research aims to gain a better understanding of the information inefficiencies in the real estate investment milieu through the exploration of the behaviour of real estate actors. The supposition is that a better understanding of the real estate actor behaviour in the context of market cyclicality should add to the body of knowledge on the pro-active mitigation of real estate investment losses. The exogenous factors causing market cyclicality such as the sub-prime mortgage crises of 2007/2008 is used analogously to an independent variable with the focus on the behaviour and interrelation of real estate actors or endogenous causes of market cyclicality. A phenomenological approach in the context of constructivist ontology is followed in a connected mixed method research strategy, i.e. a quantitative to qualitative sequential explanatory design to explore the behaviour of the real estate user, - developer and - investor. The quantitative data analysis takes the form of descriptive statistics of office vacancy rates, - areas and - capitalisation rates of seven nodes in Cape Town. Although inferential statistical methods, such as the nonparametric Kruskal-Wallis Test, linear tend analysis and measures of linearity are used it is still used in the form of descriptive statistics to understand phenomena and extrapolate results to other situations. Qualitative data are collected through semi-structured interviews and analysis is done with Giorgi’s descriptive phenomenology approach to synthesise a general psychological structure based on the constituent of the participant’s experience. The study found that regular periods of over- and underbuilding in the real estate market may be influenced by the real estate actor because of the bounded nature of information and bounded capability of the actor. Real estate actors display behaviour actively avoiding the negative impact of market cyclicality through the use of agency. An agency based model is developed through this study showing that the real estate actor use specialisation to confine the unknown nature of information and to liberate the bounded ability of the real estate actor through working the network, engaging the network and signalling.

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41

Huber, Stefanie J. "Three essays on the housing market and the macroeconomy." Doctoral thesis, Universitat Pompeu Fabra, 2017. http://hdl.handle.net/10803/404726.

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This thesis sheds light on certain macroeconomic aspects of the housing market. Chapter 1 explores a novel channel for house price bubble formation: the demand for housing consumption. I argue that the lower the demand for housing consumption, the larger the maximum bubble size, and the larger economies' vulnerability to house price bubbles. In terms of policy implications, I show that a help-to-buy scheme makes the economy more bubble-prone, while rental subsidies are an effective tool to reduce the prevalence of house price bubbles. Using a laboratory experiment, Chapter 2 supports the theoretical and empirical findings of Chapter 1. Chapter 3 investigates whether the persistent cross-country differences in homeownership rates are driven by cultural tastes. Analyzing the homeownership attitudes of second-generation immigrants in the United States leads to robust evidence for this hypothesis.
Aquesta tesi analitza diferents aspectes macroeconòmics del mercat de l'habitatge. El capítol 1 explora un nou canal per a la formació de bombolles en el preu de l'habitatge: la demanda de consum d'habitatge. Argumento que com més baixa és la demanda de consum d'habitatge, més gran és la mida màxima de la bombolla, i més gran és la vulnerabilitat de l'economia a les bombolles immobiliàries. En termes d'implicacions polítiques, mostro que un programa d'ajuda a la compra d'habitatge fa que l'economia sigui més propensa a generar bombolles, mentre que els subsidis de lloguer són una eina eficaç per reduir la prevalença d'aquestes bombolles immobiliàries. El Capítol 2 presenta un experiment de laboratori que dóna suport als resultats teòrics i empírics del Capítol 1. El Capítol 3 investiga si les diferències persistents entre països en els impostos sobre la propietat d'habitatge estan associades a diferències "culturals". Analitzant les actituds sobre la propietat d'habitatge dels immigrants de segona generació en els Estats Units, presento evidència que recolza aquesta hipòtesi.

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42

Ho, Man-suen, and 何敏璇. "Speculative bubbles in the real estate market." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2000. http://hub.hku.hk/bib/B31251663.

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Ho, Man-suen. "Speculative bubbles in the real estate market /." Hong Kong : University of Hong Kong, 2000. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25949391.

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44

Khaled, Fawaz. "Credit default and the real estate market." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/14478.

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Evidence from various countries over the past two decades proves that swings in house prices have been concomitant with financial instability. The history of financial crises shows that the six biggest banking crises in advanced economies were accompanied by housing busts. Despite the abundance of literature on the forces behind the financial crisis, and in particular studies investigating the connections between financial stability and disturbances in the real estate market, fundamental questions still wait for convincing answers, such as: (i) To what extent is regional heterogeneity in property price increases reflected in dissimilarity in the evolution of credit default? (ii) What role do borrower-related factors such as housing affordability and household indebtedness, and financial market-related factors such as financial developments, play on the growth of bad loans as a main concern for banking sector? (iii) To which extent do banks’ lending behaviour and property prices undermine the stability of the banking sector, and what are the directions of causality between credit defaults, property prices and banks’ lending behaviour? The goal of this thesis is to investigate these issues and explain the practical implications of the findings. This thesis contains three empirical essays. The first essay explores the nexus between house prices and non-performing loans (NPLs), concentrating on the extent to which geographical variations in house prices are translated into regional variations in credit defaults. The stochastic dominance approach has been used for this purpose, with 372 individual US banks. The stochastic dominance analyses disclose symmetric behaviour between NPLs and the scale of house price increments. The essay is further extended by employing Arellano and Bond’s (1991) GMM model to explore the effect of GDP, unemployment rates, lending interest rates and house prices on the growth of NPLs. The outcomes of the GMM estimations reveal a high explanatory power of economic growth, unemployment and lending interest rates on NPLs. In an additional analysis, a generalised panel threshold model is estimated to check for the presence of a threshold point, above which different impacts of house prices might be found. The threshold model specifications provide a threshold point, in relation to which two different impacts of house prices on the evolution of NPLs are estimated. A general consensus in the literature attributes credit defaults to a wide-ranging spectrum of drivers that take into consideration borrower-related factor, lender-related factors and factors related to financial and real estate markets. The second essay attempts to answer the second question mentioned above, by investigating the impact of borrower-related factors, lender-related factors and financial market-related factors in driving NPLs. The impact of these factors on the evolution of impaired loans is explored by estimating fixed effect models then the analysis is extended to dynamic models using the GMM procedure on an annual balanced panel dataset. Household vulnerability, financial developments and housing affordability are found to be significant contributors to the growth of NPLs. The interaction mechanism between the real estate market and the financial system has often been blamed for being the root of financial crises, through the accumulation of housing market bubbles that leads to the ultimate collapse of the financial markets. The third essay, using the Autoregressive Distributed Lag technique, looks for the presence of cointegrating relationships between mortgage defaults, property prices and bank lending in Hong Kong. Our findings reveal evidence of cointegrating relationships between bank lending, property prices and mortgage defaults in the long term, which governs the correction mechanism between these variables. These outcomes call for more effort to be devoted to maintaining a balanced relationship between these factors. The essay also finds evidence of short-term dynamics between these variables. Importantly, loan-to-value is found to play the most effective role in curbing mortgage default risk in the portfolios of the Hong Kong banking sector.

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Zhang, Shiyu. "Relationship Between Real Estate Market and Stock Market in China." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1376.

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This paper studies the price fluctuation from 2010 to 2016 of two major assets in China: real estate and stock. Equity price is found to Granger cause stock price while the reverse relationship is significant but less strong. The paper then studies whether the nature of the correlation depends on the type of city under consideration. This is achieved by grouping 25 cities into four city tiers based on their level of economic developments and conducting a linear causality test on each city tier. Housing price in first tier cities is found to be much more significantly correlated with stock price. Larger and more developed cities tend to have a stronger correlation with stock than smaller and less developed ones. In addition, the paper also studies the impact of the Chinese government’s recent home purchase restriction on the relationship between the two asset classes. However, the results are contradictory and are not consistent with expectation. The lack of significant results could be contributed to the inherent limitation of our data, as well as the complicated and sometimes confusing policy announcement mechanisms in China.

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46

Pierson, Morgan W. "REO to rental : the creation of a new asset class and the transformation of the American single family landscape." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/87609.

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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 94-98).
The prodigious US single-family housing market consists of roughly 80 million existing homes and of those, more than 14 million are currently being rented. This trillion-dollar rental market has traditionally been operated exclusively by mom and pop organizations, until now. Since the housing collapse began five years ago institutional investors began taking note of falling home prices and rising inventories of bank owned properties. Private equity giants like Blackstone and Colony Capital saw a once-in-a-generation opportunity to invest at pennies on the dollar in a sector long regarded but never before accessible to large institutions. Reminiscent of California in the late 1840's, there was a massive rush West and South by firms looking to deploy billions of dollars of investment capital through the purchase of thousands of single-family homes. By the middle of 2013 nearly $20 billion had been raised or spent and more than 150,000 homes were in the hands of institutional investors. A new market was born and fast maturing. In the early days skeptics permeated the space while investors looked to further formalize the hundreds of millions already invested. By the end of 2013 three Real Estate Investment Trusts existed with a market capitalization exceeding $4 billion and the Blackstone Group finalized the formation of the world's first bond backed by single-family rental streams. Today analysts and investors disagree on what stage of maturity the single-family rental (SFR) exists. Specifically, there are those who see SFR as a new asset class advancing toward a double or triple digit billion market capitalization. On the other hand there are those who see these investments as nothing more than a short-term trade, destined to fade within the next few years. This contemporary thesis topic aims to shed light on the buy-to-rent strategy surrounding single-family home investors including tactics being adopted to garner the greatest rewards. Furthermore, the thesis will assess the recent investment methods being made by the burgeoning industry's largest players including filing for REIT classification and securitizing single-family rental incomes. Finally, the thesis will answer the question of whether this new national investment will endure as a business model and forever change the single-family landscape or simply remain and opportunistic 'trade' at a time when so many Americans lost their home.
by Morgan W. Pierson.
S.M. in Real Estate Development

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Kiura, Takayuki 1965. "Finance matters in the Japanese real estate market : interaction between finance and real estate ownership." Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/32189.

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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture, 2000.
Includes bibliographical references (leaves 105-107).
Finance does not matter in perfect and efficient markets. Based on neoclassical economics, financial capital is always perfectly priced, and all investments are completely valued in frictionless markets. In the real world, however, finance does matter, especially in the real estate market, which is relatively imperfect and inefficient. There are several phases through which funds flow into real estate. Among others, the interaction between the financial market and real estate investors is crucial. The financial market provides funds to investors. An efficient financial market will value real estate investments perfectly, but an inefficient financial market will not. Thus, the cost and availability of capital for investors are important factors that shape the real estate market of each country. The profile of real estate investors is also important. Inefficient investors can misdirect funds, even if the financial market is relatively perfect. The primary objective of this paper is to unveil the inefficient relationship between the financial market and real estate investors in Japan. This relationship is one of the reasons why land prices and space markets boomed and then collapsed in the late 1980's and early 1990's. Later in the paper, I will present an alternative model of the real estate market, and make several simulations under the model.
by Takayuki Kiura.
S.M.

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Basdeo, Tejram. "Ranking of Mortgage Underwriting Criteria for Multifamily Rental Property." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/3976.

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The 2007-2009 recession negatively impacted the global economy, especially the real estate industry and multifamily rental properties. Obtaining credit became difficult, real estate lost 41% equity, 223 commercial banks failed, and 3.2 million homes were in foreclosure. Grounded in systems theory, the purpose of this causal comparative study was to examine the impact of mortgage lender type on the average ranking of 8 mortgage underwriting outcome measures. For the study, 44 accredited mortgage professionals completed an online-survey. The results of the analyses of variance indicated a statistically significant (p < 0.001) lender type effect on credit score and loan-to-value ratio. Further analyses on credit score indicated a significant (p = 0.006) relationship between Category A and B lenders, Category A and C lenders (p < 0.001), and Category B and C lenders (p < 0.001). Further analyses on loan-to-value ratio indicated a significant (p = 0.017) relationship between Category A and B lenders and also Category A and C lenders with (p < 0.001), but the difference between Category B and C lenders is not statistically significant with (p = 0.063). The implications for positive social change include economic growth and expansion, as access to financing increases. Tenants in multifamily rental properties might also benefit from economic growth as the standard of living could increase when landlords initiate capital spending and development.

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Gejler, Jacob. "Financial innovation in the public real estate market : How to exploit arbitrage opportunities in public real estate pricing due to investment approach differences between the real estate market and the capital market." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-123769.

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As the stock market is volatile and often short-term, there is a high demand for safe investments outside the stock market and institutional investors like pension funds, insurance companies and asset managers are increasingly searching for low-risk investments that can deliver safe returns. Alternative investments, like real estate, are a popular way to invest institutional capital. However, debates whether pension savers should have the right to transfer their pension capital without restrictions and discussions about the suitability of institutional investors to own real estate directly has made liquidity a more important aspect when investing institutional capital. Forecasts and expectations suggest that a large part of Sweden’s public real estate portfolio, such as schools, hospitals and nursing homes, will be sold or produced privately as new builds in the future. Earlier studies have also shown that this type of real estate, with long leases and reliable tenants, is suitable for securitization, that is to say for issuing tradable securities such as bonds based on the cash flows from such assets. The high demand for institutional capital to find safe and liquid investments and the large future divestment of public properties create opportunities for financial innovation. This thesis aims to research if there are arbitrage opportunities to exploit due to differences between the real estate market and the capital market in the pricing of public real estate. The thesis will also examine the possibility of setting up a fund structure to profit in practice from these opportunities and study what the business model of such a firm would look like.

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Wan-yu, Yueh. "The development of private housing market in Shenzhen Special Economic Zone and its impacts on the Hong Kong housing market." Hong Kong : University of Hong Kong, 2001. http://sunzi.lib.hku.hk/hkuto/record.jsp?B24533531.

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Dissertations / Theses on the topic 'Real estate rental market'

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