Agglomeration Effects and Liquidity Gradients in Local Rental Housing Markets
Series
School of Finance Working Paper Series
Type
working paper
Date Issued
2016-11-16
Author(s)
Abstract (De)
This paper empirically analyzes the relation between local liquidity in rental housing markets and urban agglomeration e�ects. Using listed rent o�ers from online market platforms, I study the cross-sectional variation of rental market liquidity. Local liquidity is negatively related to the distance to nearby located urban Agglomeration centers, manifesting in a decreasing liquidity gradient. I show that Agglomeration externalities expose local rental markets to a systematic liquidity risk. Furthermore, more thinly traded rental markets o�er lower capitalization rates for investors.
Language
English
HSG Classification
contribution to scientific community
HSG Profile Area
None
Publisher
SoF - HSG
Publisher place
St. Gallen
Number
2016/23
Pages
68
Subject(s)
Division(s)
Eprints ID
250400
File(s)![Thumbnail Image]()
Name
16_23_Ruf_Agglomeration Effects and Liquidity Gradients.pdf
Size
987.96 KB
Format
Adobe PDF
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