Agglomeration Effects and Liquidity Gradients in Local Rental Housing Markets

Item Type Monograph (Working Paper)
Abstract

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.

Authors Ruf, Daniel
Language English
Subjects finance
HSG Classification contribution to scientific community
HSG Profile Area None
Date 16 November 2016
Publisher SoF - HSG
Place of Publication St. Gallen
Series Name School of Finance Working Paper Series
Number 2016/23
Number of Pages 68
Depositing User Geraldine Frei-Böbel
Date Deposited 14 Feb 2017 09:25
Last Modified 18 Jun 2021 00:24
URI: https://www.alexandria.unisg.ch/publications/250400

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Citation

Ruf, Daniel: Agglomeration Effects and Liquidity Gradients in Local Rental Housing Markets. School of Finance Working Paper Series, 2016, 2016/23.

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https://www.alexandria.unisg.ch/id/eprint/250400
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