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The rental next door: the impact of rental proximity on home values

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dc.contributor.authorUsrey, Wendy, author
dc.contributor.authorShields, Martin, advisor
dc.contributor.authorBernasek, Alexandra, committee member
dc.contributor.authorLoomis, John, committee member
dc.date.accessioned2007-01-03T08:40:49Z
dc.date.available2007-01-03T08:40:49Z
dc.date.issued2012
dc.description.abstractLiterature in this area mainly focuses on the impacts of multi-unit complexes and low income housing. Little has been done specifically looking at the relationship between single-family rental homes and sales price. This paper extends the literature by modeling the impact of single-family rental proximity on home sales price using a unique spatial approach. Through the use of GIS software, I was able to specifically measure the density of single-family rental properties for each sold home, rather than following the "blanket approach" of measuring density as the `percent of rentals in the census tract' typical in the literature. With data collected for 2,766 homes sold between January 1, 2011 and July 1, 2012 in Fort Collins, Colorado, a hedonic price model was used to empirically test for the impacts of rental proximity on home values. I find strong evidence that proximity to single-family rental homes plays an important role in determining a home's selling price. Rentals within ¼ mile of a sold home had a negative impact on price, while rentals between ¼ and ½ mile had a positive impact on price. If rentals are considered an alternative to foreclosure or short sale, these results suggest the negative impacts of distressed sales are greater than those of rental properties on surrounding home values. Further research is needed to test for this scenario. Policy implications are discussed with a particular focus on the Three Unrelated Ordinance in Fort Collins, Colorado.
dc.format.mediumborn digital
dc.format.mediummasters theses
dc.identifierUsrey_colostate_0053N_11509.pdf
dc.identifierETDF2012400459ECON
dc.identifier.urihttp://hdl.handle.net/10217/75297
dc.languageEnglish
dc.language.isoeng
dc.publisherColorado State University. Libraries
dc.relation.ispartof2000-2019
dc.rightsCopyright and other restrictions may apply. User is responsible for compliance with all applicable laws. For information about copyright law, please see https://libguides.colostate.edu/copyright.
dc.subjectthree unrelated
dc.subjectforeclosure
dc.subjectFort Collins
dc.subjecthome value
dc.subjectreal estate
dc.subjectrental
dc.titleThe rental next door: the impact of rental proximity on home values
dc.typeText
dcterms.rights.dplaThis Item is protected by copyright and/or related rights (https://rightsstatements.org/vocab/InC/1.0/). You are free to use this Item in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s).
thesis.degree.disciplineEconomics
thesis.degree.grantorColorado State University
thesis.degree.levelMasters
thesis.degree.nameMaster of Science (M.S.)

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