Online information search, market fundamentals and apartment real estate

Das, Prashant (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Ziobrowski, Alan (Georgia State University, 35 Broad Street Suite 1404, Atlanta, GA 30303, USA) ; Coulson, N. Edward (University of Nevada Las Vegas, BEH 530A, 4505S Maryland Pkwy, Las Vegas, NV 89154, USA)

We examine the association between online apartment rental searches and fundamental real estate market variables namely, vacancy rates, rental rates and real estate asset price returns. We find that consumer real estate searches are significantly associated with the market fundamentals after controlling for known determinants of these variables. In particular, we show that apartment rental-related online searches are endogenously and contemporaneously associated with reduced vacancy rate. However, the association between the searches and rental rates is not significant. The searches are also contemporaneously associated with positive returns on the appraised values of multifamily assets. There is some evidence that the searches are fundamentally associated with REIT returns in the short run and that REIT investors watch the online search trends to inform their stock pricing decisions


Mots-clés:
Type d'article:
scientifique
Faculté:
Economie et Services
Ecole:
EHL Ecole hôtelière de Lausanne
Classification:
Économie/gestion
Date:
2015
Publié dans
The journal of real estate finance and economics
Numérotation (vol. no.):
December 2015, vol. 51, no. 4, pp. 480-502
DOI:
ISSN:
0895-5638
Le document apparaît dans:

Note Le statut de cette notice est : non diffusé

Note: The status of this file is: restricted


 Notice créée le 2016-03-16, modifiée le 2018-08-31

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