The positioning of a property along a given rent-vacancy signaling frontier depends on its ownership, branding, and quality. Confirmation of a separating equilibrium occurs if the quality from the branding, itself dependent on costly management decisions, results in rent differentials. For institutional-grade apartments in metro Atlanta, Georgia, local presence, scale, and vertical integration are productive in improving quality, signaled by branding. Even after adjustment for self-selection and physical characteristics, branded properties achieve gross rents at least 8% higher than unbranded properties with no sacrifice in occupancy. Given that branding depends on management decisions, then rents and occupancy do not depend on hedonic physical characteristics alone.
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Nov 29, 2006
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