We examine the value of smoking prohibitions by developing a model of the rent differential between smoking and nonsmoking properties. We empirically test for the rent differential using a data set of vacation rental properties from the Outer Banks of North Carolina. Given peak season rents, hedonic variables such as oceanfront location, and number of bedrooms and bathrooms price according to expectations. Distance from vehicular congestion also leads to greater rent, reflecting vacationer desires for beauty as well as peace and quiet. Most significantly, our results reveal that vacationers are willing to pay substantial additional rent for properties that prohibit smoking. Understanding the demand for smoking prohibitions is important to academics, professionals, and others associated with owning, operating, and financing real estate.
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Oct 3, 2004
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