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From the consumer side, this paper aims to highlight some of the various characteristics that older renters seek out from their apartment buildings, relative to conventional multifamily residential buildings and, from the operational side, to examine some of the costs involved in daily operation of such buildings.

The Rental Housing Finance Survey provides data that enables scholars to test empirical differences in amenities and costs between senior-oriented communities and other apartment buildings.

Occupancy rates outpace the rate for all other apartment communities. Regarding amenities, senior apartment communities are more likely than other communities to have a fitness center on premises, but less likely to have a swimming pool. Market value for senior properties is usually less than properties marketed toward multi-family property tenants. This difference may be due to a higher pattern of both operating/capital expenses within senior communities. Part of these increases in operating costs is due to a higher propensity to hire professional management companies and a higher fee for managing senior apartment communities.

Literature on seniors living within apartment communities is somewhat sparse, particularly regarding the operational aspects of managing apartment communities. There is a dearth of information on industry success measurements known as operating and capital expenditures. This study triangulates multiple sources of data to investigate differences in cost of senior housing apartment communities, as well as amenity structures.

US real estate investment trusts (REITs) typically distribute more dividends than required by tax regulations. This paper aims to focus on discretionary dividends, and examines the impact of information asymmetry on this excess component of dividends.

This paper considers a set of US REITs with reported taxable income figures over the 2000‐2007 period, and employs regression analysis to examine the influence of information asymmetry on the excess component of dividends. The explained variable is specified as excess dividends scaled by total assets. Excess dividends are dividends paid over the mandatory dividend payments calculated with taxable income, instead before‐tax net income. Following the REIT studies of Hardin and Hill and Han, this study employs Tobin Q as the proxy for asymmetric information.

Contrary to Hardin and Hill's conclusion, but consistent with dividend signaling theory as well as agency cost explanations, the results indicate that REITs with higher level of asymmetric information pay out significantly more excess dividends. Nevertheless, in contrast to Deshmukh's study on manufacturing firms, the REIT results are against the prediction of the pecking order theory.

The paper is one of the few studies that explicitly examine the factors influencing REIT decision on discretionary dividends. Contrast to previous studies, this study is able to obtain taxable income and compute the discretionary dividends more accurately. Furthermore this paper is able to provide evidence against the pecking order theory, which is not investigated in the existing REIT dividend studies.

Using data spanning 145 years for Sweden, the authors investigate the benefits of holding multi-family properties for investors who aim to hedge wage growth.

The authors assess the risk-adjusted excess return that results from adding multi-family properties to a mixed-asset portfolio that aims to track wage growth. The authors also analyse the macroeconomic determinants of asset returns. Finally, the authors test whether a causal relationship exists between the growth rate of real wages and that of real net operating income.

The benefits from holding multi-family properties are the greatest for low-risk allocation approaches. For more risky strategies, the role of real estate is more muted, and it varies greatly over time. Holding real estate was most beneficial during the first two decades of the 21st century. Multi-family properties are found to be the only asset class to be positively related to wage growth. The authors show that the net operating income acts as the transmission channel between wages and property returns.

The paper assesses whether the growing interest of pension funds for multi-family properties is warranted in the context of a portfolio that aims to track wage growth.

Using long term data makes it possible to use a rolling windows approach and hence to consider multiple outcomes for an allocation strategy over a typical investment horizon. This permits to assess the dispersion of performance across several periods rather than just one as is commonly done in the literature. The results show that the conclusions that would be drawn from looking at the past two or three decades of data differ substantially from those for earlier time periods.

The purpose of this study is to gauge and compare the impact of surface street traffic externalities on residential properties. Limited previous research indicates that negative externalities dominate for single-family houses. Our objective is to verify that this result applies to our sample, and to determine if the same result extends to multi-unit rental properties.

Hedonic regression is used to analyze data from 9,680 single-family house transactions and 455 multi-unit rental properties to measure the influence of surface street traffic on the price of the two property types.

Houses located adjacent to an arterial street sold at a 7.8 per cent discount, on average, compared to similar houses located on collector streets. Limiting the analysis to houses adjacent to an arterial street (where traffic counts were available), price and traffic count are negatively related. The results for multi-unit rental dwellings are dramatically different. Multi-unit properties adjacent to an arterial street sold at a 13.75 per cent premium compared to similar properties on collector streets, and when limiting the analysis to properties on arterial streets, no significant relationship was detected between price and traffic volume.

This is the first empirical study of the influence of surface street traffic on both single-family houses and multi-unit rental residential property. Evidence is provided that traffic externalities impact the two types of properties quite differently. To the extent that this result applies to other locations, the authors suggest planners may be able to use such information to reduce the negative effect of traffic externalities on residential property associated with changes that will increase traffic flow.

There is a dearth of basic analysis about how the demographics of residents living in the US Department of Housing and Urban Development (HUD) subsidized properties relate to the quality of housing. This research vacuum is often filled by popular stereotypes. This study aims to address this gap by examining the relationship between the demographics of residents and inspection scores.

Two data sources are drawn from the analysis: the 2018 HUD Picture of Subsidized Households database and HUD’s 2018 REAC Public and Multi-Family Housing Inspection Scores. Linear and logistic regression analysis were conducted, and selected data were mapped using GIS software.

The analysis examines the demographics of site-based subsidized properties in relation to inspection scores. In 2018, HUD identified 31,225 traditional public housing and other site-based multi-family properties in its Picture of Subsidized Households database. Residents living in these properties are often stereotyped as a homogeneous group that is predominantly composed of single, minority women with children who are welfare dependent. Similarly, properties are often portrayed as dilapidated, high-rise projects in segregated urban communities. The results from the analysis do not support these stereotypes about HUD-subsidized multi-family properties. By contrast, the results indicate that a diverse group of households lives in HUD-subsidized multi-family properties.

There is a need for scholars, advocates and practitioners to more aggressively challenge the popular stereotypes about site-based subsidized housing. In particular, there is a need for enhanced public scholarship focused on the dissemination of evidence-based research.

The research investigates valuers' understanding of the value of sustainability in property and its consideration in valuation practice. The paper explores the extant research that has examined valuers' perceptions of the relationships between sustainability and market values, sustainability measurement, value relationships and the standards and guidelines released industry bodies.

This paper, part 1 of 2, reports the current state of play of valuation research in the consideration of sustainability in valuation practice and the role of industry bodies in the guidance regarding sustainability consideration in valuation. The second paper provides the next rendition of a longitudinal study examining valuation practice in Australia.

The paper provides an overview of the evolution of the consideration of sustainability in property over the past two decades. Providing insights of how the property sector, its markets and valuation professionals have responded to answering the questions of: what is the value of sustainability? Whilst earlier publications both industry and academic publications alike focussed on the normative aspects of how sustainability should affect value, more recent research starts to ascertain the implications of sustainability on property values. Despite industry bodies providing information, education, guidelines and standards, it would seem that valuers in their practice are still grappling with the challenges of understanding the rapidly evolving area of sustainability, environmental, social and governance and climate risks in valuations.

The paper does not present as an authority on all research that has been conducted to date, it provides an overview of the evolving nature of both academic research and industry consideration of sustainability, particularly in a valuation context. This provides the background for Part 2.

The broader agenda of net zero, climate change, mitigation and carbon requirements, whether driven by market forces or government legislation, are generating substantial changes in property markets, as investors reconsider their positions and model the implications of carbon emissions on their bottom lines. Government policies appear to have a considerable influence over market behaviours, which filters through to stakeholder decision-making. However, despite government policies, clear market signalling and industry body guidance on valuing sustainability, the content and depth of sustainability consideration in valuation are still limited.

The paper provides an overview of the last decade of research into the value of sustainability and the evolving nature of information and guidance for valuers to identify, evaluate and consider sustainability in valuation.

Investors often utilize brokers to assist them in property acquisitions. These brokers are compensated through a cooperative commission, or bonus, that is publicized on the listing service. The purpose of this paper is to determine the relationship between advertised compensation packages and selling price, time-on-market and listing characteristics.

To examine variables likely to influence earnings of the buyers' broker, this study utilizes multiple and logistic regressions. Given the range of prices found in the 196,276 listings, the data was sorted on listing price and then split into ten, approximately equal, deciles.

The explanatory power of models with cooperative commission as the dependent variable was highest in the lowest deciles with type of financing, size and distressed status being highly significant. When comparing list- to selling price the average was 96.1%. As cooperative commission increased, the higher priced parcels sold at a higher price relative to list price. This potentially justifies higher cooperative commissions or exemplifies the principal-agent problem where effort is based on potential earnings. Fixed bonuses were used predominately for parcels under $62,234, likely to provide a minimum earnings amount. However, surrounding the median, it seems they may differentiate a property.

This research provides insight for practitioners on the impact of different variables, including cooperative commissions, on sale price and time-on-market. For example, cooperative commission increased for properties in the outer deciles implying that agents may be compensating for suspected difficulty. Additionally, the seasonality findings imply that agents can determine when to list and when to provide a fixed bonus to solicit attention. Results also suggest that practitioners will find it beneficial to market at an appropriate price rather than list high to create negotiating room.

This paper follows only one paper that covered a similar topic. However, this paper uses twenty years of multi-unit property listings from a major US city from 1996 to 2015. The focus on multi-unit properties is an effort to focus on a more sophisticated group of buyers that may be more experienced and make decisions more rationally.

Describes the resurgence of the equity real estate investment trusts (REITs) which are becoming major sources of equity capital for debt reduction and for acquisitions of performing commercial and multi‐family residential property. Describes the objectives and characteristics of the new equity REITs, as well as their investors. Reveals that REIT stock offerings are now hot stocks and that there is a danger that the market may become oversupplied with them.

Flood damage to uninsured single-family homes shifts the entire burden of costly repairs onto the homeowner. Homeowners in the United States and in much of Europe can purchase flood insurance. The Netherlands and Asian countries generally do not offer flood insurance protection to homeowners. Uninsured households incur the entire cost of repairing/replacing properties damaged due to flooding. Homeowners’ policies do not cover damage caused by flooding. The paper examines the link between personal bankruptcy and the severity of flooding events, property prices and financial condition levels.

A fully modified ordinary least squares (FMOLS) regression model is developed which uses personal bankruptcy filings as its dependent variable during the years 2000 through 2018. This time-series model considers the association between personal bankruptcy court filings and costly, widespread flooding events. Independent variables were selected that potentially act as mitigating factors reducing bankruptcy filings.

The FMOLS regression results found a significant, positive association between flooding events and the total number of personal bankruptcy filings. Higher flooding costs were associated with higher bankruptcy filings. The Home Price Index is inversely related to the bankruptcy dependent variable. The R-squared results indicate that 0.65% of the movement in the dependent variable personal bankruptcy filings is explained by the severity of a flooding event and other independent variables.

The severity of the flooding event is measured using dollar losses incurred by the National Flood Insurance program. A macro-case study was undertaken, but the research results would have been enhanced by examining local areas and demographic factors that may have made bankruptcy filing following a flooding event more or less likely.

The paper considers the impact of the natural disaster flooding on bankruptcy rates filings. The findings may have implications for multi-family properties as well as single-family housing. Purchasing flood insurance generally mitigates the likelihood of severe financial risk to the property owner.

Natural flood insurance is underwritten by the federal government and/or by private insurers. The financial health of private property insurers that underwrite flooding and their ability to meet losses incurred needs to be carefully scrutinized by the insured.

Prior studies analyzing the linkages existing between housing prices, natural disasters and bankruptcy used descriptive data, mostly percentages, when considering this association. The study herein posits the same questions as these prior studies but used regression analysis to analyze the linkages. The methodology enables additional independent variables to be added to the analysis.

The current state-of-the-art recognises three traditional valuation approaches. The current division is not sufficient to explain systematically all features that drive the development and usage of automated valuation models.

This practice briefing reviews existing valuation approaches, their pros and cons and more critical other automated valuation aspects or features; both based on a literature review.

This paper discusses and lists the six critical aspects or features, besides the valuation approaches.

This paper reveals the list of aspects or features that are important to consider when designing an automated valuation model.

This practice briefing discusses the inclusion of a multitude of aspects when considering an automated valuation model design.