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Article
Publication date: 3 November 2023

Eunsoo Baek, Eujin Park and Ga-eun (Grace) Oh

With the growing market for luxury fashion rental, we aim to examine how renting luxury fashion is related to consumers' construction of the material self, based on material…

Abstract

Purpose

With the growing market for luxury fashion rental, we aim to examine how renting luxury fashion is related to consumers' construction of the material self, based on material self-framework. We propose that consumers adopt luxury fashion rentals to construct and manage the personal and social aspects of the material self and that their belief in brand essence facilitates the mechanism.

Design/methodology/approach

A total of 296 responses of US female participants collected from Cloudresearch were analyzed to test the relationships between constructs in the proposed model.

Findings

The results, using structural equation modeling analysis, supported the expected relationships. Specifically, whereas the social material self directly increased adoption intention, the personal material self indirectly increased such intention via the belief that rented luxury items preserve brand essence.

Originality/value

Our findings advance the literature by showing how the self is constructed and managed in collaborative luxury fashion consumption, from self-identity perspective. The current research reveals the important roles of two aspects of material self that respectively contribute to consumers' adoption of luxury fashion rentals.

Research limitations/implications

This study empirically tests the material self theory in the context of luxury fashion rental and demonstrates the processes of how consumers regard a luxury fashion rental as a tool to construct their identity. This study not only validates the two-structure model of material self (social and personal), but also incorporate the role of brand essence in revealing how the two facets of material self differently facilitate luxury fashion rental adoption.

Details

Journal of Fashion Marketing and Management: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1361-2026

Keywords

Article
Publication date: 9 June 2023

Guangping Liu and Guo Zhang

This study aims to explore the impact of decentralized long-term rental apartments on the value of in-community housing from two perspectives of housing price and rent.

Abstract

Purpose

This study aims to explore the impact of decentralized long-term rental apartments on the value of in-community housing from two perspectives of housing price and rent.

Design/methodology/approach

This study uses the hedonic model to identify the factors affecting the housing value, and the influence of distributed long-rented apartments on the housing value in the community is analyzed from two aspects of housing price and rent by using the ordinary least square method and propensity score matching method.

Findings

The primary finding indicates that decentralized long-term rental apartments increase housing prices while decreasing general rental housing rents in the community, with the average degree of increase ranging from 0.93% to 2.59% and the average degree of decrease ranging from 2.23% to 4.34%. According to additional research, the prices of houses within communities rise by 0.042% for every 1% increase in the share of decentralized long-term rentals, while the rents for other types of rental property fall by 0.162%.

Practical implications

The government can regulate the housing market by regulating the access and layout of distributed long-rent apartments.

Originality/value

The findings of this study indicate that the existence and share of distributed long-rent apartments have a heterogeneous impact on the housing price and rent in the community, respectively.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 12 July 2023

Masatomo Suzuki and Chihiro Shimizu

This study aims to investigate the relationship between market share and rent levels to understand the supply structure in the Japanese private rental housing market.

Abstract

Purpose

This study aims to investigate the relationship between market share and rent levels to understand the supply structure in the Japanese private rental housing market.

Design/methodology/approach

The study calculates the municipal-level market share of a dominant rental housing operator in Japan and ascertained the overall market rent and the dominant operator’s rent premium at the municipal level by using a major web portal’s listing data of rental houses.

Findings

The study shows that, as market share increased, overall market rent tends to decrease, and analyzed by market share, there is no significant difference between the rent of the dominant operator and the overall market rent.

Practical implications

The results of the study suggest that dominant operators may have lowered the rent of their own property to prioritize filling vacancies, which, in turn, causes the overall level of market rent to decline. This is an outcome of rental housing operators’ strategy to maximize long-term rental income under sublease contracts with individual owners, which ensures stable rental income for owners regardless of the occupation status of the apartments.

Originality/value

Previous research on regional monopolies in mortgage sales and brokerage businesses in the USA implies that rental housing operators in a position of great influence over the market can control and keep the market rents at high levels, that is, at large costs for consumers. The findings of the study are novel in showing the inverse relationship in the Japanese private rental market.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 26 February 2024

Ana Julia Grilló-Méndez, Mercedes Marzo-Navarro and Marta Pedraja-Iglesias

To identify the risks associated by consumers with renting clothes.

Abstract

Purpose

To identify the risks associated by consumers with renting clothes.

Design/methodology/approach

A descriptive research with a quantitative approach was carried out. First, the measurement models of the variables involved in the proposed model were validated. After verifying the existence of the variables, the resulting model was finally estimated through structural equation modelling.

Findings

The results obtained establish the six dimensions that make up the problems associated by consumers with the clothing rental business model. These problems encompass various types of risks: financial, physical, performance, psychosocial, inconsistency with values and lifestyle, as well as lack of trust in the service provider. The results obtained show that only inconsistency, financial risk and physical risk have a significant effect on attitude. These performance risks, together with the consumer's attitude towards renting, have a negative effect on the intention to rent.

Originality/value

Factors that have a negative effect on attitude have been studied less than the facilitators of attitude. This is the first study in Spain.

Practical implications

The results will help managers to understand the adoption behaviours of these models.

Social implications

This study helps understand the social innovation needed to change consumers' relationship to clothing.

Details

Journal of Fashion Marketing and Management: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1361-2026

Keywords

Article
Publication date: 8 June 2023

Siti Latipah Harun, Rosylin Mohd Yusof, Norazlina Abd. Wahab and Sirajo Aliyu

This study aims to investigate the dynamic interaction between interest rates and commercial property financing offered by Islamic banks in Malaysia.

Abstract

Purpose

This study aims to investigate the dynamic interaction between interest rates and commercial property financing offered by Islamic banks in Malaysia.

Design/methodology/approach

The authors use the autoregressive distributed lag (ARDL) cointegration methodology to analyse the short- and long-run effect of the interest rates and rental rates on commercial property financing of Islamic banks in Malaysia between 2010: Q1 and 2018: Q2.

Findings

The findings reveal that changes in interest rates affect Islamic commercial property financing. This indicates that Islamic banks still rely on interest rates as a benchmark without fully implementing Islamic rental rates. This corroborates the subsequent finding, where overnight policy rates influence commercial property financing.

Research limitations/implications

Despite the authors’ attempt to provide insights into Islamic commercial property financing, the study is limited to secondary data; further research can use survey information to obtain other details that are not included in this study. Similarly, this study does not cover the operation and financial lease debate in Musharakah Mutanaqisah. Future studies can examine the challenges faced by the financial institution towards implementing rental rates in other emerging and developing countries using a different methodology.

Originality/value

This study is the first to investigate the dynamic changes in overnight policy rates, average lending rates and rental rates on Islamic commercial property financing in Malaysia using ARDL techniques. The authors uncover the research and institutional implications of Islamic commercial property financing rates and provide policy and future research directions coupled with the proposed modified rental rate to be developed.

Details

Journal of Islamic Accounting and Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 25 May 2023

Alesia Gerassimenko, Laurens Defau and Lieven De Moor

The current literature on energy certificates shows that Energy Performance Certificate labels have an important effect on real estate prices. However, interestingly, the limited…

Abstract

Purpose

The current literature on energy certificates shows that Energy Performance Certificate labels have an important effect on real estate prices. However, interestingly, the limited studies that address the rental market find significantly lower price premiums than the sales market. The purpose of this paper is to add to this literature, by doing a comparative analysis of price premiums in the sales and rental market in Flanders (Belgium).

Design/methodology/approach

This study uses a hedonic regression model to analyze 177,670 real estate listings between 2016 and 2021. The data is provided by Immoweb – the largest online real estate platform in Belgium. The data set was divided in sold and rented properties: the authors evaluated 126,217 sales listings and 51,453 rent listings.

Findings

The results confirm that energy efficient properties generate a price premium, but that this premium is significantly larger in the sales market than in the rental market. In addition, the findings indicate that both investors and landlords could benefit strongly from renovating dwellings – especially when renovating from an F label to an A label.

Originality/value

Previous research focuses strongly on the sales market, although in many countries the rental market is similar in size and responsible from much energy consumption. Interestingly, the few studies that are addressing the rental market, find singificantly smaller price premiums than in the sales market. The findings add to this literature tradition and offer a comparative analysis of price premiums in the sales and rental market in Flanders. This allows us to not only show the similarities between both markets but also highlight the differences – creating valuable insights for academia, governments and real estate professionals.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Open Access
Article
Publication date: 10 August 2022

Job Taiwo Gbadegesin

The purpose of this paper is to investigate how the pandemic affects tenants’ response to their lease obligations. This paper commences with examining the adopted tenant selection…

1358

Abstract

Purpose

The purpose of this paper is to investigate how the pandemic affects tenants’ response to their lease obligations. This paper commences with examining the adopted tenant selection criteria during the COVID-19 pandemic. Then, this paper statistically tests if there is a relationship between selection criteria and response on whether the pandemic has effects or not. Then, this paper investigates the specific areas of impact on tenants’ ability to adequately keep to lease agreements in the Nigerian rental market. Finally, this paper proceeds to confirm if there is a relationship between selection criteria and the aspects of tenants’ deficiencies in rental obligations because of COVID-19.

Design/methodology/approach

Survey data, backed with interviews, is elicited from practicing estate surveyors and valuers and licensed property managers in Lagos, the largest property market in Nigeria and sub-Sahara Africa. Policy solutions and implications were solicited from personnel at the ministry of housing and senior professionals in the property sector. Data were analyzed using descriptive statistics, factor analysis and computer-aided qualitative data analysis, Atlas.ti.

Findings

Tenant’s health status is now accorded a priority together with others. Numbers of tenants are challenged with keeping to the prompt-rent-payment rule. Other areas of slight breaches included livestock rearing, subletting, alteration and repair covenants. Except for tenant reputation and tenant family size, there was no significant relationship between tenant’s health status consideration and the COVID-19 effect on tenant non-compliance with lease obligation. Tenants’ non-compliance with tenancy obligations has a connection with the tenants’ affordability, reputation, ability to sign an undertaking and health conditions during the pandemic. This paper recommends rental housing policy review.

Practical implications

It is recommended that the rental policy should be reviewed to give room for rental allowance or palliatives, private rental market regulation, exploration of the national housing fund and, if possible, social housing adoption policy in Nigeria.

Originality/value

This paper draws policymakers’ attention to the need to prepare for the future safety net that caters to citizenry welfare in challenging times.

Details

Journal of Facilities Management , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1472-5967

Keywords

Article
Publication date: 4 April 2024

Mahazril ‘Aini Yaaco, Hafizah Hammad Ahmad Khan and Nurul Hidayana Mohd Noor

This study aims to investigate the impact of housing knowledge, housing challenges and housing policy on the renting intention and satisfaction of young people.

Abstract

Purpose

This study aims to investigate the impact of housing knowledge, housing challenges and housing policy on the renting intention and satisfaction of young people.

Design/methodology/approach

A questionnaire survey helped collect data from young people in the study area, which were then analysed using the Statistical Package for the Social Sciences (SPSS) 27 software. A descriptive analysis and the Cronbach’s alpha test were adopted to analyse the data. The confirmatory factor analysis confirmed a significant relationship between housing knowledge, housing challenges and housing policy and renting intention and satisfaction.

Findings

The overall findings revealed that most young people intend to own a home one day, and a minority of them decided to continue renting. The findings suggest that there is a significant relationship between housing knowledge and housing intention. However, housing challenges and housing policies do not appear to impact renting intentions. On the other hand, housing knowledge and housing challenges were found to be associated with housing satisfaction, while housing policy does not show a significant relationship.

Research limitations/implications

This study, however, poses limitations as it uses a limited model and location and involves only a cross-sectional study. Future studies can use the methodology used in this study to conduct further investigations on housing intention and satisfaction in other regions of the country, thereby validating the findings of this study.

Practical implications

In terms of practical implications, this study has made a valuable contribution to the field of housing literature by shedding light on two crucial elements, namely, housing intention and satisfaction, which have been understudied. Understanding the determinants of housing intention and satisfaction is vital in efforts to implement appropriate policy reforms.

Social implications

Findings from this study offer valuable insight related to managerial and practical implications, with the former implicating a need to prioritise initiatives that enhance renters’ housing knowledge. Implementing educational programmes and providing accessible resources can empower renters with a better understanding of the rental process and other important housing information.

Originality/value

This paper is relevant because it provides a guideline for policymakers to initiate regulations concerning housing and implement appropriate policy reforms. This study can also help housing providers develop more affordable housing that meets the needs of young people currently renting because most have expressed their housing intentions. Understanding housing intention and satisfaction determinants is vital to implementing appropriate policy reforms.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 3 January 2024

Halim Yusuf Agava and Faoziah Afolashade Gamu

This study evaluated the effect of macroeconomic factors on residential real estate (RE) investment returns in the cities of Abuja and Lagos, Nigeria, with a view to guiding RE…

Abstract

Purpose

This study evaluated the effect of macroeconomic factors on residential real estate (RE) investment returns in the cities of Abuja and Lagos, Nigeria, with a view to guiding RE investors and researchers.

Design/methodology/approach

A survey research design was employed using a questionnaire to collect RE transaction data from 2008 to 2022 from estate surveying and valuation firms in the study areas. Rental and capital value data collected were used to construct rental and capital value indices and total returns on investment. The macroeconomic data used were retrieved from the archives of the Central Bank of Nigeria (CBN). Granger causality (GC) and multiple regression models were adopted to evaluate the effect of selected macroeconomic variables on residential RE investment returns in the study areas.

Findings

The study found a progressive upward movement in rental and capital values of residential RE investment in the study areas within the study period. Total and risk-adjusted returns on investment were equally positive within the study period. Only the inflation rate, unemployment rate and real gross domestic product (GDP) per capita were found to be the major determinants of residential RE investment returns in the study areas within the study period.

Research limitations/implications

The secrecy associated with property transaction information/data by RE practitioners in the study areas posed a challenge. Property transaction data were not adequately kept in a way for easier access and retrieval in many of the estate firms and agent offices. Consequently, there was a lack of data that spanned the study period in some of the sampled estate firms or agent offices. This data collection challenge was, however, overcome by the excess time spent retrieving the required data for this study to ensure that the findings appropriately answer the research questions.

Practical implications

Inflation and GDP per capita have been found to be significant factors that influence residential RE investment performance in the study areas. Therefore, investors should pay attention to these identified macroeconomic factors for residential RE investment in the study areas whilst making investment decisions in order to mitigate a possible loss of income or return. The government should formulate and implement economic policies that would address the current high unemployment and inflation rates in Nigeria at large.

Originality/value

This study has extended and further enriched the existing body of knowledge in the field of RE investment analysis in Nigeria. To the best of the authors' knowledge, this study is the first to adopt the Cornish Fisher value-at-risk and modified Sharpe ratio models to analyse risk and risk-adjusted returns on residential RE investment, respectively, in Nigeria. It has therefore redirected the focus of RE researchers and practitioners to a more objective approach to RE investment performance analysis in Nigeria.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 9 January 2024

Robby Adi and Anastasia Njo

Trade centers are operationally run by a property manager as a delegate of the property owner. The dimensions of service quality (SERVQUAL), which include tangibles, assurance…

Abstract

Purpose

Trade centers are operationally run by a property manager as a delegate of the property owner. The dimensions of service quality (SERVQUAL), which include tangibles, assurance, empathy, reliability and responsiveness, are vital to be implemented as the duties of property managers when providing service to tenants to maintain tenant satisfaction and property reputation. This study aims to understand the effects of the SERVQUAL dimensions, the role of property management and the quality of rental value on tenant satisfaction and property reputation.

Design/methodology/approach

The sample was gathered using the purposive sampling technique with the criteria of being a tenant and kiosk owner in trade center properties in Surabaya. Data were gathered using questionnaires, from which 100 respondents were acquired. It was then analyzed using the partial least square structural equation model (SEM) in the SmartPLS 3.0 program to test the hypothesis.

Findings

The results of this study prove that the SERVQUAL dimensions – assurance, empathy and responsiveness – significantly influence tenant satisfaction with the mediating variable of the role of property management. Moreover, the SERVQUAL dimensions – empathy, reliability and responsiveness – significantly influence property reputation with the mediating variable of the role of property management.

Practical implications

Property managers are expected to proactively map out different service measures related to the dimension of satisfaction by conducting service training programs for their employees. In fact, in the post-pandemic period, property managers require new marketing strategies, such as leaseback, to effectively carry out renovations of the trade center’s public facilities and restructure the tenant mix.

Originality/value

Trade centers as trading areas experience management limitations because of the prohibition of mass gatherings during the COVID-19 pandemic, resulting in a limited number of onsite trading. Tenants who have entered into a long-term contract experience loss and rely on the aid of property management to survive. The role and quality of service of property management influence tenants’ satisfaction post-COVID-19 pandemic.

Details

Journal of Facilities Management , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1472-5967

Keywords

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