The price-to-rent ratio: A macroprudential application
REAL ESTATE ECONOMICS(2023)
摘要
We examine the potential for the price-to-rent ratio to be used as a macroprudential tool. In addition to using standardized appraisal methods, appraisers could estimate the current market rent for a property. The resulting price-to-rent ratio would provide a useful signal for speculative pressures. We show this by estimating price-to-rent ratios using the American Housing Survey. The distribution of price-to-rent ratios shifted up dramatically during the housing boom with the 75th and 95th percentile reaching a historic peak in 2006 at 22 and 44, respectively. We propose a lending policy that incorporates the price-to-rent ratio to generate countercyclical loan-to-value ratios.
更多查看译文
关键词
ratio
AI 理解论文
溯源树
样例
生成溯源树,研究论文发展脉络
Chat Paper
正在生成论文摘要