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Urban Studies, Vol. 25, No. 1, 34-42 (1988)
DOI: 10.1080/00420988820080031
© 1988 Urban Studies Journal Limited

Changing Rates of Return on Rental Property and Condominium Conversions

Theodore M. Crone

Federal Reserve Bank of Philadelphia

In the 1970s about 350,000 housing units in multi-family structures in the US were converted to a condominium or co-operative form of ownership. This paper shows how changes in both rents and housing prices influence the expected rate of return on rental property and therefore the probability of conversion. A minimum logit chi-square model was applied to data from 34 metropolitan areas to estimate the effects of these changes. The evidence suggests that changes in housing prices had a greater effect on conversions than changes in the expected net return on rental property.


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