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Rental Market Liquidity, Seasonality, and Distance to Universities

Okan Yilmaz Orcid Logo, Oleksandr Talavera, Joy Jia Orcid Logo

International Journal of the Economics of Business, Volume: 29, Issue: 2, Pages: 1 - 17

Swansea University Authors: Okan Yilmaz Orcid Logo, Joy Jia Orcid Logo

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    2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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DOI (Published version): 10.1080/13571516.2022.2033078

Abstract

This paper explores how liquidity in the UK rental markets reacts to variations in demand across time and space. We employ a survival analysis approach with a non-parametric hazard rate to investigate whether the probability of a property to exit the market changes across calendar months. Our unique...

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Published in: International Journal of the Economics of Business
ISSN: 1357-1516 1466-1829
Published: Informa UK Limited 2022
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URI: https://cronfa.swan.ac.uk/Record/cronfa59211
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first_indexed 2022-01-18T13:44:42Z
last_indexed 2023-01-11T14:40:20Z
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spelling v2 59211 2022-01-18 Rental Market Liquidity, Seasonality, and Distance to Universities bb42de9bf10d32bda4695327b3aa0470 0000-0002-0553-8518 Okan Yilmaz Okan Yilmaz true false 2d215b93ea1160b2f73dbeb4df908564 0000-0002-0419-2797 Joy Jia Joy Jia true false 2022-01-18 CBAE This paper explores how liquidity in the UK rental markets reacts to variations in demand across time and space. We employ a survival analysis approach with a non-parametric hazard rate to investigate whether the probability of a property to exit the market changes across calendar months. Our unique dataset comes from Zoopla.com and contains 300,198 rental listings in 13 major UK university cities over the 2015–2017 period. Our results suggest that the probability of exit is lower during the winter season compared to summer. This could be explained by students’ higher housing demand at the start of the academic term. The results become more pronounced (i.e. the seasonal difference is higher) when the distance between marketed property and university campuses is taken into account. Journal Article International Journal of the Economics of Business 29 2 1 17 Informa UK Limited 1357-1516 1466-1829 Big data; student housing; seasonality; survival analysis; rental markets 24 2 2022 2022-02-24 10.1080/13571516.2022.2033078 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University SU Library paid the OA fee (TA Institutional Deal) 2024-07-17T11:31:41.2647023 2022-01-18T13:35:54.5050420 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Okan Yilmaz 0000-0002-0553-8518 1 Oleksandr Talavera 2 Joy Jia 0000-0002-0419-2797 3 59211__26189__4e7d89e198a14fd489200c51ed058229.pdf 59211.pdf 2023-01-04T14:31:50.7828996 Output 2029331 application/pdf Version of Record true 2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. true eng http://creativecommons.org/licenses/by/4.0/
title Rental Market Liquidity, Seasonality, and Distance to Universities
spellingShingle Rental Market Liquidity, Seasonality, and Distance to Universities
Okan Yilmaz
Joy Jia
title_short Rental Market Liquidity, Seasonality, and Distance to Universities
title_full Rental Market Liquidity, Seasonality, and Distance to Universities
title_fullStr Rental Market Liquidity, Seasonality, and Distance to Universities
title_full_unstemmed Rental Market Liquidity, Seasonality, and Distance to Universities
title_sort Rental Market Liquidity, Seasonality, and Distance to Universities
author_id_str_mv bb42de9bf10d32bda4695327b3aa0470
2d215b93ea1160b2f73dbeb4df908564
author_id_fullname_str_mv bb42de9bf10d32bda4695327b3aa0470_***_Okan Yilmaz
2d215b93ea1160b2f73dbeb4df908564_***_Joy Jia
author Okan Yilmaz
Joy Jia
author2 Okan Yilmaz
Oleksandr Talavera
Joy Jia
format Journal article
container_title International Journal of the Economics of Business
container_volume 29
container_issue 2
container_start_page 1
publishDate 2022
institution Swansea University
issn 1357-1516
1466-1829
doi_str_mv 10.1080/13571516.2022.2033078
publisher Informa UK Limited
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
document_store_str 1
active_str 0
description This paper explores how liquidity in the UK rental markets reacts to variations in demand across time and space. We employ a survival analysis approach with a non-parametric hazard rate to investigate whether the probability of a property to exit the market changes across calendar months. Our unique dataset comes from Zoopla.com and contains 300,198 rental listings in 13 major UK university cities over the 2015–2017 period. Our results suggest that the probability of exit is lower during the winter season compared to summer. This could be explained by students’ higher housing demand at the start of the academic term. The results become more pronounced (i.e. the seasonal difference is higher) when the distance between marketed property and university campuses is taken into account.
published_date 2022-02-24T11:31:40Z
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score 10.612332

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