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 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.
| Original language | English |
|---|---|
| Pages (from-to) | 223-239 |
| Journal | International Journal of the Economics of Business |
| Volume | 29 |
| Issue number | 2 |
| Early online date | 24 Feb 2022 |
| DOIs | |
| Publication status | E-pub ahead of print - 24 Feb 2022 |
Keywords
- Big data
- rental markets
- seasonality
- student housing
- survival analysis
ASJC Scopus subject areas
- Business, Management and Accounting (miscellaneous)
- Economics and Econometrics
Access to Document
- YilmazO2022Rental
This is an Accepted Manuscript version of the following article, accepted for publication in International Journal of the Economics of Business. Okan Yilmaz, Oleksandr Talavera & Joy Yihui Jia (2022) Rental Market Liquidity, Seasonality, and Distance to Universities, International Journal of the Economics of Business, DOI: 10.1080/13571516.2022.2033078. It is deposited under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way.