Journal Title
Title of Journal: J Real Estate Finan Econ
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Abbravation: The Journal of Real Estate Finance and Economics
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Publisher
Kluwer Academic Publishers
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Authors: John D Benjamin Peter Chinloy William G Hardin
Publish Date: 2006/11/29
Volume: 33, Issue: 4, Pages: 389-403
Abstract
The positioning of a property along a given rentvacancy signaling frontier depends on its ownership branding and quality Confirmation of a separating equilibrium occurs if the quality from the branding itself dependent on costly management decisions results in rent differentials For institutionalgrade apartments in metro Atlanta Georgia local presence scale and vertical integration are productive in improving quality signaled by branding Even after adjustment for selfselection and physical characteristics branded properties achieve gross rents at least 8 higher than unbranded properties with no sacrifice in occupancy Given that branding depends on management decisions then rents and occupancy do not depend on hedonic physical characteristics alone
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