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| Determining Apartment Rent: The Value of
Amenities, Services, and External Factors Author: G. Stacy Sirmans, C.F. Sirmans, and John D. Benjamin Start Page: 33 Abstract: This paper examines
the effects of various amenities, services, and external factors on rent for multifamily
housing. The attributes studied include amenities and services such as covered parking,
modern kitchen, and maid service, occupancy restrictions such as no pets allowed, and
external factors such as traffic congestion, proximity to work, and access to public
transportation. The empirical results show that a number of these characteristics do
affect rent. Specifically, such items as covered parking and modern kitchen are important
determinants of rent. External factors such as traffic congestion and access to public
transportation also have a significant impact. A model is presented to compare the costs
and benefits of providing certain amenities and services. |
