 |
 |
| Creating a Constant-Quality Index for
Small Multifamily Rental Housing Author: Randall S. Guttery and C. F. Sirmans Start Page: 557 Abstract: Researchers since the
early 1960s have constructed constant-quality price indices (CQIs) for single-family
dwellings. This paper, however, applies the methodology to construct CQIs for a different
property type - small multifamily rental housing with two to four units (MRH) - so that
price changes can be measured. Over the period 1983 through 1988, MRH prices increased 70%
in Connecticut, but decreased nearly 65% in Baton Rouge, Louisiana. These locations and
the sample period are chosen because Connecticut's economy boomed, while Baton Rouge's
collapsed; as well, Congress debated and passsed the 1986 Tax Reform Act (TR). TRA
affected both regions' MRH prices, but other factors contributed to price changes, also. |
|
