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Energy Efficiency Information and Valuation Practices in Rental Housing

descriptionPublicationkeyboard_double_arrow_right Article , Journal 27 Aug 2019 Netherlands, United States Publisher:Springer Science and Business Media LLCJournal:The Journal of Real Estate Finance and Economics, volume 60, pages 181-204 (issn: 0895-5638, eissn: 1573-045X,

Authors: Andrea Chegut; Piet Eichholtz; Rogier Holtermans; Juan Palacios;

doi: 10.1007/s11146-019-09720-0

handle: 1721.1/131608

Energy Efficiency Information and Valuation Practices in Rental Housing

- Summary
- Subjects
- Metrics

Abstract

The consensus in the academic literature is that energy efficiency is associated with transaction value premiums, but it is not clear to what extent property appraisers take account of this. We decompose external appraisals of rental housing by international valuation firms in England and the Netherlands in two waves, keeping the samples of valued homes constant between these years. We find a notable change in the behavior of external property appraisers. In England, energy performance does not impact assessed values in 2012, while estimation results for 2015 show a significant discount in assessed values for D-, E- and F- relative to C-labeled dwellings. For the Netherlands, we do not observe a significant relationship between energy efficiency and assessed values in 2010, but in 2015 we find that more energy efficiency leads to higher external valuations.

Countries

Netherlands, United States

Related Organizations

Massachusetts Institute of Technology
United States
University of Guelph
Canada
Maastricht University
Netherlands

Keywords

2 International, ECONOMICS, CAPITALIZATION, IMPACT, 6 Data source, Energy performance certificates, PERFORMANCE, Energy efficiency, LABELS, MARKET, RATINGS, Real estate valuation, PRICE PREMIUM, Affordable housing, REAL-ESTATE

Impact byBIP!

	citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	22
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Top 10%
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Top 10%
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Top 10%