The Price-Adjustment Process for Rental Housing and the Natural Vacancy Rate

Abstract

Institute of A University of II Business and California, Economic Research Berkeley CENTER FOR REAL ESTATE AND URBAN ECONOMICS WORKING PAPER SERIES “ WORKING PAPER 82-53 THE PRICE ADJUSTMENT PRocEss FOR RENTAL HOUSING AND THE NATURAL VACANCY RATE BY KENNETH T. RosEN LAWRENCE B. SMITH These ers are preliminary in natu ; heir purpose ' to stimulate discussion comm . Therefore. t are n ted or q d in any pub’ ‘on wit the express permissi the author. GRADUATE SCHOOL OF BUSINESS ADMINISTRATION