{"created":"2023-06-20T15:39:54.094147+00:00","id":466,"links":{},"metadata":{"_buckets":{"deposit":"a1c96f3d-e5d8-4d88-a726-5b6c14d1890c"},"_deposit":{"created_by":14,"id":"466","owners":[14],"pid":{"revision_id":0,"type":"depid","value":"466"},"status":"published"},"_oai":{"id":"oai:reitaku.repo.nii.ac.jp:00000466","sets":["1:87:123"]},"author_link":["765","766"],"item_10002_biblio_info_7":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2009-04-13","bibliographicIssueDateType":"Issued"},"bibliographicPageEnd":"28","bibliographicPageStart":"1","bibliographicVolumeNumber":"34","bibliographic_titles":[{"bibliographic_title":"経済社会総合研究センター Working Paper"},{"bibliographic_title":"RIPESS Working Paper","bibliographic_titleLang":"en"}]}]},"item_10002_creator_2":{"attribute_name":"著者名","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"Chihiro, Shimizu"}],"nameIdentifiers":[{"nameIdentifier":"765","nameIdentifierScheme":"WEKO"},{"nameIdentifier":"1000050406667","nameIdentifierScheme":"CiNii ID","nameIdentifierURI":"http://ci.nii.ac.jp/nrid/1000050406667"}]}]},"item_10002_creator_24":{"attribute_name":"著者名（英）","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"Chihiro, Shimizu","creatorNameLang":"en"}],"nameIdentifiers":[{"nameIdentifier":"766","nameIdentifierScheme":"WEKO"},{"nameIdentifier":"1000050406667","nameIdentifierScheme":"CiNii ID","nameIdentifierURI":"http://ci.nii.ac.jp/nrid/1000050406667"}]}]},"item_10002_description_5":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"The turmoil in the international financial market since the subprime loan crisis has had a　significant effect on the real-estate investment market in Japan, particularly the Japan real-estate　investment trust (J-REIT) market. This suggests that the real-estate investment market is becoming　part of the financial market. It is necessary to precisely understand the mechanism of risk　generation and cash flow in the real-estate market to understand the characteristics of the real-estate　investment market.\nThe purpose of this study is to statistically clarify the characteristics of the five problems that　have been recently pointed out as risk factors in the real-estate investment market for housing.　Specifically, we have attempted to clarify the following five intrinsic problems, which are　considered to be characteristics of the housing market: 1) the return problem, 2) the small-scale　investment problem, 3) the risk associated with the adjustment of rent, 4) the key tenant problem,　and 5) the inflation problem, all of which have been pointed out to be problems in the housing and　retail markets.\nRegarding the risk associated with the adjustment of rent, we investigated the actual situation in　the housing market by considering the decrease in housing rent with the age of the building and the　adjustment of housing rent when a new contract is concluded between a landlord and a new tenant.　The results indicated that the yearly rate of decrease in housing rent for nontimbered houses is as　high as approximately 6% over the first five years after construction, but decreases to 2.6% over the　5th to 10th years and 2.5% over the 10th to 20th years, indicating that the long-term rate of decrease　in housing rent is small. The probability of no change in rent was converted to a yearly value of　0.6585, which means that the revenue from the housing rent of 65% of leasehold properties does not　change. This result revealed that housing rent in the Japanese market is extremely sticky compared　with that in the US. Regarding the risk associated with the adjustment of rent, the probability of　downward adjustment of the housing rent should be considered; however, in most cases, the housing　rent is left unchanged. Even when the housing rent is adjusted downward, decreases of more than　10% comprised only 11.2% of all the adjustments. Also note that the occurrence of rent adjustment　is random with respect to time; the housing rent market is not strongly affected by the economic　environment, in contrast to the market for office buildings; a turnover of residents occurs because of　events such as marriage, childbirth, and relocation, regardless of the economic cycle, causing the　housing rent to change.\n","subitem_description_type":"Abstract"}]},"item_10002_identifier_registration":{"attribute_name":"ID登録","attribute_value_mlt":[{"subitem_identifier_reg_text":"10.18901/00000412","subitem_identifier_reg_type":"JaLC"}]},"item_10002_publisher_8":{"attribute_name":"出版者","attribute_value_mlt":[{"subitem_publisher":"麗澤大学経済社会総合研究センター"}]},"item_files":{"attribute_name":"ファイル情報","attribute_type":"file","attribute_value_mlt":[{"accessrole":"open_date","date":[{"dateType":"Available","dateValue":"2014-03-05"}],"displaytype":"detail","filename":"wp34.pdf","filesize":[{"value":"374.9 kB"}],"format":"application/pdf","licensetype":"license_11","mimetype":"application/pdf","url":{"label":"wp34","url":"https://reitaku.repo.nii.ac.jp/record/466/files/wp34.pdf"},"version_id":"92b2f466-2bde-4894-bf4d-a40fda51f3da"}]},"item_keyword":{"attribute_name":"キーワード","attribute_value_mlt":[{"subitem_subject":"REITs","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"Real Estate Investment Risk","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"Sticky Price","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"Hedonic housing price index","subitem_subject_language":"en","subitem_subject_scheme":"Other"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"eng"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"departmental bulletin paper","resourceuri":"http://purl.org/coar/resource_type/c_6501"}]},"item_title":"Investment Characteristics of Housing Market -Focusing on the stickiness of housing rent-","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"Investment Characteristics of Housing Market -Focusing on the stickiness of housing rent-"},{"subitem_title":"Investment Characteristics of Housing Market -Focusing on the stickiness of housing rent-","subitem_title_language":"en"}]},"item_type_id":"10002","owner":"14","path":["123"],"pubdate":{"attribute_name":"公開日","attribute_value":"2014-03-05"},"publish_date":"2014-03-05","publish_status":"0","recid":"466","relation_version_is_last":true,"title":["Investment Characteristics of Housing Market -Focusing on the stickiness of housing rent-"],"weko_creator_id":"14","weko_shared_id":-1},"updated":"2023-06-20T16:17:45.910435+00:00"}