What Drives the Premium for Energy-Efficient Apartments – Green Awareness or Purchasing Power?
| Autor: | Bertram I. Steininger, Carolin Pommeranz |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
Preisdifferenzierung
Nordrhein-Westfalen rent Raumplanung und Regionalforschung Energieverbrauch Ökologie und Umwelt Konsumverhalten Ökologie Effizienz ddc:710 North Rhine-Westphalia Industrial organization media_common Business Administration Städtebau Raumplanung Landschaftsgestaltung Ecology Umweltbewusstsein Economic rent Area Development Planning Regional Research Energy consumption Energy performance certificates Miete Bundesrepublik Deutschland Price differentiation Energie Efficient energy use energy consumption behavior Economics and Econometrics media_common.quotation_subject Purchasing power Federal Republic of Germany Price discrimination Ecology Environment Willingness to pay Accounting energy consumption Environmental Analysis and Construction Information Technology ddc:577 Financial services Consumer behaviour Företagsekonomi Landscaping and area planning business.industry Miljöanalys och bygginformationsteknik Consumer behavior Ekonomi och näringsliv Urban Studies environmental consciousness Energy efficiency Economics and Business efficiency business Finance |
| Zdroj: | The Journal of Real Estate Finance and Economics |
| Popis: | We analyze whether lower rents for energy-inefficient apartments reflect tenants’ willingness to pay due to a higher green awareness, purchasing power, or energy consumption costs. Based on a German rental apartment dataset from Q1 2007 to Q1 2019, we use interaction terms for socioeconomic characteristics in a hedonic regression model. We find that rents are lower for apartments with higher energy consumption, even in neighborhoods with lower levels of green awareness. This relationship is stronger in neighborhoods with higher purchasing power, such that communities with low levels of green awareness and high purchasing power show the steepest negative slope for increasing energy consumption (−8.6% from the highest to lowest rating). Thus, the rent-decreasing effect of purchasing power is higher than that of green awareness. Splitting the entire period into smaller windows, we find that the interaction effect of green awareness has emerged in the most recent years (2017–2019). This may be driven by changes in regulation, which have made it easier for tenants to assess the energy consumption before they rent, or by a general increase in green awareness over this period. |
| Databáze: | OpenAIRE |
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