Inefficient markets for energy efficiency? - The efficiency premium puzzle in the German rental housing market

被引:8
作者
Sieger, Lisa [1 ]
Weber, Christoph [1 ]
机构
[1] Univ Duisburg Essen, House Energy Markets & Finance, Univ Str 12, D-45141 Essen, Germany
关键词
Energy efficiency; Residential buildings; Rental market; Valuation gap; Hedonic analysis; Heating technology; PERFORMANCE; BUILDINGS; PRICES; CAPITALIZATION; INFORMATION; RATINGS; LABELS; WELL; GAP;
D O I
10.1016/j.enpol.2023.113819
中图分类号
F [经济];
学科分类号
02 ;
摘要
On the market where prospective renters meet dwelling offers, competitive forces and rational behavior on both sides would imply that the monthly basic rent should reflect differences in expected monthly heating costs - other things being equal. We test this hypothesis by specifying a hedonic price model reflecting a total-cost-ofrenting perspective. Drawing on 844,229 apartment listings for rent from 2014 to 2020 on a small spatial scale, we find a premium for more energy-efficient apartments; however, it is rather small. If the energy performance score decreases by 10 kWh/m2a, the monthly basic rent increases, on average, by roughly euro0.01 per square meter living area. The expected energy cost savings thereby exceed the premium by a factor of three to seven. Rather, we find discounts of up to 9.2 % if apartments use heating technologies that are known to be inefficient. We explore various explanations for these outcomes, considering both landlord and renter behavior.
引用
收藏
页数:17
相关论文
共 62 条
[1]   Is There an Energy Efficiency Gap? [J].
Allcott, Hunt ;
Greenstone, Michael .
JOURNAL OF ECONOMIC PERSPECTIVES, 2012, 26 (01) :3-28
[2]   Improving energy efficiency in private rented housing: Why don't landlords act? [J].
Ambrose, Aimee R. .
INDOOR AND BUILT ENVIRONMENT, 2015, 24 (07) :913-924
[3]  
Angrist JD, 2009, MOSTLY HARMLESS ECONOMETRICS: AN EMPIRICISTS COMPANION, P293
[4]  
Aroul RR, 2012, J REAL ESTATE RES, V34, P27
[5]   Sustainable renovation of residential buildings and the landlord/tenant dilemma [J].
Astmarsson, Bjorn ;
Jensen, Per Anker ;
Maslesa, Esmir .
ENERGY POLICY, 2013, 63 :355-362
[6]   Policy options for the split incentive: Increasing energy efficiency for low-income renters [J].
Bird, Stephen ;
Hernandez, Diana .
ENERGY POLICY, 2012, 48 :506-514
[7]   Measuring the price premium of energy efficiency: A two-step analysis in the Italian housing market [J].
Bisello, Adriano ;
Antoniucci, Valentina ;
Marella, Giuliano .
ENERGY AND BUILDINGS, 2020, 208
[8]   Empower the Consumer! Energy-related Financial Literacy and its Implications for Economic Decision Making [J].
Blasch, Julia ;
Boogen, Nina ;
Daminato, Claudio ;
Filippini, Massimo .
ECONOMICS OF ENERGY & ENVIRONMENTAL POLICY, 2021, 10 (02) :149-180
[9]   On the economics of energy labels in the housing market [J].
Brounen, Dirk ;
Kok, Nils .
JOURNAL OF ENVIRONMENTAL ECONOMICS AND MANAGEMENT, 2011, 62 (02) :166-179
[10]   Tearing down the information barrier: the price impacts of energy efficiency ratings for buildings in the German rental market [J].
Cajias, Marcelo ;
Fuerst, Franz ;
Bienert, Sven .
ENERGY RESEARCH & SOCIAL SCIENCE, 2019, 47 :177-191