CROSS-TENURE DIFFERENCES IN-HOME MAINTENANCE AND APPRECIATION

This paper investigates the relative maintenance levels of owner-and r enter-occupied housing by examining their short- and long-run apprecia tion rates. We modify the standard repeat-sales estimation procedure t o test whether owner-occupied housing appreciates faster than renter-o ccupied housing. This procedure holds constant all structural factors, except for aging, hence, appreciation is estimated net of physical de preciation (i.e., routine aging, deficient and deferred maintenance), me find only weak evidence to support the notion that long-term rates of appreciation (and maintenance levels) are substantially different b etween owner- and renter-occupied housing.