Short- and Long-Term Economic Cycles in the Renter-Occupied Housing Market: A Conceptual Framework
Purpose: The main objective of the study is to diagnose and describe economic cycles in the renter-occupied housing (ROH) market. Design/Methodology/Approach: The research is based on the classic DiPasquale-Wheaton model, adapted to the specific characteristics of this housing rental market. The model distinguishes between two key components: the housing asset market and the rental space market. The former is controlled by owner-investors, and the latter by renter-users. Findings: The paper describes the most important market interdependencies. However, the most important findings relate to economic cycles. The use of the ROH market model made it possible to diagnose and describe these cycles in both the short and long term. Practical implications: The findings may be useful for further research and analysis of the housing rental market. The general framework of the model presented can also serve as a basis for understanding the detailed relationships and mechanisms operating in this market. Originality/value: It can be concluded that the described ROH market model is provides a new approach to analysing the residential property market. It is a concept that clearly accentuates the specificity of the housing rental market and emphasises its distinctive characteristics.