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Liquidity, Seasonality, and Distance to Universities: The case of UK rental markets

Author

Listed:
  • Okan Yilmaz

    (Swansea University)

  • Oleksandr Talavera

    (University of Birmingham)

  • Joy Jia

    (Swansea University)

Abstract
This paper explores how liquidity in UK rental markets reacts to variations in demand across time and space. We employ a survival analysis approach with a non-parametric hazard rate to investigate whether the probability of renting changes across calendar months. Our unique dataset comes from Zoopla.com and contains 300,198 rental listings in 13 major UK university cities over the 2015-17 period. Our results suggest that the probability of renting is lower during the winter season compared to summer. This could be explained by students' higher housing demand at the start of the academic term. The results become more pronounced when the distance between marketed houses and university campuses is taken into account.

Suggested Citation

  • Okan Yilmaz & Oleksandr Talavera & Joy Jia, 2020. "Liquidity, Seasonality, and Distance to Universities: The case of UK rental markets," Discussion Papers 20-11, Department of Economics, University of Birmingham.
    • Handle: RePEc:bir:birmec:20-11
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    File URL: https://repec.cal.bham.ac.uk/pdf/20-11.pdf
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    More about this item

    Keywords

    Big data; student housing; seasonality; survival analysis;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis

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