The conversion of rental apartments to tenancy-owned housing has been a common phenomenon in the housing market in Stockholm during the last two decades. Rental apartment-tenants have the opportunity to purchase their unit for a hefty discount. The existence of the discount has further resulted in banks providing a mortgage that allows the tenant to purchase the apartment with full leverage and without any cash contribution. The households have been able to sell their apartment with high profit and then reinvest it in other housing alternatives at better locations, in better technical condition and with larger living space. The main reason for the discount can be explained by the difference in the valuation methods used by property investors and private households. The property owners value the rental property through the yield method that results in a price that other property investors would be willing to pay. The return generated in a rental property consists of rental revenues. These rental revenues are state regulated according to the use-value method, which means that rents, especially in primary locations, are reduced in order to minimize the segregation in the Swedish society. A price gap appears and consists of the price difference between the present value of the running rental income and the price of each individual apartment on the secondary housing market. The tenant owned association that is willing to buy the property and the private property investor who is willing to sell, usually negotiates a price that both parties are satisfied with. The negotiated price usually results in both parties sharing the profit that arises from the price gap. This study aims to investigate how large the price gap is between the conversion price and price generated through sales of the individual units on the open housing market. The study includes completed conversions in Stockholm within the city customs during the period of January 2010 and January 2016 and condominiums sold in the same associations during the same period. The discount results to an average of 44 % in relation to conversion price and 57 % in relation to the deposit (Sw. Bostadsrättsinsats). On average, the difference between the value of the property during conversion and the value of tenant owned-housing units on the open property market results to 24,444 SEK/m². The difference between the conversion price and the market value of the deposit on the open housing market amounts to 31,231 SEK/m². This means that the average discount that an apartment holder receives amounts to SEK 1,924,025. Among the converted properties, 38 % of the total gross floor area have been sold on the open housing market within the two first years after the conversion. The value difference has resulted in a total realized discount amounting to SEK 5,279,523,434 in relation to conversion price and SEK 6,672,510,151 in relation to the deposit value. / Ombildningar har under de senaste två decennierna varit ett vanligt förekommande fenomen på Stockholms bostadsmarknad, där hyresgästerna erbjudits köpa sin hyresrätt till ett kraftigt rabatterat pris. Rabatten har inneburit att hyresgästerna sällan behövt betala kontantinsats och därmed kunnat köpa lägenheten till full belåning. Efter genomförd ombildning har hushållen haft möjlighet att sälja sin lägenhet på andrahandsmarknaden med hög vinst, vilken sedan har kunnat återinvesteras i bostäder med ett bättre geografiskt läge, skick och med större boarea. En av anledningarna till att rabatten uppstår är att fastighetsägaren värderar hyresfastigheten enligt avkastningsmetoden. Avkastningsmetoden resulterar i ett pris som en annan hyresfastighetsägare skulle vara beredd att betala. Den avkastning som genereras i en hyresfastighet består av hyresintäkterna. Dessa hyresintäkter är statligt reglerade enligt bruksvärdesmetoden vilket innebär att hyrorna, framförallt i primära lägen, är reducerade med syftet att minska segregation i samhället. En prisdifferens skapas av skillnaden mellan värdet av de löpande hyresintäkterna och priset på varje enskild lägenhet på andrahandsmarknaden. Den bostadsrättsförening som vill köpa fastigheten och den privata fastighetsägaren som vill sälja förhandlar fram ett pris som båda parter är tillfreds med. Det framförhandlade priset brukar oftast resultera i att båda parterna delar på vinsten som uppstår av prisdifferensen. Denna uppsats har till syfte att utreda storleken på prisdifferensen mellan förvärvspriset vid ombildning, jämfört med individuella bostadsrättsförsäljningar på andrahandsmarknaden. Studien omfattar genomförda ombildningar i Stockholms innerstad (innanför tullar) mellan januari 2010 och januari 2016 och bostadsrätter som är sålda i föreningarna under samma tidsperiod. Den genomsnittliga rabatten är 44 % för bostadsrättsföreningar och 57 % för individuella hushåll. I genomsnitt är skillnaden mellan förvärvspriset vid ombildningsdatum och bostadsrättens försäljningspris 24 444 kr/m² (bostadsrättsföreningarnas rabatt). Jämförs försäljningspriset med bostadsrättsmedlemmars insats blir rabatten 31 231 kr/m² (hushållens rabatt). Detta innebär att ett hushåll som är med om en ombildning får en rabatt som motsvarar 1 924 025 kr jämfört med förvärvspriset, och 2 431 673 kr jämfört med bostadsrättsmedlemmarnas insats. Av den totala ombildade boytan har 38 % sålts vidare på andrahandsmarknaden inom 24 månader efter ombildningsdatum. Den realiserade rabatten har totalt uppgått till 5 279 523 434 kr för bostadsrättsföreningar och 6 672 510 151 kr för individuella hushåll.

I examensarbetet redogörs för huruvida dagens hyressättningssystem leder till lägre lönsamhet för fastighetsägare och således orsakar svårigheter med fastighetsförvaltningen. Uppsatsen fokuserar på de mindre privatägda fastighetsbolagens situation och behandlar fastigheter i det befintliga fastighetsbeståndet varför bruksvärdessystemet är det hyressättningssystem som kommer att belysas. Sverige har sedan en lång tid tillbaka haft en reglerad marknad för hyresbostäder.Hyressättningssystemet har utvecklats sedan regleringarnas införande och hyran sätts idag utifrån lägenhetens bruksvärde, det så kallade bruksvärdessystemet. Det främsta syftet med regleringarna är att ekonomiskt utsatta samhällsgrupper ska ha råd med ett dugligt boende. Det reglerade hyressättningssystemet är idag omdiskuterat då det även ger negativa effekter. Det som diskuteras är bland annat att regleringarna leder till en ökad bostadsbrist, minskat bostadsbyggande och inlåsningseffekter. En fråga som mer sällan diskuteras är hur hyresregleringar påverkar förvaltningen av det befintliga hyresbeståndet. Bruksvärdessystemet har lett till ett tillväxtgap mellan fastighetsägarnas intäkter och kostnader då förvaltningskostnaderna ökar i väsentligt högre takt än hyresintäkterna. Detta leder till minskande driftnetton vilket försvårar fastighetsägarnas möjligheter att finansiera stora renoveringsåtgärder. I arbetet dras slutsatsen att dagens hyressättningssystem leder till lägre lönsamhet än hur det hade sett ut med en friare hyressättning. Detta leder i sin tur till svårigheter med fastighetsförvaltningen för mindre fastighetsägare vilket resulterar i att delar av Sveriges fastighetsbestånd blir eftersatt. Mindre fastighetsägare med äldre homogena bestånd drabbas i större utsträckning än de större fastighetsbolagen av hyresregleringarnas negativa inverkan.Detta då de mindre fastighetsägarna har sämre förutsättningar att växeldra renoveringskostnader, har sämre möjligheter att spara eget kapital samt har lägre exponering för investerare. / This thesis describes whether today's rental system leads to lower profitability for property owners and thus causes difficulties with property management. This thesis focuses on the situation of the smaller privately-owned real estate companies and deals with properties in the existing property portfolio. Therefore, the utility value system (bruksvärdessystemet) is the rental system that will be elucidated in this essay. Sweden has for a long time had a regulated market for rental housing. The rental system has been evolved since the introduction of the regulations and the rent is today based on theapartment's value in use, the so-called utility value system. The main purpose of the regulations is that economically vulnerable social groups should be able to afford a decent living. Ther egulated rental system is currently being debated as it also has negative effects. What is being discussed is, among other things, that the regulations lead to an increased housing shortage,reduced housing construction and lock-in effects. One issue that is less frequently discussed is how rental regulations affect the management ofthe existing rental portfolio. The value in use system has led to a growth gap between the property owners' income and costs as the management costs increase at a significantly higher rate than the rental income. This leads to a declining net operating income, which makes it difficult for property owners to finance major renovation measures. In this essay it is concluded that today's rental system leads to lower profitability than what would have been possible with a less regulated rental market. The regulated market leads to difficulties with the property management for smaller property owners, which results in parts of Sweden's property portfolio being neglected. Smaller property owners with older homogeneous portfolios are affected to a greater extent by the negative impact of the rental regulations than the larger real estate companies are. This is because the smaller property owners have poorer prospects of financing renovation costs within the portfolio, have less opportunity to save equity and have lower exposure to investors.

Understanding the financialization of rental housing across space becomes increasingly important as residential listed real estate operating companies (REOCs) like Heimstaden expand their investments beyond their national borders. Especially as this comes at a time when there is a growing shortage of affordable housing in several European cities. Despite Heimstaden's growing portfolio in several European countries and its emphasis on a socially sustainable investment strategy, there has been insufficient research on its investment trajectories in practice. This study, therefore, examines Heimstaden's investment narratives and the impact of its practices on tenants in Berlin against the backdrop of a tense socio-political climate, i.e., a shortage of affordable housing, a strong tenant base, and regulatory pressure on rents. Multiple methods of data collection, including document analysis, interviews, and a tenant survey sent to the critical mass of Heimstaden's tenants, enabled the study to explore tenants' experiences with Heimstaden in Berlin, as well as how the local political context influenced Heimstaden's investment trajectories. The results of the study show how Heimstaden found a gap in Berlin’s rental market by securing financial gains through extensive marketing, an investment approach based on more affordable rent setting, and increasingly bowing to local socio-political pressure. Although, Heimstaden does not fully live up to its claims, a more tenant-centred approach helps Heimstaden to maintain positive legitimacy and reputation with stakeholders and shareholders to avoid becoming a target of criticism. In other words, the study suggests that after intense criticism of the aggressive practices of previous financial landlords, Heimstaden is adapting to a higher level of social sustainability in their investment narratives and practices to ensure continued and long-term accumulation of financial assets in the Berlin rental market.

Legal regulations of rental housing in the Korean and Czech civil code ABSTRACT (English) This diploma thesis is focused on the comparison of Korean and Czech civil code regulations within the field of rental housing. The first part of the thesis concentrates on the development and characteristics of the civil code in Korea, with the emphasis on civil rights, society and history in comparison with the Czech Republic. The changes in the civil rights will be referenced to key influences such as social conventions, politics, etc. Furthermore, the thesis will compare changes in the legislation of rental housing in both countries. This part of the dissertation will also mention a general introduction to the housing standards, social relations and its respective regulations that have been derived in the respective countries' law. The third and fourth parts of the thesis bring a summary on how the two compared civil acts regulate the relationship of the landlord/lessor and the tenant. The unique regulation Chonse is introduced as well as the explanation of the reasons for its creation. The last part is devoted to the explanation of different methods of these countries used to protect the tenant. KEYWORDS Rental housing, Chonse, Korean civil code

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This research is concerned with the effects of housing policy on rental housing market in Korea, in particular, the informal housing finance mechanism known as the <i>chonse</i>. In spite of many studies on <i>chonse</i> rental housing market, the relationship between government intervention in the housing market and <i>chonse</i> price has not been fully investigated. Most studies emphasize a role of <i>chonse</i> as an informal source of housing finance and none of them pay attention to the relationship between <i>chonse</i> price and government housing policies such as price control for new dwellings and rent regulation. Without a proper housing finance system in Korea, <i>chonse</i> deposit plays an important role in household tenure choice decision. Yet, many studies on <i>chonse</i> rental housings do not show clearly how it works. Furthermore, the interaction of price control and household tenure choice decision has never been a subject of study in Korea. The purpose of my study is, therefore, to contribute toward filling a gap in current knowledge about Korean housing market and to increase understanding of policy impacts on rental housing market in Korea / Ph. D.

The purpose of this study was to determine the factors which influence the off-campus rental housing choices of students attending Virginia Polytechnic Institute and State University. An interview schedule was developed and administered by telephone to a random sample of 204 Virginia Tech students who were renting off-campus housing in Blacksburg, Virginia. The data were examined by analysis of means, frequencies, correlations, and t-tests. The findings revealed significant differences (p<.01) between students who lived in traditional rental apartments and students who lived in student condominiums in preferences for amenities, lease options, and maintenance. No difference in satisfaction levels was found to exist between the groups. All students in the sample showed preferences for a large number of amenities, most of which were provided by the Blacksburg rental market. Cost was identified as the greatest influence on housing choice for the entire sample, while noise and inadequate parking were the major dissatisfactions. / Master of Science / incomplete_metadata

This study analyses the impact emerging platforms for housing allocation might have on the Swedish housing market, through an analysis of allocation platforms and housing queues. The study utilises Fields and Rogers’ (2021) typology of operational and data platforms in order to define and analyse the practices of municipal housing agencies, marketplaces for rental housing, and assistants for managing housing queues, as allocation platforms. Characteristic of allocation platforms, defined within the framework of platform real estate (PRE), is engagement in data collection and valuation. Combining housing applicants’ ‘übercapital’ (Fourcade &amp; Healy, 2017) with queue times creates what I term queue capital. This queue capital serves as a dual process of data-valuation, that allows for valuation of rental housing according to queue time, but also enables housing seekers to access rental housing. Furthermore, housing queues are categorised as strict or indicative based on the rental policies of housing companies: strict queues, commonly used by municipal housing agencies, prioritise the first eligible applicant, whereas indicative queues, prevalent in marketplaces, organise applicants without strictly adhering to queue order.

The European Union has addressed energy waste within the housing and building sector through initiating the Renovation Wave, which aims to enhance renovations toward energy efficiency in housing. However, the directive raises questions about potential social costs in the rental housing market. Thus, this study aims to investigate the Renovation Wave from EU directive down to implementation level within the Swedish rental sector and understand how economic, environmental and social goals are interconnected and which trade-offs are inherent to interpretation across scale levels. Based on theoretical concepts like sustainability, financialisation, and eco-modernism, the study uses text analyses of documents from EU to Swedish national and municipal level to understand the translation process of goals and semi-structured interviews to understand how rental companies interpret and implement directives from said administrative levels. Findings indicate both similarities and misalignments between the goals across scale levels and their implementation. It is concluded that a revaluation of incompatible sustainability goals is needed across scale levels, alongside a shared view on where the responsibility for the green transition in housing is laid and a recognition of energy poverty as a problem in the Swedish rental housing context.

Den här uppsatsen är en djupdykning i det statliga investeringsstödet i två avseenden. Dels ifall en etablerad matematisk modell kan förklara förändringarna i bostadsbeståndet som skett efter införandet av stödet, dels hur det har fungerat och vilka problem man ser med det. I ett ständigt växande Sverige är bostadsbristen ett faktum, och som en i raden åtgärder införde man år 2016 “Det nya investeringsstödet”. Subventionen har mötts av såväl positiv respons som svidande kritik, och det finns anledning att titta närmare på det hela. Med en omfattande litteraturundersökning samt flertalet intervjuer försöker vi dra slutsatser om huruvida stödet varit ändamålsenligt eller ej. Våra resultat indikerar att den matematiska formeln har en begränsad men dock förmåga att förklara förändringarna i bostadsbeståndet, och att det finns goda möjligheter till en alternativ och mer lämplig framtida utformning av stödet. / This essay delves into the state investment aid from two perspectives. First, whether an established mathematical model can explain the changes in the housing stock that occurred after the introduction of the support, and second, what the subsidy has resulted in and what problems have been observed. In an ever-growing Sweden, the housing shortage is a fact, and as one of several measures, “the new state investment aid” was introduced in 2016. The subsidy has been met with both positive responses and harsh criticism, and there is reason to take a closer look at it. Through a comprehensive literature review and several interviews, we attempt to draw conclusions about whether the support has been effective or not. Our findings indicate that the mathematical formula has a limited but nonetheless existing ability to explain the changes in the housing stock, and that there are significant opportunities for alternative, more appropriate designs of such future support.