Idag tillämpas den s.k. bruksvärdeshyran som har sin grund i att lägenhetens standard avgör hyran. Företagets produktionskostnader ska ej tas i beaktande vid ett bruksvärdessystem. Det medför både för- och nackdelar för hyresgästen. Om företagets kostnader överstiger värderingen av de standardhöjande åtgärderna kan detta inte åläggas hyresgästerna samtidigt som hyresgästerna ej ålägger en hyresrabatt när åtgärderna kan avses avbetalad. De standardhöjande åtgärderna i samband med upprustningar av dagens bostadsbestånd är inte kopplade till någon kostnad. Den nya hyran framförhandlas av Hyresgästföreningen och fastighetsägaren och hyran bedöms utifrån den nya standarden enligt upprustningsperiod och läge utifrån normerande medelhyror, enligt studier av Hyresgästföreningens egen rapport gällande hyresstrukturen i Stockholm samt enskilda avtal. Utifrån diskuterade modeller och förslag i rapport och debatt, behandlar författaren tre av dessa genom jämförbara exempel. Med utgångspunkt i en grundmodell som förenklat förklarar hyressättningen idag vid renovering presenteras tre alternativa modeller; ROTavdrag för hyresrätten, successiva extrahöjningar vid ökade byggkostnader samt samrådskrav med hyresgästerna inför renoveringen. Två av modellerna beräknas utifrån en mer kostnadsbaserad hyressättning för standarduppehållande åtgärder inklusive badrumsrenovering, vilken kan implementeras i hyressättningssystemet i kombination med den tredje modellen som avser samrådskrav med hyresgästerna inför en upprustning. Författaren har under rapportens skrivande upptäckt att det hyresskydd som sägs finnas idag är starkt begränsat. Författaren anser efter rapportens skrivande att dagens hyressättningssystem är inkonsekvent med en återhållsam årlig hyresjustering vilket gör att fastighetsägarens enda möjlighet till en ökad omsättning står i proportion till ombyggnad (eller försäljning), varvid dessa har möjlighet att utnyttjas. / Ever since the 1940s Sweden has had rent control for their residential properties. The rent is not to be decided by the market but by a so called use value system. This means that rent should be determined by the standard and modernity of the apartment. The system comes with both benefits as well as disadvantages. A use value system should not take regards to a real estate companies funding meaning that if the cost in the end is higher than predicted the tenant will not be affected. On the other hand the tenant cannot claim a lower rent when the renovation is repaid. Value-adding renovations are therefore not connected to any cost. The rent is instead decided by negotiations between a local union of tenants and the landlord. The rent should be decided due to the standard of the apartment and the property, as well as the location and communications. The rent and the rent control, especially in Stockholm are frequently discussed in media and politics. This rapport presents three suggestions for a more reliable rent system that have been up for discussion; renovation discount for housing properties, periodic rent increase due to higher production costs and requirements for consultation with tenants due to inner renovations. The first two models can be implemented in today’s system together with the third model. The protection of the tenants’ rights is highly restricted when it comes to big restorations. The authors conclusion is that the rent system today is inconsistent with a restrained yearly rent adjustment, which makes a big inner restoration the landlords only option to an increased profit. Therefore can these renovations be used in purpose to increase rent

In this thesis we have investigated if there is a risk premium on residential properties with presumption rent in comparison to the other two rental systems, individually-set rent and utility rent. The method chosen was a qualitative method and therefore six interviews were conducted with real estate professionals with at least ten years of experience, five real estate companies and one real estate consultancy company. From the interviews, evidence was found that there are pros and cons regarding the different Swedish rental systems and how it affects an investment on a property. However, investors seem to put more weight on initial rent levels and the expected rental growth. Vacancy risk is considered almost insignificant for investors due to the shortage in residential properties in Sweden. The analysis showed that the initial yield does differ between the rental systems. This is due to the difference in expected rental growth over the investment period. For an investment of 20 years presumption rent is the best alternative. Risks were discussed in the interviews and that every risk associated with each rental system were considered in the calculation. According to the simulations, identified risks affect the calculation which adds a risk premium that should be taken into consideration by the investors. / I denna uppsats har vi undersökt om hyresfastigheter med presumptionshyra behöver en riskkompensation gentemot de två andra hyressystemen, bruksvärdeshyra och egensatt hyra. Uppsatsen är en kvalitativ studie och sex intervjuer har genomförts, fem med fastighetsbolag och en men ett fastighetskonsultbolag. Från intervjuerna gick det att identifiera fördelar och nackdelar med det olika hyressystemet och hur de påverkar en fastighetsinvestering i en hyresfastighet. Från intervjuerna framgick att investerare förlitar sig mer på initiala hyresnivåer och förväntad hyrestillväxt under investeringsperioden. Vakansrisken anses vara mer eller mindre obetydlig för en fastighetsinvesterare givet dagens marknadsläge med den bostadsbrist som finns i Sverige. Analysen påvisade att det finns en skillnad i direktavkastningskravet mellan de olika hyressystem. Denna skillnad beror på skillnaden i förväntad hyrestillväxt över investeringsperioden. För en investering på 20 år är presumptionshyra det bästa alternativet då den får högst kalkylränta. Risker diskuterades i intervjuerna och varje risk förknippad med hyressystemen beaktades i kalkylerna. Enligt simuleringarna påverkar de identifierade riskerna kalkylerna vilket adderar en riskpremie som bör beaktas av investerarna.

Stockholm is today one of the fastest growing regions in Europe and the demand for housing is increasing by the day. In order to achieve the target of becoming Europe's most attractive metropolitan region the city needs highly educated and skilled labour to satisfy the demand of companies today and in the future. However, the housing situation for students in the Stockholm area is at the moment very bleak. Stockholm is at least 7,000 student housings short and the quetime reaches as high as two years. Despite the lack of housing for students, we can’t see any increase in construction. This means that the students have a difficult time finding somewhere to live which results in that they choose to study elsewhere. In 2009 Boverket said that we must examine alternative solutions for resolving shortage of housing for students. In recent years a couple of projects can be seen in which existing buildings have converted its use from office or shops to student housing. An investigation of how the market views this option has been lacking. This essay aims to examine the student housing market in Stockholm in order to investigate whether conversion of existing buildings is an effective supplement when construction of new housing can’t meet the demand. We have furthermore examined a couple of restraining factors, in order to make the process more effective and finished of by drawing a couple of conclusions. The current planning process is considered to be one of the most restraining factors that leads to the fact that conversion can’t be utilized to its full extent. Lead times are said to be long and the fact that the plan is to detailed and precise makes it difficult to convert properties. With the help of more administrators and a more open plan, conversion could be used to its full extent. Building regulations are considered to be another reason why so few projects are being converted. The same rules apply when you build new buildings as when you convert. The market is looking for a change in the presentation of the current rules in order for these to be more applicable and beneficial for the market. Unpredicted expenses are always a risk when converting but with more experience the risk becomes lower. A system where you subsidize a part is not a market request since a lot of the answers suggest that this affects a market negatively in the long run. Rent control is not a factor that is considered to be restraining when converting buildings for student housing. / Stockholm är idag en av de snabbast växande regionerna i Europa och efterfrågan på bostäder i staden blir allt större för varje dag. För att uppnå de mål som finns om att bli Europas mest attraktiva storstadsregion behövs kompetent arbetskraft till staden för att fylla det behov som företagen efterfrågar nu och i framtiden. Den bostadssituation som råder för studenterna i Stockholmsområdet är dock väldigt dyster. Det saknas i dagsläget minst 7000 studentbostäder och kötiden för en studentbostad uppgår i dagsläget till minst två år. Trots detta ser vi inte någon större ökning av nyproducerade studentbostäder. När studenterna har svårt att hitta bostäder tenderar dessa att studera på annan ort och kunskap förloras, vilket hämmar Stockholms utveckling. Boverket kom 2009 med åsikten att man måste utreda alternativa lösningar för att lösa bostadsbristen för studenter. På senare år har man kunnat se projekt där befintliga fastigheter konverterats och ändrat användning från lokaler till studentbostäder. En utredning kring hur marknaden ser på detta alternativ har saknats. Denna rapport syftar till att studera studentbostadsmarknaden i Stockholm för att undersöka om konvertering av befintliga fastigheter är ett slagkraftigt komplement när nyproduktionen inte når upp till de mål som eftersöks. Genom att uppmärksamma ett antal återhållande faktorer har vi kunnat komma fram till ett antal slutsatser. Dagens system för planprocessen anses vara en faktor som gör att detta komplement inte kan utnyttjas till sin fulla grad. Ledtiderna uppges vara för långa och detaljplanens precisa och detaljerade utformning försvårar möjligheten att konvertera fastigheter. Med hjälp av fler handläggare och en mer öppen plan skulle detta komplement kunna tillämpas till sin fulla grad. Byggregler som tillämpas anses vara en annan anledning till att färre projekt genomförs. Samma byggregler som tillämpas för nyproduktion eftersträvas även vid konvertering. Marknaden söker en ändring av utformningen på dagens regler för att dessa ska vara mer tillämpbara och nyttiga för marknaden. Oförutsedda kostnader är en risk som alltid kommer vara ett orosmoln vid konverteringsprojekt men desto mer erfarenhet aktörerna har desto mindre blir risken. Subventionssystem är inte något som eftersträvas då resultatet pekar på att bidrag och investeringsstöd påverkar en marknad negativt i det långa loppet. Att hyresreglering för bostäder existerar anses inte vara en återhållande faktor för att detta komplement ska bli slagkraftigt

Thesis (LLM)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: The lessor's tacit hypothec improves the chances of the lessor to recover rent in arrears. This real security right arises by operation of law and attaches to the lessee's movable property found on the leased premises when rent is due but not paid. The extension of the lessor‟s tacit hypothec to third parties' property is the remedy's most controversial feature. The extension is supposedly based on one of two theoretical justifications, namely implied consent and the doctrine of estoppel. According to the implied-consent theory, the extension is based on the premise that the third party consented (explicitly or by implication) that his property can serve as security for the payment of the lessee's arrear rent. The basis of the second theory, the doctrine of estoppel, operates as a limitation on the rei vindicatio of the third party. Over the years discourse has shown that there are uncertainties surrounding these justifications. Recent debate has also shown that if constitutionally challenged, the extension of the lessor's tacit hypothec could amount to arbitrary deprivation of third parties' property. The aim of this thesis is to establish whether and how the existing common law principles that provide for the extension of the lessor's tacit hypothec over property belonging to third parties are affected by section 25(1) of the Constitution. Consequently, the thesis describes, analyses and scrutinises the general principles regulating the lessor's tacit hypothec, and more specifically the extension of the lessor's tacit hypothec to third parties' property, in view of section 25(1) of the Constitution. Taking into considering the recent statutory protection of third parties' property, the thesis concludes that the extension of the lessor's tacit hypothec does not constitute an arbitrary deprivation of third parties' property because correct application of the common law principles that provide for the extension and the statutory protection that has been introduced to exclude a large number of cases from the reach of the extension adequately protect third parties' property interests. Therefore, the requirements of section 25(1) are satisfied. / AFRIKAANSE OPSOMMING: Die verhuurder se stilswyende hipoteek verbeter sy kanse om agterstallige huur van sy huurder in te vorder. Wanneer die huur opeisbaar word, maar die huurder versuim om tydig te betaal, kom hierdie saaklike sekerheidsreg deur regswerking tot stand en dit dek alle roerende sake wat op die verhuurde perseel gevind word. Die uitbreiding van die stilwyende hipoteek na eiendom wat aan derde partye behoort is die remedie se mees kontroversiële eienskap. Hierdie uitbreiding van die hipoteek se toepassingsveld berus na bewering op een van twee regverdigingsgronde, naamlik die derde se geïmpliseerde toestemming en die leerstuk van estoppel. Volgens die geïmpliseerde toestemming-teorie kan die hipoteek na derdes se bates uitgebrei word op die veronderstelling dat sodanige derde partye toegestem het (uitdruklik of by implikasie) dat hulle eiendom as sekuriteit vir betaling van die huurder se agterstallige huur mag dien. Die tweede teorie steun op die beperking wat die leerstuk van estoppel op die rei vindicatio van die derde party plaas. Oor die jare het debatte aangedui dat daar onsekerhede rondom hierdie regverdigingsgronde bestaan. Onlangse debatte het ook aangetoon dat, indien dit grondwetlik getoets word, die uitbreiding van die hipoteek moontlik mag neerkom op ‟n arbitrêre ontneming van die derdes se eiendom. Die doel van hierdie tesis is om vas te stel of en hoe die bestaande gemeenregtelike beginsels wat die stilswyende hipoteek na bates van derdes uitbrei deur artikel 25(1) van die Grondwet beïnvloed word. Die tesis bespreek, analiseer en toets gevolglik die algemene beginsels van die verhuurder se stilswyende hipoteek, en meer spesifiek die uitbreiding van die hipoteek na bates wat aan derdes behoort, in die lig van artikel 25(1) van die Grondwet. Met inagneming van die beskerming wat derde party se eiendom in terme van onlangse wetgewing geniet, bevind die tesis dat die uitgebreide toepassing van die stilswyende hipoteek nie op ʼn arbitrêre ontneming van derde partye se eiendom neerkom nie omdat korrekte toepassing van die gemeenregtelike beginsels wat vir die uitbreiding voorsiening maak, in kombinasie met die wetgewende uitsluiting van ‟n groot aantal sake wat aan derdes behoort, voldoende beskerming aan die belange van derdes verleen. Die vereistes van artikel 25(1) word dus bevredig.

Avyttringen och ombildningen av kommunala och privata bostadshyresfastigheter till bostadsrättsföreningar har blivit ett allt vanligare fenomen under de senaste decennierna. Främst sker avyttringen i Stockholms kommun. Syftet med denna uppsats är att mäta om prissättningen vid utförsäljning av bostadshyresfastigheter inom Stockholms kommun skiljer sig beroende på om säljaren varit privat eller ett allmännyttigt kommunalt bolag. För att undersöka detta har olika regressionsmodeller applicerats på data över fastighetsprisregistret under två mandatperioder. Resultatet visar en tydlig prisskillnad mellan kommunala avyttringar och privata inom samma områdesindelning. Skillnaden i prissättning innebär att kommunala fastighetsbolag har realiserat ut och omfördelat skattebetalarnas pengar, till ett värde som kan uppgå till så mycket som 3,23 miljarder kronor räknat i 2010 års penningvärde. Sannolikt är en sådan förmögenhetsomfördelning inte samhällsekonomisk effektiv. Vidare torde den motverka syftet med hyreslagsstiftningen. / In the Swedish market for multi-family housing, investment properties are often sold to the tenants who thus convert the property into co-operative housing. This is particularly true in attractive housing location where the existing rent control is in practice binding for all residential rental units. It is somewhat less self-evident that multi-family properties owned by the municipality (not-for-profit, council housing) would also be subject to such conversions. This is, however, quite common, particularly in Stockholm. The aim of this paper is to estimate whether council housing is generally sold to the tenants with a discount, as compared to the market prices of transactions where private property companies sell their properties. We use regression techniques applied to data from the official record of real property transactions. We find a significant price difference between the two categories of transactions. Council housing is sold out at a discount price and we estimate that a total value of some 3.23 billion SEK may have been redistributed from the taxpayers to the housing purchasers in these transactions. This program is probably not efficient from a public economic perspective. Furthermore, it counteracts the purpose of the current rent control legislation.

The dissertation explores how distinctive institutional factors related to property rights determine urban development patterns and housing tenure modalities in a developing economy context. The first part proposes a choice-theoretic model that explains the existence of the Antichresis contractual arrangement as a way to temporarily divide property rights. The model explains why the Antichresis contract dominates the Periodic-Rent contract in terms of landlord profits for certain types of property in which the gains in expected profits from solving the problem of adverse selection of tenants offset the loss of expected profits created by the moral hazard in landlords investments. The empirical section of the dissertation provides evidence in support of the model. Using data from Bolivia, I find that property types that require less landlord maintenance investment have higher capitalization rates under Antichresis contracts than they would under Monthly-Rent contracts and vice-versa. Additionally, the model shows that the Antichresis contract has limited capacity for helping the poor as suggested by recent literature. On the contrary, it can be hurtful for the poor in markets were landlords have limited information about tenants, in markets with inefficient court systems, or in markets with tenant-friendly regulations. The second part of the dissertation explores the issue of squatter settlements in the developing world. The theoretical model presented in this part explains how the landlord squatter strategies based on credible threats drive capital investment incentives and ultimately shape urban land development in areas with pervasive squatting. The model predicts that squatter settlements develop with higher structural densities than formal sector development. This prediction explains why property owners of housing that originated in squatter settlements take longer periods of time to upgrade than comparable property owners who built in the formal sector even after they receive titles to their property. The higher original structural density increases the marginal benefit of waiting in the redeveloping decision creating a legacy effect of high-density low-quality housing in these types of settlements. Geo-coded data from Cochabamba, Bolivia, support the hypotheses proposed by the theoretical model and raise questions about the unintended consequences of current policies affecting informal development.

Ontario’s current regulatory approach to low-income housing lies between two primary challenges: the human right to housing, and political/fiscal constraints. This thesis draws on legal theory and economic analysis of law to articulate the proper goals of housing access policy. A structural theory is proposed to explain the normative relationship between efficiency, communitarianism and justice in housing. An array of regulatory options are compared and considered in light of the features that characterize Ontario’s low-income rental housing markets. This analysis favours demand-side housing subsidies to low-income households, combined with supply-side tax expenditures to improve elasticity in the low-income rental market. Further reform of rent and covenant controls, social and affordable housing supply, and land use planning is recommended to ensure an efficient residential tenancy market. These reforms are offered as a framework for the implementation of the human right to housing in Ontario.

Ontario’s current regulatory approach to low-income housing lies between two primary challenges: the human right to housing, and political/fiscal constraints. This thesis draws on legal theory and economic analysis of law to articulate the proper goals of housing access policy. A structural theory is proposed to explain the normative relationship between efficiency, communitarianism and justice in housing. An array of regulatory options are compared and considered in light of the features that characterize Ontario’s low-income rental housing markets. This analysis favours demand-side housing subsidies to low-income households, combined with supply-side tax expenditures to improve elasticity in the low-income rental market. Further reform of rent and covenant controls, social and affordable housing supply, and land use planning is recommended to ensure an efficient residential tenancy market. These reforms are offered as a framework for the implementation of the human right to housing in Ontario.

Det har länge hävdats att bostadsbristen i Stockholm i stora delar beror på att Sveriges sedan 1968 rådande hyreslagstiftning har inneburit ett pristak på marknaden, vilket motverkat en tillfredsställande nybyggnation av hyreslägenheter. Syftet med denna uppsats är undersöka om så är fallet. Hyreslagens grundläggande intentioner och antaganden har utifrån grundläggande teori noggrant synats. Dessutom har den utveckling som skett på marknaden jämförts med de symptom som ett efterfrågeöverskott och ett pristak skulle innebära. Lagstiftningen har visat sig bestå av vad som i förlängningen kan argumenteras ha inneburit en icke-adekvat prisbildningsmekanism. Rimligtvis kan detta ha inneburit ett pristak vilket i sin tur det uppenbara efterfrågeöverskottet i teorin kan härledas till. De symptomatiska tillstånd som visat sig gällande i Stockholm kan därmed på många punkter förklaras av att lagen i praktiken har inneburit ett pristak.

Notes: i) the terms "lessee" and "tenant" are used alternatively, the latter only when quoted ii) the terms "lessor" and "landlord" are used alternatively, the latter only when quoted / The research intends to assess the availability of information to determine the contribution of turnover rent to lessor revenue as the publicly available information on building performance, and in specific turnover rent, is not adequate to answer the research problem. Academic, legal and accounting sources are consulted and referenced as background on turnover rent. Limitations applicable to the study is noted. A content analysis of published financial statements analyses the application of the prevailing accounting standards in the real estate sector and assesses to what extent information is available to determine the contribution of turnover rent to lessor revenue. Disclosure was found to be inconsistent and inadequate to calculate the contribution to lessor revenue and to assess individual building performance. With relevant building performance data of a large retail centre sourced from an asset manager, the contribution of turnover rent to lessor revenue was calculated for a period of eight years as part of a retail centre case study. With information available, but not disclosed, it is recommended that the IASB considers additional disclosure for listed real estate entities to enable stakeholders to assess individual building performance. Further recommendations are made in this study. The building performance indicators were further compared to relevant economic indicators. The results of this analysis indicates an indirect correlation between the prime interest rate and three building performance indicators being lessee turnover, total rent collected and centre foot-count. This confirms the strong reliance of the South African retail sector on credit sales. / Financial Accounting / M. Ph. (Accounting Sciences)