This study aims to examine what factors retailers and real estate owners deem important in the process of determining expected rent levels in today's climate within retail where e-commerce is growing at a quick pace. The elements of the research questions stand on the foundation of the theory of rational expectations as well as the theory of anchoring. The method used is of qualitative nature where a case study consisting of two cases have been conducted. One in which interviews with representatives from three geographically distinct selected shopping centres have been carried out and another in which representatives from well-established retail companies have been interviewed. From these two case studies, insights regarding the existing discrepancy between the two parties, retailers and real estate owners, have been gathered. It is concluded that expectations about the future have significant impact in rent negotiations and that differences in expectations might be adding to the existing discrepancy. Moreover, results of the study indicate that retailers and real estate owners might be subject to self-inflicted anchoring in rent negotiations. The study contributes to research in further generalizing two well established theories by providing insights on how the rational expectations' theory as well as the anchoring theory could be applied on rent negotiations. / Denna studie syftar till att undersöka vilka faktorer butiks- och fastighetsägare anser vara viktigast i att bedöma förväntade hyresnivåer mot bakgrund av dagens klimat inom fysisk handel där e-handel tar marknadsandelar. Studien tar avstamp i teorin om rationella förväntningar samt teorin om anchoring. Metoden som har använts är av kvalitativ natur där två fallstudier har utförts. En fallstudie där intervjuer med representanter från tre geografiskt skilda köpcentrum har utförts samt en fallstudie där intervjuer har genomförts med representanter från väletablerade butikskedjor. Genom dessa två fallstudier har insikter gällande den upplevda diskrepansen mellan de två parterna utkristalliserats. Det går att konkludera att förväntningar om framtiden har en betydande påverkan på förväntade hyresnivåer och att en anledning till den ovan nämnda diskrepansen kan vara att förväntningarna om framtiden skiljer sig parterna emellan. Dessutom visar resultaten av studien på att butiks- och fastighetsägare, i vissa fall, kan vara föremål för en självförvållad anchoring-effekt vilket innebär att de blir låsta vid vissa hyresnivåer i samband med hyresförhandlingar. Den här studien bidrar till forskningen i att ytterligare generalisera två väletablerade teorier genom att ge initial vägledning i hur teorin om rationella förväntningar samt anchoring kan tillämpas på hyresförhandlingar.

State of Objectives: This paper addresses the question of how the presumption-rent system has developed during ten years of its introduction to the rental market, with a particular emphasis on the investors’ perspective. The study has three focus areas, firstly an emphasis on how the real estate investors within the private and public sectors reacted to the introduction of the presumption-rents. Secondly, it examines whether the trends have changed during the course of these ten years. Finally, it observes how the presumption-rent system, as a rent-setting method for new residential rental constructions, is perceived and evaluated by the investors. Methodology: The empirical study focuses on the rent market in Stockholm, and it is articulated through a holistic multiple case-study of six public-and private real estate companies with rental dwellings in Stockholm. In order to examine the developments of the presumption-rent structures in these companies, a numerical analysis of the rent structures through a quasi-experimental design is as well conducted. Empirical Findings: The results in general prove that the rent-setting within the presumption rent system is unpredictable and subjective, because it is influenced by conflicting interests and different perceptions. The implication of this for the application of the presumption-rents is that it is depended on a complex, ambiguous and vague negotiation structure, rather than being based on a systematized rent-setting procedure. Furthermore, it is noted that the collective bargaining system, which sets the standards for the rent negotiations, is undergoing a slow process of change, as the law amendment in 2011 has caused paradigm-shits within the rental market. One dimension of this is that the rent-negotiations noticeably do not influence the investment decisions anymore, but the rent negotiations certainly have an impact on the rent-setting method. The implication for the application of the presumption-rentsystem, including its negotiation framework, is that it is applied when it meets the criteria for the investment decision, otherwise it is ignored. Finally, it is showed that nor the public neither the private companies perceive the presumption-system as a long-term and sustainable solution to the prevailing challenges with the Swedish rent-setting system. What is clear is that the system is mainly considered as a temporality solution to a course of disorders that have emerged from prolonged institutional negligence and error that have impaired the rental markets.