Over recent years, the economic climate on the Swedish office market has been advantageous, and, as a result, both property prices and market rents have been on a constant rise for almost a decade. Moreover, an increased demand for flexibility in lease terms has been seen on the market, which begs the question; how would changing preferences in length of tenure affect rent levels? There exist several convincing theoretical cases that leases should yield different pricing dependent on its maturity and expectation about future market conditions. The conceptual framework developed by Grenadier (1995, 2005) has been used for the valuation of general leasing contracts and lease terms - applying an option-pricing approach. In total, three papers have analysed the effect length of tenure has on office equilibrium lease rates. However, the empirical evidence, to this date, has been inconclusive in its result when trying to isolate the effects. The purpose of this report is to investigate the relationship between rent and lease maturity. A hedonic pricing model will be developed, which allows for different shapes of the term structure curve, building on the model created by Gunnelin and Soderberg (2003), while controlling for price-relevant characteristics omitted in previous research – such as, building quality, quality of office premise, location, and tenant industry. The model will be used in an empirical study applied to commercial office contracts in Stockholm, Sweden, concluded between 2012 and 2019. The data used in the regression comprise of 1 508 office leases, contracted on the Stockholm market during the investigated period. The result showed a significant term structure for 4 out of 8 years for the full sample, and 5 out of 8 years for the subsample only including leases signed in the CBD. Concludingly, giving further evidence to the reasoning that the market adjusts the rents after lease length, according to future market expectations.

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Bostadspriserna har ökat signifikant under en lång period nu och på senare tid har en upplevd bostadsbrist blivit alltmer påtaglig. Medan prisutvecklingen har varit goda nyheter för många ägare har det samtidigt skapat en allt högre inträdesbarriär för förstagångsköparna, speciellt kombinerat med kreditrestriktionerna införda under 2010-talet. För att lösa detta problem har konceptet hyrköp introducerats i Sverige och det är denna studies syfte att undersöka dess egenskaper och potential. Hyrköp möjliggör för privatpersoner att skjuta upp delar eller hela förvärvet av en bostad till en avtalad tidpunkt eller intervall i framtiden och hyra fram till dess. Att äga är ekonomiskt fördelaktigt på längre sikt men i fall där intressenten inte har möjlighet att förvärva bostaden genom konventionell överlåtelse kan hyrköp appliceras. Medan det är grundtanken har många anpassningar av hyrköp utvecklats både i Sverige och utomlands. Därför är ett av målen med detta arbete att analysera och komma fram till hur en effektiv hyrköpsmodell bör vara utformad. En annan anledning till varför hyrköp är viktigt att undersöka är att det är ett nytt fenomen på den svenska bostadsmarknaden. Unik lagstiftning för hyrköp existerar inte, verksamheten befinner sig fortfarande på relativt småskalig nivå och den svenska forskningen inom området är begränsad. Metodiken för detta arbete har anpassats efter dessa förutsättningar och inneburit att fokus legat på det kvalitativa genom framför allt intervjuer med relevanta aktörer i Sverige, både inom den privata och politiska sfären. I och med att hyrköp är mer etablerat i andra länder har utövare i dessa också bidragit till arbetet. Genom att undersöka hyrköp och intervjua aktörerna som ligger bakom hyrköpsverksamheten i Sverige och sedan sätta det i dagens kontext har flera slutsatser kunnat dras. En analys av resultaten tyder på att receptet för en framgångsrik variant av hyrköp är att vara enhetlig, enkel för konsumenten att ta till sig och framför allt noggrant anpassad efter köparnas förutsättningar för sparande. Analys av resultaten indikerar dock starkt på att hyrköp i dagsläget har begränsningar i rollen som lösning till bostadsbristen för förstagångsköpare. Hyrköp som ett initiativ från de privata aktörerna kombinerat med justeringar bland kreditrestriktionerna från statligt håll framstår som ett mer effektivt tillvägagångssätt att sänka inträdeströskeln till bostadsmarknaden till en acceptabel nivå. / The housing prices have experienced a steady and significant incline during a long period and in recent times the housing shortage has turned into quite a tangible issue in the major Swedish cities. While the house price increase has made many wealthier, it has simultaneously caused an ever-rising threshold for first time home buyers, particularly when compounded with the credit regulations implemented during the last decade. With the intent of solving this issue, the concept Rent-to-Own has been introduced to Sweden and it is the purpose of this dissertation to investigate it’s properties and gauge it’s potential. Rent-to-Own allows individuals to partially or completely postpone their acquisition of a home until a predetermined interval or point in time while renting until then. Owning is financially more advantageous than renting in the mid- to long-term and it is in cases where a conventional outright purchase is not possible that Rent-to-Own is applicable. While this is the core notion, a number of adaptations have been developed both in Sweden and abroad. It is hence one of the objectives of this paper to deduce how an effective Rent-to-Own agreement should be structured. An additional reason for the relevance of this study is the fact that Rent-to-Own is a new and unfamiliar concept in Sweden. The current capacity is relatively low, specific regulations do not yet exist and Swedish research regarding the subject is finite. The methods employed for this paper have been adjusted based on these circumstances which has led to focus on a qualitative approach, primarily interviews with relevant parties, both in the private and political sphere. Considering that Rent-to-Own is a better-established matter abroad, information from providers of Rent-to-Own housing in such countries has complemented this work to a significant degree. Investigating the different forms of Rent-to-Own and interviewing real estate developers providing such acquisition options in Sweden has led to several conclusions. An analysis of the results implies that a successful variation of Rent-to-Own is uniform, comprehendible and most importantly adapted regarding the buyers’ saving capabilities. The results do also strongly indicate that Rent-to-Own in it’s current state is limited in it’s role as a mitigant of the housing shortage for first time home buyers. However, Rent-to-Own as an initiative by the corporations and companies combined with adjustments in credit regulations by the government resembles a more effective effort in lowering the entry barrier to the housing market to an adequate level.

Stockholm’s hotel market has been performing well the past 15 years, but the Covid-19 pandemic has shattered years of growth. The aim of this report has been to evaluate a purely turnover-based rent model that can increase flexibility for the hotel owners during economic crisis, while possibly increasing the value of the property and returns during good economic times. An interview study with 10 subjects representing hotel real estate companies, hotel owners and property appraisers has been conducted. A quantitative study using historical data was performed to see how the value of the property changed depending on what type of rent was used. Contract management theory has been used to evaluate aspects throughout the report. The results proved that a purely turnoverbased rent can increase the value of the property during good economic market conditions and increase the returns to the real estate owner. Furthermore, the results showed that this type of contract can help hotel operators to cope with rent payments during periods of severely decreased revenue. However, this type of contract comes with a large increase of volatility of the returns and can have large decreases in property values during pandemics and other economic hardships. Finally, a revenue-based contract was found to have a negative impact on the real estate companies’ ability to finance new hotel projects. / Stockholms hotellmarknad har presterat bra under de senaste 15 åren. Covid-19 pandemin har förstört år av tillväxt och många hotell kämpar för att kunna betala sina hyror. Syftet med denna rapport har varit att utvärdera en rent omsättningsbaserad hyresmodell som kan öka hotellägarnas flexibilitet under den ekonomiska krisen, samtidigt som den skulle kunna öka värdet och avkastningen under goda ekonomiska tider för fastighetsägaren. En kvalitativ intervjustudie med tio deltagare som representerar fastighetsbolag, hotellägare och fastighetsvärderare har genomförts. En kvantitativ studie baserad på historisk data utfördes för att se hur värdet på fastighetens värde förändrades beroende på vilken typ av hyresavtal som användes. Avtalsuppföljningsteori (contract management) har använts för att utvärdera olika aspekter genom hela rapporten. Resultaten visade att en rent omsättningsbaserad hyra kan öka fastighetens värde under goda ekonomiska marknadsförhållanden och öka investeringens avkastning till fastighetsägaren. Dessutom visade resultaten att denna typ av kontrakt kan hjälpa hotelloperatörer att klara hyresbetalningar under perioder med kraftigt minskade intäkter. Fördelarna med denna typ av kontrakt är dock inte utan problem. En rent omsättningsbaserad hyra kommer med en stor ökning av avkastningens volatilitet och kan få kraftiga minskningar av fastighetsvärdet under pandemier och andra ekonomiska svårigheter. Slutligen visar studien att ett omsättningsbaserat kontrakt ha en negativ inverkan på fastighetsbolagens förmåga att finansiera nya hotellprojekt.

<p>The social determinants of health are the social and economic conditions in which people live that determine their health and housing is a determinant of health. The home holds important significance to individuals as it offers protection and privacy from the surrounding physical and social conditions, aids in the development of relationships, and is the centre of family life. However, many individuals are not able to experience the benefits stemming from an acceptable home.</p> <p>This thesis explores the socio-economic aspects of housing through the transitional experiences of individuals moving from the private market level housing into rent-geared-to-income housing. The aim was to offer a descriptive account of individuals who have moved into social housing from private market housing and to find which of the dimensions of housing (physical conditions, psychological benefits, social environment and financial dimensions) most definitely contribute to individuals' everyday lives, health and well-being.</p> <p>Through the use of in-depth interviews, this cross-sectional research study involves 12 individuals paying rent-geared-to-income and living in social housing in Hamilton, Burlington and Oakville, Canada.</p> <p>Individuals reported several improvements to the different dimensions of housing that can influence health. Better housing conditions did improve their general and mental health. Individuals reported a greater sense of security, autonomy and self-identity. Social interactions and support were more commonly experienced and individuals did feel a decrease in the burden of rent. The most substantial changes were living in a less stressful environment and the financial security of social housing.</p> <p>This thesis shows that securing social housing had an influence on participants' everyday lives, health and well-being. The findings may contribute to literature on the impacts of affordable housing on lower-income individuals’ health and well-being. Additionally, the findings have important housing policy implications for addressing affordable housing.</p> / Master of Arts (MA)

Rent is an extremely popular musical, recognizable across the globe. The iconic characters, images, and costumes from the original production have been copied and interpreted numerous times. I have chosen to reinterpret this script by examining the essence of each individual character. After researching magazines from the time period in which Rent was written and books containing information on AIDS and the East Village, all subject matter within Rent, I developed a design concept. Through a series of fourteen sketches I present my original concept for a very well known story. Production photographs and pre-production tables support my journey from concept to finished production. / Theater

With starting point in current housing policy debates in Sweden, where the deregulated rental market in Finland is used as an example of a better functioning housing market, this thesis aims to investigate if this image is shared by the Finnish experts in rental housing related questions. Based on eight semi-structured interviews, the precarious living conditions on the Finnish rental housing market are revealed and discussed in relation to the theoretical framework of housing inequality. Finland’s market liberal approach to housing provision has created good conditions for investing in housing that is reflected on the supply of rental housing on the private sector. Rental apartments on this sector are small, referred to as ‘tube studios’ and ‘suicide studios’, unaffordable for many, and the legal framework provides little security for the tenants causing uncertainty about the future. Furthermore, a number of reforms are currently being carried out to decrease state support in providing affordable housing and access to social housing, referred to as ARA-housing, is to be limited for the worst-off population. In light of these results this thesis aims to provide an alternative image to the market dominated discourse and argues that behind the numbers of constructed units and vacancy rates, a wide range of precarious housing conditions exist. This precarity affects first and foremost residents on private sector and is expected to become a bigger issue and impact a greater number of people in the future when the political reforms currently under way are rolled out.

This dissertation surveyed Section 8 participants to collect the information necessary to update utility allowances to reflect fy 1983 utility costs. Data was collected regarding the thermal efficiency of units currently under lease and the lifestyles of participants. HUD specified that allowances were to be updated by collecting and analyzing actual energy use data (from previous utility bills if possible). However, VHDA chose to contract with this author to develop a model which could estimate actual energy use from the survey data. Such a model was developed and validated using case studies of Section 8 units that were able to return accurate actual use data; as part of the information requested in the survey. Following model validation, the model was used to update utility allowances and generate a set of allowance worksheets VHDA field agents use when determining levels of assistance under the Section 8 program. A total VHDA utility budget was then estimated by aggregating the individual utility allowances based on the updated worksheets. The new total utility budget was estimated to be $6.2 million while the previous budget was about $3.8 million. This was clearly higher than VHDA had the funds to cover. Therefore solutions were explored to reduce these budget costs and still provide 100% of the cost of utilities. / Ph. D.

<p dir="ltr">This study explores the net return and risk associated with different farmland leases, focusing on the tenant’s perspectives. The types of leases investigated include cash rent, crop-share, and eight flex leases. Utilizing data from a case farm in west-central Indiana and employing the @Risk simulation software, the study assesses the financial performance and risk exposure of each lease type. The study's objectives include evaluating net return and risk through simulation models. Hypotheses suggest crop-share leases exhibit lower tenant risk, cash rent leases present higher tenant risk, and flex leases more effectively distribute risk between tenants and landlords. Results indicate that, for risk-averse operators, crop-share leases prove advantageous, while cash rent leases offer higher net returns at the expense of increased risk. Flex leases provide a balanced alternative, mitigating risk while achieving higher net returns than a crop share lease. Stochastic dominance analysis supports the suitability of crop-share and specific flex leases for various risk preferences. Downside risk analysis emphasizes the importance of considering the lower tails of net return distributions. The crop-share lease consistently demonstrates more favorable downside risk characteristics, making it an appealing choice for risk-averse tenants.</p><p dir="ltr">In conclusion, the study contributes valuable insights into the complexities of farmland leasing, offering a nuanced understanding of the trade-offs between net return and risk for different lease types. The results provide practical guidance for tenants seeking leases aligned with their risk preferences and financial goals.</p>

本論文共一冊，約五萬字，分為五章十六節。其章節內容如下﹕ 第一章 緒論 含研究動機、目的、資料來源及研究方法。 第二章 相關文獻之回顧 第一節 需求函數形式及實證之有關爭議 第二節 住宅動態模型之提出 第三節 動態模型之檢討及樣本之選擇 第四節 家口特性變數之效果 第三章 台北市出租住宅狀況之分析 第一節 出租住宅所佔之地位 第二節 台北市出租住宅狀況與特性之分析 第四章 理論模型 第一節 需求函數之導出 第二節 家口變數之併入 第五章 實證分析 第一節 承租行為之分析 第二節 出租住宅需求函數之建立及彈性之估計 第三節 家口特性變數效果之測試 第四節 台北市承租率之估測 第六章 結論與建議