Drawing on a sample, of U.S. multi-family apartment and school data from across 45 U.S. Core Based Statistical Areas, this paper examines the capitalization of school quality into apartment rents. It makes three contributions. First, in the context of the geographically diverse data, results tend to be consistent with individual market analyses in the extant literature though there is some important geographic variation. Second, capitalization patterns vary across measures of school quality and tend to consistent with observed patterns within the single-family oriented research including by region. Third, congruent with life cycle literature, multi-family renters appear, on average, to capitalize primary school quality to a greater extent than intermediate and secondary school levels. Results are robust when considering school choice and other inter-jurisdictional nuances or econometric techniques.

本文利用来自美国45个以核心地区为基础的统计区域的美国多户公寓和学校数据的样本，研究了将学校质量资本化为公寓租金的情况。它做出了三点贡献。首先，在地理上各异的数据中，尽管存在一些重要的地理差异，但结果往往与现有文献中的个别市场分析相一致。第二，资本化模式因学校质量的测度而异，并且往往与以家庭为导向的研究（包括地区）中观察到的模式一致。第三，与生命周期文献相一致，平均而言，多家庭租房者比起初中和中等水平，更多地利用小学质量。