While determining the value of various housing attributes can vary between sales and rental markets, market participants may use the sales comparison approach as a common strategy. Due to the intransparent and illiquid nature of the housing market, the method provides a simple way for market participants in the two different markets to agree on prices. We show that a strong dependence tendency of market participants on market price information is commonly observed in both the sales and the rental market. Using spatial econometrics for 17,500 apartment rents and sales data respectively in Berlin, Germany, we find that the dependence tendency in the rental market is significant, and it is comparable with that in the sales market. In particular, the results are robust within the restricted market setting of increased regulation for rent. These findings are robust over various spatial specifications.

虽然确定各种住房属性的价值在销售和租赁市场之间可能会有所不同，但市场参与者可以将销售比较方法作为一种通用策略。由于房地产市场的不透明和非流动性，该方法为两个不同市场的市场参与者就价格达成一致提供了一种简单的方式。我们表明，在销售和租赁市场中普遍观察到市场参与者对市场价格信息的强烈依赖倾向。分别对德国柏林17500套公寓的租金和销售数据进行空间计量，我们发现租赁市场的依赖倾向显着，与销售市场具有可比性。特别是，在租金监管加强的受限市场环境中，结果是稳健的。