On the optimality of the hybrid tenure mode

Research output: Contribution to journalArticlepeer-review


In contrast to most studies in the tenure choice literature, our model confronts the agent with a continuum of tenure modes combining homeownership and tenancy. In principle, the hybrid tenure mode contract, while appearing in different forms, may be detected in various real estate markets around the world. In a two-period model with risky rent prices, we thus derive conditions under which the risk-averse asset occupant is inclined to combine the two traditional tenure modes.

Original languageEnglish
Pages (from-to)69-92
Number of pages24
JournalJournal of Housing Economics
Issue number1
StatePublished - Mar 1998
Externally publishedYes


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