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What Rent Should a Rent Tribunal Set? Some Simple Analytics of Rent Decontrol

By Geoffrey Reed

Abstract

As deregulation takes place in the UK, rent tribunals are confronted with the problem of setting a “market rent” for previously controlled property. A simple partial equilibrium model of a sector of the rented accommodation market is used to examine the question of setting a “market rent” in the controlled-rent subsector. It is shown that setting the controlled rent equal to the rent prevailing in the uncontrolled part of the market is sub-optimal, and a simple formula is suggested which will give a better estimate of the true free market rent.Control, Deregulation, Housing, Legal tribunals, Rent and rates, United Kingdom

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