Rental Housing in Site I
Market Structure and Conditions at Baseline
The study focuses on the 1973 rental housing market of Brown County, Wisconsin, at the start of HUD's experimental housing allowance program there. Market "tightness" is measured, and submarkets are identified for special attention when supply response to the program is later analyzed. By determining groups of rental properties that have different annual tenant turnover rates or different average durations of vacancies (the ratio of average vacancy rate to annual turnover rate), the study finds five rental submarkets: large multifamily properties, divided into low- and high-rent levels; small multifamily properties; divided into buildings constructed before and after 1943; and single-family houses.