Rental Value and the Sub-Market
So far in Part III we have examined the theoretical background to rent determination, identified pricing concepts and explained their relevance. While emphasising, e.g., the significance of time lags and elasticities in the property market, little attempt has been made to quantify these because they will vary from one type of property to another, from place to place and from time to time. The objective is for the reader to understand the concepts, recognise their application and thereby make judgements about their significance to rent determination in any particular circumstance.
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