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The long-run elasticity of supply of rental housing is greater than the short-run elasticity of supply because

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The long-run elasticity of supply of rental housing is greater than the short-run elasticity of supply because

The long-run elasticity of supply of rental housing is greater than the short-run elasticity of supply because

▸ investment in new rental housing has such a short payback period.

▸ changes in supply occur only after investment decisions are made regarding, for example, new construction or conversion of rental housing to other uses.

▸ the demand for rental housing is changing continuously.

▸ in the long run, landlords have no incentive to alter the supply of rental housing.

▸ changes in supply can occur very quickly, especially when rent controls are in place.

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Microeconomics

Edition: 17^th

Author: Ragan

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