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Petrov, Ivan
Ryan, Lisa
Working Paper Series No. WP20/28
The aim of this paper is to test for the persistence of the landlord-tenant energy efficiency problem in the residential rental property market in the presence of information on property energy performance. To do this, we compare the efficiency of rental and non-rental properties using a combination of Coarsened Exact Matching (CEM) and parametric regression. We use a sample of 585,578 residential properties in the Republic of Ireland - a region that legally requires rental properties to display energy performance certificates when advertised. The findings suggest that the landlord-tenant problem is present in the Irish rental market but that it is not uniform across locations, indicating the influence of other factors. To explore this further, we exploit the regional variation in rental property prices. We find a larger difference between rental and non-rental properties' energy efficiency in markets with scarcity in rental property supply.
energy efficiency
market failures
Energy Performance Certificate (EPC)
Coarsened Exact Matching (CEM)
residential properties
information asymmetry
split incentives
Working Paper

1.61 MB

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