Fig. 3: Identification of investment properties within investor holdings.

Following the identification of investors in Step 1, this flowchart focuses on distinguishing investment properties within the investors’ portfolios. The definition of an investment property in this paper is based on the property’s role in the investor’s portfolio. If an individual owns multiple properties and holds them simultaneously (i.e., there is an overlap in the holding period), these are likely to be classified as investment properties. However, the primary residence of an investor may be excluded from this classification if it can be identified through our conservative procedures.